Crypto payments provider Alchemy Pay has announced plans to launch its own Layer 1 blockchain, which the company says is aimed at large-scale business applications.
Alchemy Pay (OH) notes that the Layer 1 blockchain is called Alchemy Chain and is based on the Solana (SOL) virtual machine architecture. Pro on notice On December 11th, the new L1 will offer a payment system that allows users to transact with fiat currencies and cryptocurrencies.
The platform will also offer a user-friendly ecosystem that combines on-chain and off-chain processes, chain abstraction, a stablecoin revenue mechanism and yield generation. Additionally, the blockchain network will integrate a Layer 2 solution, as described in the company’s blog post.
Alchemy Chain is expected to launch with a meme launchpad and a meme Telegram bot to capitalize on the growing popularity of meme-based projects.
The company revealed initial plans for the L1 blockchain at the end of October 2024 The price of ACH jumps by double digits.
Latest details on the previously announced target have also seen the ACH price register a significant increase, with the token gaining 14%. However, alongside the project-related news, the price also traded higher than Bitcoin (BTC) rose to $100,000 due to another rally by bulls.
In recent months, several platforms have attempted to launch their own Layer 1 and Layer 2 chains.
Coinbase introduced Base mainnet in August 2023, while Chiliz unveiled it own blockchain in February. World, formerly Worldcoin, has partnered with Alchemy Pay to start World Chain. Recently, crypto exchange Kraken announced plans to launch its L1 blockchain in 2025.
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