DeFi development highlighted the main hurdles associated with it. The uneasy UX experience, high commissions for transactions are among them. The cost to transfer value through ERC-20 token has rocketed, it may spark only the irony from the representatives of the legacy finance since such commissions make full stop for any further perspectives of the DeFi.
The scalability is an issue too, and DeFi needs the ultimate decision to bring all pieces in one. One can’t patiently wait for Ethereum 2.0 since there’s no guarantee that it fixes all troubles. It’s obvious that we’ll see another way to fix it.
Proof-of-years
PlasmaPay developers meetup at Starfish, 2019, San Francisco
These advancements have been achieved before DeFi starts getting an enormous popularity this year, and new challenges for any project in the crypto sphere has arisen. One of them is securing the liquidity of DeFi tokens. The few of such assets get listed at the centralized crypto platforms, mostly of them are being traded through decentralized ones. PlasmaPay’s own public blockchain Plasma DLT aims to connect all financial hotspots in one place. We see a fiat world with classical options, futures, with legacy financial institutions – Centralized Finance (CeFi). We see DeFi scattered among various decentralized platforms and blended in some points with centralized crypto exchanges.
Bitcoin to DeFi
But it’s necessary to have a secured and multipurpose gate to bring all these pieces in one. It’s very important to make Bitcoin not as one of the “guests” in Ethereum based DeFi but as the instrument that can fulfill all promises it inherits from the White Paper written by Satoshi Nakamoto. PlasmaPay strives to make invoices in Bitcoin a usual financial instrument and fixes the issue of BTC price volatility for their clients.
Actually the crypto world needs the same mechanism for DeFi tokens when one can easily trade these assets, use them as financial instruments. Any projects whose aim is to do it have enormous potential, and PlasmaPay is among them. PlasmaPay evolves a Crypto Checkout product that will make it possible to directly purchase any DeFi token, and the coming Plasma Card will provide users with a card that enables them to spend their cryptoassets worldwide. It boasts of DeFi Dashboard and heads it into new features, such as farming and staking, borrowing and lending. As Ilia Maksimenko stresses, “We want to make all DeFi assets available to all by making the process cheaper, easier, and faster.”
HyperLoop
Indeed, as it’s become known, they’ve already made available bank wires in eight different fiat currencies and have secured partnerships with 25 banks in South-Eastern Asia, and brought on board more than companies that accept cryptocurrencies as payment methods. The PlasmaPay via PlasmaDLT connects to the HypeLoop system. This system allows DEX swaps without gas fees since it aims to secure that different blockchains can connect and talk to each other. Each task solved by the PlasmaPay ecosystem could be an independent part and the mission of some outstanding project but it’s interesting that PlasmaPay creates all in one place that brings more consumers value.
Decentralization is a key
What’s more? As Maksimenka reveals, “Ultimately Plasma aims to be more than just a set of user-facing products but is also an infrastructure upon which developers can build DeFi focused products and applications.” While you create a breeding soil for new projects then the issue of decentralization becomes very actual. We’ve seen how a number of DeFi projects have been rug pulled and everything became worthless. And PlasmaPay addresses such concern existing in the DeFi sector echoing the crush of many ICO projects in white waters of 2017-2018 years. It launches PPAY token to bring participants of PlasmaPay has got governance rights, as well as it gets utility, reward and staking functions. The token that can be used directly through the DeFi Dashboard will have an initial circulating supply of 55,000,000 PPAY with the total supply capped at 1.115 billion tokens.
PPAY in its technicalities is an instrument to connect Ethereum and Plasma DLT with each other and brings zero-fee trading of DeFi tokens. The last proposal looks to be a groundbreaking trend that may propel DeFi to the new level of development. One can expect that some projects may follow the way of PlasmaPay, and one can mention Libra project inspired by Facebook, but Libra can’t still bootstrap itself. Another project, TON of Pavel Durov’s Telegram, became defunct. But time goes ahead, and the world economy plagued by COVID-19 needs a fresh and fast decision to bridge CeFi and DeFi, fiat and crypto, bring all robust pieces in one mechanism that could save humankind from the new crisis.
PlasmaPay developers meetup at Starfish, 2019, San Francisco
DeFi development highlighted the main hurdles associated with it. The uneasy UX experience, high commissions for transactions are among them. The cost to transfer value through ERC-20 token has rocketed, it may spark only the irony from the representatives of the legacy finance since such commissions make full stop for any further perspectives of the DeFi.
