New Zero Gas Fee Design: Solution to DeFi’s Scaling Issues
To find a solution to the rising cost of gas on Ethereum, PlasmaPay’s Chain enables near immediate token transfers with zero fees and supports the full range of DeFi tokens still allowing for up to 50,000 transactions per second.
New York, US – November 13, 2020 – PlasmaPay, a global payment and remittance platform for consumer and commercial use, has revealed an upgrade to Plasma DLT to remove all gas fees. With traditional transaction fees model users have to grapple with the unwelcome expense of additional costs at peak network hours and a rise in the cost of gas on Ethereum.
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 that will solve many of the current issues faced by DeFi users to eliminate the fee network model which is choking the blockchain industry.
Plasma Chain features a number of innovations that bolster its efficacy, with PlasmaPay capable of acting as a bridge between two chains. This cross-chain technology will 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.
Ilia Maksimenka, CEO of PlasmaPay, commented:
“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. 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.
PlasmaPay is a global cryptocurrency wallet and digital payments dApp (decentralized application) that provides fiat on/off ramp services via mobile and desktop apps to users from over 165 countries. Individuals and businesses can use the upcoming PlasmaPay dashboard to buy, sell or exchange digital assets and also send or receive cross-border payments. It is built on their own public blockchain tech called the Plasma DLT (distributed ledger technology). PlasmaPay is the missing link that connects the underbanked and unbanked population with the DeFi ecosystem to provide them financial services without an intermediary.