Wellfield Updates on Positive Impact of Ethereum's Dencun Upgrade
- Ethereum's recent upgrade aims to improve scalability and lower transaction fees.
- Rollups are crucial for Ethereum's ecosystem, with notable ones like Optimism and Starknet helping handle more users and transactions.
- Wellfield Technologies views Ethereum's upgrades positively for its decentralized finance products, including Coinmama's offerings and Tradewind Markets' tokenized gold ecosystem.
- The Dencun upgrade introduces a more efficient data storage mechanism, Blobs, reducing the burden on Ethereum's main blockchain.
- None.
Toronto, Ontario--(Newsfile Corp. - March 18, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (the "Company" or "Wellfield") is pleased to provide an update following Ethereum's biggest upgrade in almost a year, aimed at improving scalability and lowering transaction fees. On Ethereum Layer 2 blockchains, also known as Rollups, network fees have dropped to a mere one cent, including on Coinmama's recently announced decentralized exchange. These developments reinforce management's confidence in Ethereum's ability to support Wellfield's brands and platforms, aimed at using the latest blockchain technology to make DeFi user friendly and approachable.
Levy Cohen, CEO of Wellfield, remarked, "With its shift to Proof-of-Stake and more recent upgrades, Ethereum has shown it can uphold DeFi's transformative global finance vision. We view Rollups as a robust foundation for Wellfield's decentralized finance products and are heartened by the Ethereum community's quick integration of each improvement."
Rollups play a crucial role in Ethereum's roadmap for a scalable, secure, and sustainable ecosystem. Notable Rollups such as Optimism, Arbitrium, Starknet, and ZK Sync are key in helping Ethereum handle more users and transactions while maintaining its strong security and decentralization. The recent Dencun upgrade is a significant step forward. It removes the requirement for Rollups to permanently store all transaction data on Ethereum's main blockchain and introduces a transitory data storage mechanism, called Blobs, that has high bandwidth and is cost efficient.
Mr. Cohen concludes, "After already witnessing the immediate reduction in transaction fees on Coinmama's new web-based DeFi offering, we are encouraged that this upgrade will also significantly boost the appeal of our Coinmama self-custody Mobile App powered by Fireblocks, to be released later this year. Furthermore, for Tradewind Markets, this represents a major move in making our tokenized gold ecosystem more attractive among conventional gold investors and traders. Wellfield will remain vigilant and keep up with market developments to adopt and integrate them into our businesses and services for our customers."
About Wellfield Technologies
Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions that leverage blockchain technology for consumers and institutions. Our retail platform Coinmama provides seamless access to the cryptocurrency market for over 3.8 million registered users across 180 countries, including friendly self-custody solutions and disruptive DeFi services. Wellfield operates Tradewind Markets as a real-world-asset tokenization platform with our flagship VaultChain™ Gold and VaultChain™ Silver, backed by physical metal custodied with the Royal Canadian Mint. Expanding our offerings for institutional clients, we acquired Brane Trust and are working towards regulatory approval to operate as Canada's second qualified digital asset custodian.
Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
levyc@wellfield.io
(832) 483-2575
Ryan Graybill, Investor Relations
ryan.graybill@wellfield.io
Cautionary Notice on Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding: anticipated benefits from changes on the Ethereum blockchain; future product launches; the Company's ability to monetize its technology and acquisitions; the anticipated strategic, operational and competitive benefits of recent business developments, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: the ability of the Company to raise additional capital to fund future operations; compliance with extensive government regulations, domestic and foreign laws and regulations adversely affecting the Company and the decentralized finance industry generally, in Canada and abroad; and general business, economic, competitive, political and social uncertainties. Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the disclosure documents accessible on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
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FAQ
How does Wellfield Technologies view Ethereum's recent upgrades?
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How does the Dencun upgrade impact Rollups?
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