Kineko, a high-throughput sports prediction markets protocol with real-time settlement, has officially transitioned to Solana.
Since its inception on the Ethereum network, the company has grown significantly and is now a market leader in the crypto betting field. Kineko has a volume turnover of over $41 million to date.
The team chose to migrate to Solana after examining the efficacy of the Ethereum network and its ability to scale and work for the dApp as well as their users, both logistically and financially.
The Ethereum blockchain faces a number of issues, one of which is scalability. The gas fees rise exponentially as the network is used by more and more decentralised apps and services, and transactions expand rapidly. Transitioning to Solana will solve these problems.
Solana uses a combination of proof-of-stake (PoS) and proof-of-history (PoH) consensus techniques to improve performance and scalability. As a result, the network claims to be able to process 50,000 transactions per second (TPS), making it the fastest blockchain in the world.
Transactions are orders of magnitude faster and cheaper over the Solana network, making it cost-effective for both liquidity providers and the project itself. The speed with which settlements, payouts, and deposits are credited to users’ accounts is expected to improve.
Kineko’s target worldwide market is valued at more than $250 billion, and Solana’s computing platform, which strives to achieve fast transaction speeds without sacrificing decentralisation, can help them secure audience appeal.
There are approximately 350 initiatives in Solana’s ecosystem including decentralized finance (DeFi) apps that provide free financial services without the need for an intermediary, non-fungible token (NFT) activities, gaming apps, and more.