The crypto market is going through the old script again – new players are replacing the old ones.
TMS Network
TMS Network (TMSN) has announced the launch of its decentralized trading platform. With the advent of the TMS Network (TMSN), traders can execute their orders instantly, don’t have to suffer long processing times, and pay a fraction of the fee compared to other trading platforms. The best part is that traders can trade in multiple assets, including Forex, cryptocurrencies, CFDs, and equities. The user-friendly interface of TMS Network (TMSN) and the transparency of its ledger will bring more clarity to the trading process.
While the launch of TMS Network (TMSN) is good news for traders around the globe, it spells doom for other trade platforms like Optimism and Loopring. While they have been around for a while, Optimism and Loopring have not effectively solved the crypto traders’ problems. The comprehensive platform of TMS Network (TMSN) may be just the solution traders have been waiting for. The same is evident from the recent drop in the prices of both Optimism and Loopring.
Let’s get into the thick of what’s happening.
The Unrest with Optimism (OP)
Optimism is an Ethereum-derived solution designed to reduce user transaction times and fees. As a layer 1 chain for data storage, security, and decentralization, Optimism supports layer 2 solutions. However, all the Optimism transactions take place outside the Ethereum blockchain.
So far, users of Optimism are not satisfied with the dex. The most common complaint Optimism users have is that the withdrawals take a long time. Not to mention the high transaction fees that eat into the traders’ profits.
Another con of the Optimism exchange is the reward system of the platform. All the network participants feel that the incentives are misaligned. The problem with the reward system is a major source of dissatisfaction within the Optimism network. Moreover, the L1 chain underlying the Optimism network censors certain transactions.
The Slow Pace of Loopring (LRC)
Loopring is a decentralized exchange created to enable users to exchange their assets across multiple exchanges. Loopring acts as a network of crypto exchanges. So, it pools orders from various exchanges and matches them.
Loopring has been around as a garage project since 2017. However, the Loopring exchange was only launched in 2020 and it was a beta version. The slow development of the exchange raises questions and does not inspire confidence.
Loopring is a centralized exchange. So, the management works pretty similarly to how other centralized exchanges do. The power of making decisions rests with a few elites with access to all your transaction data. In fact, the traders’ funds are stored with Loopring and can be used from a layer 2 digital wallet. Such a system creates unnecessary steps for the user.
Bottom Line
With all these drawbacks plaguing the incumbents, the launch of a feature-rich and user-friendly TMS Network (TMSN) will likely result in massive loss of active users for both Optimism and Loopring. Both exchanges must upgrade their existing systems to combat the competition from TMS Network (TMSN).
For more information on TMS Network (TMSN) please see the links below:
Presale: https://presale.tmsnetwork.io
Website: https://tmsnetwork.io
Telegram: https://t.me/tmsnetwork
Twitter: https://twitter.com/tmsnetworkio