Zerion Wallet to Launch Zero-Fee Public Chain ZERO Network in the Second or Third Quarter of This Year.
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Zerion Public Chain ZERO Network
Zerion: Expected Economic Effects Greater than Subsidy Costs
Zerion Public Chain ZERO Network
According to The Block, the well-established all-in-one wallet Zerion is developing its own Layer 2 public chain called ZERO Network, based on Rollup technology. As the name suggests, ZERO means it will be a zero-fee public chain.
Despite the completion of the Ethereum Cancun upgrade and the significant reduction in fees on major L2 chains, such as Optimism’s mainnet fees dropping below 0.001 USD, this still means that fees will exist on L2.
In response, Zerion plans to achieve zero fees through subsidies to further improve user experience.
Zerion Co-founder Evgeny Yurtaev said, “We realized that fees should not exist for end users. Paying fees on the blockchain is both shocking and unfamiliar for anyone entering the blockchain space. Our current assumption is that with tens of thousands of dollars, we can subsidize millions of transactions, and in the first year, we expect the subsidy costs to be even lower.”
Zerion: Expected Economic Effects Greater than Subsidy Costs
Zerion expects to have its own L2 network, which will further enhance the popularity of its wallet and generate additional revenue, ultimately proving that subsidizing fees is reasonable.
Evgeny Yurtaev stated, “This can attract new wallet users who may eventually pay fees when using other applications or registering for premium services. For example, you can transfer some USDC to a friend for free, and your friend can start interacting with all different Dapps on ZERO Network. All of this should create a network effect for the wallet itself.”
However, free services usually attract spam. After the formal launch of ZERO Network, Zerion will check the user wallet and transaction-related interactions. When identified as spam, the fees will not be subsidized, and users will have to pay for them themselves.
Zerion also plans to collaborate with Dapp developers to share the cost of subsidizing transactions. Dapps will be able to pay user fees on the network.
When asked about EVM compatibility and which Dapps they will collaborate with on fee subsidies in the future, Zerion declined to comment.
Zerion
ZERO Network
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