LlamaPay is a multichain protocol that automates transactions by the second. Therefore, in June 2022, it saw its TVL increase from $500,000 to $2 million. That’s 400% in just two weeks. A massive gain!
But, how come LlamaPay is enjoying this positive attention? Who uses their services? Most importantly, what are these DeFi streaming services? It’s about time to dig in and see what LlamaPay is about.
What Is LlamaPay?
One very important use case for LlamaPay is salaries. In this case, the receiver can withdraw these funds at any moment that suits them. As a result, manual transactions become a thing of the past.
LlamaPay is live!
LlamaPay automates salary txs, streaming them by the second so employees can withdraw whenever they want and you don’t have to deal with sending txs manually.
Go to https://t.co/ubfi4wE5nd to use it now!
Features 👇
— LlamaPay (@llamapay_io) April 30, 2022
They launched on April 30, 2022. In just 46 days, they managed to reach a TVL of $2.4 million. That’s because, in a short timeframe, they became popular. Plenty of protocols use their service already. For example, DeFi Llama, Aave, or Yearn.
Source: DeFi Llama
Moreover, LlamaPay is available at all EVM-compatible chains. Therefore, all contracts will have the same address across the chains. Also, other protocols offer time-limited streams. This is where LlamaPay is different. Their streams have an indefinite duration. You only need to top them up with the money.
As a result, anyone can trigger your withdrawals. This is a good thing! It makes sure that you can receive your funds. On the other hand, their competitors are Sablier and SuperFluid. However, they offer stream payment platforms that punish you if you forget to top up. You lose funds and need to start a new stream.
In addition, LlamaPay offers a debt feature. If you forget to top up, you don’t lose any funds. You also don’t have to set up a new stream. You only incur a debt. Next time you deposit money, you paid off your debt and the stream continues.
In case you want to stop the stream, you just stop depositing. The payee can now withdraw until there’s no more balance. However, if you pay a deposit, you can’t withdraw it. Only the payee can do this.
Source: LlamaPay website
LlamaPay Gas Fees
The LlamaPay gas fee is 3.2-3.7x cheaper than its competition. You can access LlamaPay as a default app on Gnosis Safe. This is a smart contract wallet that runs on Ethereum. It’s mostly used to manage pooled DAO funds.
The most amazing feature, however, is that it is free to use. There are no fees whatsoever. Furthermore, they promise they remain free forever. Also, the protocol does not have a token. Beware of scammers offering tokens for sale!
LlamaPay Roadmap
Their roadmap is straightforward. Currently, they are working to improve the UX. In other words, they are collecting community feedback. There’s a V2 in the making. This will include among others:
- The yield on idle money.
- DCA with salary.
- Storing streams as NFTs.
Private streams using Zero-Knowledge Proofs are also in the making.
gm Anteans! Time for another explainer! Our frens at @llamapay_io built a super cool payment streaming protocol that obviates the need for e.g. an employer to make recurring manual payments for each payee! LlamaPay basics, in picture form: 👇🧵 pic.twitter.com/gxbgfN7tlj
— Ante Protocol AF ⚙️ (@AnteFinance) June 3, 2022
Conclusion
LlamaPay is a simple yet effective multichain protocol. It automates payments and as a result, it is gathering attention. It’s a new project with a high potential to grow. A free-to-use protocol with no token. Can things always be so simple and easy? Or is that too much asked for?
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