marketplace for betting on the cost of gas

Alkimiya, supported by Dragonfly and Coinbase Ventures, launches a DeFi marketplace on Base, the Layer 2 of Coinbase. Users can now bet on the fluctuations of gas costs, revolutionizing the way blockspace is managed.

Let’s see all the details in this article. 

Base, the Layer 2 of Coinbase, becomes fertile ground for a market linked to the fluctuations of blockspace cost: new marketplace

The level 2 blockchain Base, developed by Coinbase for faster and cheaper transactions, has quickly attracted the attention of the bull and bear world of cryptocurrencies. 

Thanks to the success of Base, Alkimiya, a startup supported by major venture capital firms like Dragonfly and Coinbase Ventures, has introduced an innovative DeFi marketplace.

Specifically, the latter allows users to speculate on the cost of blockspace, an essential resource for the functioning of blockchain.

Blockspace represents the computational and storage capacity of a network, and its cost varies based on demand and usage. 

Alkimiya allows users to go long or short on the cost of transactions on Base, offering a tool similar to traditional energy markets, where companies like airlines hedge against price fluctuations of fuel.

At the heart of Alkimiya’s innovation are smart contracts designed to monitor the gas consumed on the Base network. 

These contracts track the cumulative cost of gas, which can vary significantly: from a minimum of 10 ETH to a maximum of 200 ETH in a single day. 

The DeFi architecture of Alkimiya uses oracles to ensure transparency and accuracy, eliminating the need for centralized intermediaries.

Leo Zhang, founder of Alkimiya, explains: 

“Paying for blockspace is like paying for energy. We want to offer a better price discovery mechanism that reflects the real value of this fundamental resource.”

Accessibility and transparency offered by Alkimiya represent an important innovation. Users can purchase contracts that track the cost of gas on Base, leveraging fully transparent data provided directly by the blockchain.

Why Base is strategic: the bridge between tradition and innovation

Base, launched in August 2023, quickly established itself as one of the leading level 2 solutions, generating over 14 million dollars in just one month. 

The network does not use a native token, distinguishing itself from many other blockchains, but offers an ideal platform for innovative applications like Alkimiya.

The lack of a native token makes Base particularly suitable for applications that rely on gas flows rather than on incentives linked to tokens. 

The network has proven to be a versatile platform for on-chain activities, including memecoin launches, NFTs and airdrops, events that often generate spikes in activity and fluctuations in gas costs.

The approach of Alkimiya is inspired by traditional markets, where risk management is essential to tackle price fluctuations. This bridge between traditional finance and DeFi could represent a model for other blockchain projects, as explained: 

“In traditional energy markets, airlines hedge against fuel price fluctuations. Similarly, we want to offer similar tools for blockspace, which is the energy resource of blockchains.”

The possibility of betting on the cost of blockspace opens new opportunities for traders, investors, and developers, allowing for more efficient cost management and greater predictability for those using the Base network.

The importance of transparency

One of the most interesting aspects of Alkimiya is its transparency. Unlike centralized exchange, where many operations occur behind “black boxes,” Alkimiya uses a completely open network, ensuring that all data is visible and verifiable.

This approach aligns with the fundamental principles of DeFi, which aim to eliminate traditional barriers and democratize access to financial markets.

With the introduction of Alkimiya’s DeFi marketplace, Base establishes itself as an innovative ecosystem and rapidly growing.

The expansion of applications on Base, combined with the growing demand for advanced DeFi solutions, promises to attract additional developers and users to the platform.

Furthermore, the success of Alkimiya could also inspire the development of similar markets on other blockchains, creating a more integrated and diversified ecosystem. 

In other words, the combination of advanced technology, transparency, and an innovative model positions Alkimiya as one of the most interesting projects in the current bull and bear cryptocurrency landscape.