As a seasoned researcher with years of experience navigating the dynamic world of crypto, I find the recent announcement by Alchemy Pay about its new layer-1 blockchain, the Alchemy Chain, quite intriguing. The decision to build on Solana’s Virtual Machine architecture is an interesting choice, given the growing popularity and scalability of the Solana network.
Alchemy Pay, a service that facilitates crypto transactions, has revealed intentions to introduce their very own layer-1 blockchain. This new blockchain is designed by the company to cater to complex business operations on a larger scale.
According to Alchemy Pay, their layer-1 blockchain will be named the Alchemy Chain and it will utilize the Solana Virtual Machine as its foundation. As announced on December 11th, this new L1 will feature a payment system that enables users to carry out transactions using both fiat currency and cryptocurrency.
The system we’re developing will provide an intuitive environment that seamlessly connects on-line and off-line activities, manages complex chain operations, has a built-in mechanism for generating stablecoins, and supports yield production. Furthermore, our blockchain network will incorporate a second-layer solution, as detailed in our latest blog post.
The Alchemy Chain is preparing for its launch, featuring a meme-focused platform for project launches and a meme-centric Telegram bot. This move aims to capitalize on the surging interest in meme-driven initiatives.
In late October 2024, the company disclosed preliminary details about their L1 blockchain. This announcement caused a significant increase in the value of ACH, with its price rising by more than ten percent.
New information about the earlier announced goal has led to a notable increase in ACH’s price, rising by 14%. This surge isn’t solely due to project-specific news, but also because Bitcoin (BTC) reached $100k following a strong recovery by bulls, which in turn boosted ACH’s trading value.
In recent months, several platforms have looked to launch own layer-1 and layer-2 chains.
In August 2023, Coinbase introduced the main network for Base, whereas Chiliz presented their own blockchain back in February. Previously known as Worldcoin, it later partnered with Alchemy Pay to introduce World Chain. More recently, crypto exchange Kraken announced intentions to launch its L1 blockchain in 2025. (Paraphrased from the original)
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2024-12-11 19:08