Global payment and remittance platform PlasmaPay has revealed an upgrade to Plasma DLT to remove all gas fees.
PlasmaPay is a global payment and remittance platform for consumer and commercial use providing fiat on/off ramp services to more than 100,000 users from over 160 countries via mobile and desktop apps. It uses blockchain technology to allow users to securely store crypto and fiat currency, buy and exchange digital assets, send and receive cross-border payments, and build payment networks with zero transaction fees. The company’s DeFi ecosystem allows the underbanked and unbanked population access the financial services without an intermediary.
At time of press the average cost of a transaction on Ethereum sits at $1.96 dollars, with averages spiking as high as $12.28 in September. Compare this to an average cost of under 10 cents at the start of the year, and the challenges facing DeFi and the Ethereum network become clear.
PlasmaPay launched a DeFi-first blockchain, called Plasma Chain, that will aim to solve many of the current issues faced by DeFi users to eliminate the fee network model which is choking the blockchain industry. Plasma Chain claims to feature a number of innovations that bolster its efficacy, with PlasmaPay capable of acting as a bridge between two chains. This cross-chain technology will reportedly enable users to trade cryptoassets such as Ethereum and other DeFi tokens on the Plasma Chain without the need for gas fees. Support will also be added for Cosmos, EOS, and Binance Smart Chain, so that DeFi investors will be able to broaden their horizons and access as wide a range of financial opportunities as possible.
“Plasma Chain represents a further achievement for PlasmaPay. We have been building it since 2018, as we realized that the current offerings would not be sufficient for the explosion in DeFi activity that we were anticipating,” said Ilia Maksimenka, CEO of PlasmaPay. “It will provide the infrastructure required for a seamless user experience as we continue to try and foster global DeFi adoption.”
Plasma Chain is an integral part of PlasmaPay’s vision to build the financial services infrastructure for the global digital economy of Web 3.0. It is built specifically to meet the needs of the ever expanding DeFi ecosystem, and it will integrate with other PlasmaPay products including the Plasma DEX and DeFi Dashboard.
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