PlasmaPay is a DeFi project that offers its users a simple interface where they can exchange, stake, and manage their cryptocurrency investments. PlasmaPay’s native cryptocurrency is PPAY. PPAY is a utility token used for facilitating staking, governance, reward distribution, and payments on the PlasmaPay platform.
Let’s dive into the top five reasons to buy PlasmaPay (PPAY).
Use Cases: PlasmaPay has three main use cases:
- Low fees and high transaction speeds: Smart contract transactions can be very expensive for users. Network congestion (lower transaction speeds) is also an issue in the DeFi space. PlasmaPay looks to solve these issues with their upcoming HyperLoop protocol, which is touched on below.
- Fiat on/off ramp: Most DeFi applications do not offer direct access to fiat payment channels – which complicates DeFi mass adoption. With PlasmaPay, users can buy cryptocurrencies with a bank card, wire payment, etc.
- Users onboarding: Most DeFi application interfaces are very complex and require a high level of expertise – once again, complicating DeFi mass adoption. PlasmaPay solves this issue through its easy-to-use desktop application. Additionally, PlasmaPay offers how-to videos on their site (i.e., how-to stake PPAY on Plasma Finance). These visuals help users understand how to use their services, no matter their experience level.
2. Upcoming Milestones for PlasmaPay: HyperLoop cross-chain bridge protocol
- Launch Date: HyperLoop is set to launch in Q2 of 2021.
- Goal: Created as a Layer 2 solution for the high ETH gas fees.
- Utility: This protocol is a cross-chain bridge built so users can move assets between Uniswap on Ethereum to PlasmaSwap on PlasmaDLT (Plasma’s blockchain) in a faster and more efficient way
- Conclusion: With the HyperLoop bridge protocol serving as a gateway to PlasmaDLT, this will take the strain off overworked networks – allowing for a better DeFi experience
3. Public Launches of PlasmaChain and Node Program
Launch Date: The expected launch date is set for late Q3/early Q4 2021.
PlasmaChain: First blockchain built for customization for real payment companies, banks, etc. with zero transaction fees and instant speed.
- Scalability – Has a technical ability to support up to 160,000 transactions. Free transactions for dApps who use stablecoins. If the DeFi application runs on smart contracts using stablecoins issued on the Plasma blockchain, then all transactions and operations of smart contracts on the blockchain will be free.
- Fiat on/off-ramp – dApps can use PlasmaPay’s infrastructure to exchange their native tokens to fiat via bank cards, wires, etc.
- Conclusion: Full decentralization of PlasmaChain.
Usually, when projects have important upcoming milestones, hype starts to build around the investment community. Thus, the price of that underlying asset tends to usually increase (sometimes significantly, depending on the event). We suspect this will happen with PlasmaPay’s token, PPAY.
PPAY has a max supply of 1 billion distributed via a linear model with the completed distribution of the token by 2022.
Image source: PlasmaPay
The PPAY token generation event provided a limited token supply of only 5.5% for trading and other utility purposes. On top of that, PlasmaPay’s staking incentive and buyback program will burn up to 20% of the supply, leaving only a limited number of PPAY tokens on the market. These two main characteristics, along with a cap on the supply of the PPAY token, make it very intriguing to investors because of the potential future scarcity of PPAY.
5. Staking and High APY:
In a recent tweet, PlasmaPay announced that its users can now earn 97% APY staking PPAY. One interesting aspect of the staking program through Plasma Finance is that the stakers will only have to lock up their PPAY tokens for a minimum of 24 hours. After the 24-hour minimum period, PPAY will be available for unstaking, and the user can do as they please with their PPAY tokens.
🔥📊 Over $20,000,000 TVL 📊 🔥
— PlasmaPay & Plasma.Finance (@Plasma_Pay) March 27, 2021
At the time of this writing, PPAY price is trading around $.3165 with a circulating supply of roughly 154 million. PPAY also has a market cap of only $48.7 million, making it still relatively small with a lot of potential to grow in this space.
PlasmaPay is an easy-to-use DeFi platform for exchanging cryptocurrencies, staking, and portfolio management. Their use cases seem to be attractive for their users, and we expect more users to continue migrating to their platform. In regards to investor attractability, we think they do a good job appealing to investors through their PPAY staking rewards and tokenomics.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.