PlasmaPay DeFi — A New Way for Businesses to Earn Free Crypto During Covid
Business owners are in a crunch right now, with the current state of the market leaving many entrepreneurs suffering. The global pandemic continues to wreak havoc on the economies of the world. Worst of all, in many places, Covid cases are on the rise. This situation has left vendors more vulnerable than ever before. Luckily, there is one firm that thinks they have a solution to their woes — PlasmaPay.
PlasmaPay is a crypto payment processor and FinTech ecosystem with a twist. Merchants that utilize PlasmaPay’s crypto portal gain access to powerful DeFi tools. DeFi, or decentralized finance, converts traditional financial systems to a decentralized equivalent. The really cool thing about this conversion is that the profits banks normally take are spread between regular users.
PlasmaPay integrates various DeFi protocols to provide users more opportunities to earn. The network recently added merchant DeFi services. Notably, PlasmaPay is the first payment processor to attempt such an integration. The firm’s newest protocol allows merchants to allocate a certain amount of their daily earnings for DeFi liquidity staking.
The expansion of the DeFi community has helped to normalize some advanced features in the sector including liquidity staking. The way liquidity staking works is simple: users lend out their crypto to large liquidity lending pools. The purpose of this pool is to provide other users with funding to borrow against.
Unlike your traditional banking system, where the bank receives any profits gained from lending out your funds, you receive repayment plus any interest directly. Since all the funds staked in the liquidity pool continually earn interest, most liquidity pool repayments go back into the pool plus interest, further increasing the network’s profitability. Even more amazing is the fact that these liquidity pools service so many users, it doesn’t matter when the person who borrowed your funds repays the loan. Your repayment is guaranteed from other funds gaining interest in the liquidity pool.
Now imagine that you are a vendor who accepts cryptocurrencies for your services. Since the start of the Covid-19 pandemic, you have seen a steady drop in business due to tighter restrictions placed on both owners and consumers. Instead of taking these growing losses without any action, you decide to stake your daily earnings into PlasmaPay’s DeFi services. Now you can look forward to consistent rewards on top of your original earnings. Best of all, the more you stake, the more you earn.
PlasmaPays interactive interface makes it simple for businesses to decide exactly how much of their daily earnings they would like to stake in pools. Simply select the amount and the liquidity pool you desire to stake your funds in. You can track your profits and all of the most relevant data you need directly from this helpful portal. Developers created the merchant services portal in a way that ensures it can function properly on nearly any web-enabled smart device.
What if you could stake the coins that you already HODL? This is the question that PlasmaPay answers with the introduction of their wrapped Bitcoin functionality. PlasmaPay allows users to wrap their Bitcoin and place it onto the Plasma Chain. Once these Bitcoin are wrapped, they gain access to the entire suite of DeFi services available on the system.
The web-based design of PlasmaPay’s payment processing portal is also interoperable with other systems, primarily, online sales systems such as WooCommerce. The integration capabilities of PlasmaPay into WooCommerce are a major accomplishment for the firm and the entire crypto sector in general. Currently, WooCommerce accounts for payment processing on 30% of all online companies worldwide.
Plasma Chain Makes it All Possible
The complete PlasmaPay protocol lives on the Plasma Chain. This DeFi-centric blockchain is the first in the world to focus on these new financial instruments exclusively. The network introduces some new features and capabilities that are sure to lure many developers and users away from the current status quo — Ethereum.
Say Bye to Gas Fees
One of the most impressive aspects of Plasma Chain is the fact that there are no gas fees for developers. Gas fees were first made famous by Ethereum. Gas is an internal cryptocurrency used to fund the execution of smart contracts. Originally, gas fees helped to ensure that programmers didn’t flood Ethereum’s blockchain with bad coding. However, the purpose-built and DeFi focused aspects of Plasma Chain remove these concerns.
The removal of gas fees makes it possible for developers to create new and more robust Dapps to support the Plasma Chain ecosystem. Impressively, developers can pass on these savings and develop financial applications that require no transaction fees.
Another major draw for PlasmaPay is the easy set-up. PlasmaPay developers took great care to streamline the entire experience for users. In this manner, PlasmaPay functions as a one-stop platform for all your crypto needs. Specifically, you can send and receive crypto using the platform’s wallet, utilize mobile apps, start corporate accounts, leverage a powerful distributed ledger, and convert your fiat currency directly into cryptocurrency in seconds.
Impressively, all of this functionality comes with low transaction fees, high speed, interoperability, and easy accessibility. In terms of speed, PlasmaPay is faster than the top payment processors in the world. Currently, PlasmaPay can handle 160,000 tps according to the firm’s throughput tests.
Comparingly, VISA’s network claims it is capable of around 24,000 tps. However, the reality is that the VISA processes only around 1,700 transactions per second. This truth gives PlasmaPay a huge advantage in the market moving forward.
Impressively, PlasmaPay managed to secure a solid following since its creation in 2018. Today, the network services 160+ countries with over 100,000 users and businesses. Additionally, the team continues to secure partnerships within the market. All of these factors make it safe to say that PlasmaPay has a bright future ahead of it.
Originally published at https://www.cryptofolds.com on December 12, 2020.