The scalability is an issue too, and DeFi needs the ultimate decision to bring all pieces in one. One can’t patiently wait for Ethereum 2.0 since there’s no guarantee that it fixes all troubles. It’s obvious that we’ll see another way to fix it.
Proof-of-years
It’s very important for those developers that will create the shape of DeFi to show their aspiration to reach a goal not by occasion. The proof-of-years of working is crucial for gaining reputation. The most DeFi projects are being made in a slipshod fashion but it’s amazing that one can find out that some other platforms made a difference. Starting as early as in 2018 Estonia-based PlasmaPay builds step by step the robust DeFi infrastructure. The company under leadership of Ilia Maksimenka has secured two EU financial licenses, opened the gates for the seamless fiat-crypto operations and vice versa. PlasmaPay currently supports Visa and Mastercard payments in 165 countries for over 100,000 users and 16 popular cryptocurrencies. It maintains direct connections with key cryptocurrencies platforms such as Binance, Bittrex, Exmo and Kraken.
These advancements have been achieved before DeFi starts getting an enormous popularity this year, and new challenges for any project in the crypto sphere has arisen. One of them is securing the liquidity of DeFi tokens. The few of such assets get listed at the centralized crypto platforms, mostly of them are being traded through decentralized ones. PlasmaPay’s own public blockchain Plasma DLT aims to connect all financial hotspots in one place. We see a fiat world with classical options, futures, with legacy financial institutions – Centralized Finance (CeFi). We see DeFi scattered among various decentralized platforms and blended in some points with centralized crypto exchanges.
Bitcoin to DeFi
But it’s necessary to have a secured and multipurpose gate to bring all these pieces in one. It’s very important to make Bitcoin not as one of the “guests” in Ethereum based DeFi but as the instrument that can fulfill all promises it inherits from the White Paper written by Satoshi Nakamoto. PlasmaPay strives to make invoices in Bitcoin a usual financial instrument and fixes the issue of BTC price volatility for their clients.
Actually the crypto world needs the same mechanism for DeFi tokens when one can easily trade these assets, use them as financial instruments. Any projects whose aim is to do it have enormous potential, and PlasmaPay is among them. PlasmaPay evolves a Crypto Checkout product that will make it possible to directly purchase any DeFi token, and the coming Plasma Card will provide users with a card that enables them to spend their cryptoassets worldwide. It boasts of DeFi Dashboard and heads it into new features, such as farming and staking, borrowing and lending. As Ilia Maksimenko stresses, “We want to make all DeFi assets available to all by making the process cheaper, easier, and faster.”
HyperLoop
Indeed, as it’s become known, they’ve already made available bank wires in eight different fiat currencies and have secured partnerships with 25 banks in South-Eastern Asia, and brought on board more than companies that accept cryptocurrencies as payment methods. The PlasmaPay via PlasmaDLT connects to the HypeLoop system. This system allows DEX swaps without gas fees since it aims to secure that different blockchains can connect and talk to each other. Each task solved by the PlasmaPay ecosystem could be an independent part and the mission of some outstanding project but it’s interesting that PlasmaPay creates all in one place that brings more consumers value.
Decentralization is a key
What’s more? As Maksimenka reveals, “Ultimately Plasma aims to be more than just a set of user-facing products but is also an infrastructure upon which developers can build DeFi focused products and applications.” While you create a breeding soil for new projects then the issue of decentralization becomes very actual. We’ve seen how a number of DeFi projects have been rug pulled and everything became worthless. And PlasmaPay addresses such concern existing in the DeFi sector echoing the crush of many ICO projects in white waters of 2017-2018 years. It launches PPAY token to bring participants of PlasmaPay has got governance rights, as well as it gets utility, reward and staking functions. The token that can be used directly through the DeFi Dashboard will have an initial circulating supply of 55,000,000 PPAY with the total supply capped at 1.115 billion tokens.
PPAY in its technicalities is an instrument to connect Ethereum and Plasma DLT with each other and brings zero-fee trading of DeFi tokens. The last proposal looks to be a groundbreaking trend that may propel DeFi to the new level of development. One can expect that some projects may follow the way of PlasmaPay, and one can mention Libra project inspired by Facebook, but Libra can’t still bootstrap itself. Another project, TON of Pavel Durov’s Telegram, became defunct. But time goes ahead, and the world economy plagued by COVID-19 needs a fresh and fast decision to bridge CeFi and DeFi, fiat and crypto, bring all robust pieces in one mechanism that could save humankind from the new crisis.
