Solution to DeFi scaling problems


Ilia Maksimenka (CEO and founder of PlasmaPay)

Ilia Maksimenka (CEO and founder of PlasmaPay)


New York, USA, November 12, 2020 (GLOBE NEWSWIRE) – To find a solution to the rising cost of gas on Ethereum, the PlasmaPay chain allows near-instant token transfers with zero fees and supports the full range of DeFi tokens that still allow up to 50,000 transactions per second.

PlasmaPay, a global payment and remittance platform for commercial and consumer use, has revealed an upgrade to Plasma DLT to remove all gas tariffs. With the traditional model of transaction fees, users have to contend with the unwanted spending of additional costs during the network’s peak hours and an increase in the cost of gas on Ethereum.

At press time, the average cost of a transaction on Ethereum stands at $ 1.96, with averages reaching $ 12.28 in September. Compare that to an average cost of less than 10 cents at the start of the year and the challenges DeFi and the Ethereum network face become clear.

PlasmaPay has launched a first DeFi blockchain that will solve many of the current problems faced by DeFi users to eliminate the paid network model that is choking the blockchain industry.

Plasma Chain presents a number of innovations that strengthen its effectiveness, with PlasmaPay able to act as a bridge between two chains. This cross-chain technology will allow users to trade cryptocurrencies such as Ethereum and other DeFi tokens on the plasma chain without the need for gas taxes. Support for Cosmos, EOS and Binance Smart Chain will also be added, so that DeFi investors can broaden their horizons and access the widest range of financial opportunities possible.

Ilia Maksimenka, CEO of PlasmaPay, commented: “Plasma Chain represents another milestone for PlasmaPay. We’ve been building it since 2018, as we realized the current offerings wouldn’t be enough for the explosion of the DeFi business we were anticipating. It will provide the infrastructure necessary for a seamless user experience as we continue to seek to drive global adoption of DeFi. “

Plasma Chain is integral to PlasmaPay’s vision to build the financial services infrastructure for the global digital economy of Web 3.0. It is purpose built to meet the needs of the ever expanding DeFi ecosystem and will integrate with other PlasmaPay products including Plasma DEX and DeFi Dashboard.

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About PlasmaPay:
PlasmaPay is a global payment and remittance platform for commercial and consumer use that provides fiat on / off ramp services to more than 100,000 users from over 160 countries via mobile and desktop apps. PlasmaPay uses blockchain technology to allow users to securely store cryptocurrencies and fiat currencies, buy and trade digital assets, send and receive cross-border payments, and create payment networks with zero transaction fees. PlasmaPay’s DeFi ecosystem allows the underbanked and unsanked population to access financial services without an intermediary. CEO and co-founder Ilia Maksimenka, along with the distributed team of cybersecurity developers and economists, are dogmatic in their mission to create an open and intuitive financial platform that allows the world to unlock the full potential of blockchain technologies. PlasmaPay is based in Tallinn, Estonia.

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Media details
Company: PlasmaPay
E-mail: [email protected]

  • Ilia Maksimenka (CEO and founder of PlasmaPay)

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