Quix, the largest NFT marketplace on the Optimism network, has announced that it will not be shutting down as previously planned. The marketplace had announced in November 2022 that it would be closing its doors due to high gas fees on the Ethereum network. However, Quix has now reversed its decision and will continue operating.
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Background on Optimism and Quix
Optimism is a layer-two scaling solution for the Ethereum blockchain. It aims to improve scalability and reduce transaction fees on the network. Quix is the largest NFT marketplace on the Optimism network, offering a wide range of NFTs from digital art to virtual real estate.
Shutting Down and Exploits
Quix’s decision to shut down was a result of the high gas fees on the Ethereum network, which were making it difficult for users to trade NFTs on the platform. The marketplace had announced that it would be shutting down on November 30, 2022. However, Quix has now reversed its decision and will continue operating.
In addition to the decision to shut down, Quix had also suffered a $100,000 exploit last year. The exploit had occurred in July 2022 and had resulted in the loss of funds from the marketplace. However, Quix was able to recover the lost funds and continue operating.
Why Quix Reversed Its Decision
The decision to reverse the shutdown decision was made after the team behind Quix received feedback from the community. According to Quix, the community had expressed its support for the marketplace and had urged the team to continue operating.
Quix has also announced that it will be taking steps to address the high gas fees on the Ethereum network. The marketplace will be implementing a gas fee refund mechanism, which will refund users for gas fees paid on unsuccessful transactions.
What This Means for Quix and Optimism
Quix’s decision to continue operating is good news for the Optimism network, as it means that the largest NFT marketplace on the network will remain open. It also indicates that the team behind Quix is committed to finding solutions to the challenges faced by the marketplace.
The decision to implement a gas fee refund mechanism is also a positive development, as it will help to reduce the financial burden on users when trading NFTs on the platform.
Conclusion
Quix’s decision to reverse its shutdown decision is a welcome development for the Optimism network and the wider NFT community. It shows that the team behind Quix is committed to finding solutions to the challenges faced by the marketplace and that the community’s feedback is taken into account. With the implementation of a gas fee refund mechanism, Quix is taking steps to address one of the major issues faced by users on the Ethereum network.