llamapay review

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.

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. 

LlamaPay

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.

LlamaPay

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.

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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