PlasmaPay a payment and remittance platform for consumer and commercial use, has upgraded 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 the announcement the average cost of a transaction on Ethereum sat 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.