Plasma.Finance Offers An Alternative Way To Pay Ethereum Gas Fees

Plasma.Finance provides a new paradigm in terms of Ethereum Gas Management along with reducing barriers to entry for DeFi users across blockchains

CHICAGO, IL, UNITES STATES, April 6, 2022 /EINPresswire.com/ -- Plasma Finance¹, the comprehensive solution for all aspects of decentralized finance for both novice and advanced users, is releasing its Plasma Gas Station protocol on Thursday, April 7, 2022.

The unique feature will allow users to pay for gas fees on Ethereum & other major EVM networks in stablecoins or PPAY tokens² instead of ETH and chains’ native tokens. Support for any ERC-20 token is set to follow. The PPAY tokens are native to the Plasma.Finance ecosystem.

Given the many issues associated with ERC-20 transactions, this innovation will make it far easier for DeFi users to transact. This includes purchases made in the lucrative NFT market (largely based on ERC-20), trading dashboards, liquidity pools, lending, bridges, and many other elements critical to the world of DeFi.

According to the current model of the EVM-chains and associated gas fees, users must hold the blockchain’s native token to pay gas fees for each transaction. This leads to multiple inconveniences on the user side and leaves them prone to ETH price volatility.

Users are forced to hold ETH (Matic, BNB, Fantom, etc.) in their wallets and it’s difficult to assess what the right price is for any given transaction. This also makes it very difficult to run a stable Web3 business as profit/loss will depend on the price of ETH, which varies wildly. It further means that a larger portion of funds has to be held in ETH, just to complete the simple act of making an ERC-20 transaction. In other words, people are bound to ETH due to technical inefficiencies, leading to a decrease in profitability.

Which is part of the reason why Plasma.Finance is introducing Plasma Gas Station to increase mass adoption of DeFi and dApps. It has also been created in line with the wider Plasma.Finance ethos of reduced complexity with better UI & UX. In this way, DeFi becomes more appealing to users of different knowledge and skill levels. It does not matter how many innovations are made within the world of DeFi, unless such innovations are brought down to a simple level that regular customers can make use of in their everyday lives.

The Plasma.Finance Gas Station allows users to transact on-chain, paying gas fees in PPAY token or any stablecoin available in their wallet. The next version of the feature release will add support for payment of gas fees in any ERC-20 token. The decentralized feature is released on the most used EVM chains such as Ethereum, Polygon, Binance Smart Chain, Avalanche, and Fantom. As ETH is now a deflationary token, the necessity for paying the fees in a variety of tokens is great.

The Gas Station protocol is one of many innovations put forward by Plasma.Finance. Plasma.Finance is a comprehensive DeFi solution suitable for both new and advanced DeFi investors and traders. It allows users to find the highest APY yields and lowest transaction fees across 50 DEX exchanges and over 8000 crypto assets, on 6 blockchains.

Speaking on the introduction of the Plasma.Finance Gas Station, founder Ilia Maksimenka stated that “Network congestion and volatile gas fees on Ethereum has been an issue for far too long and is hampering DeFi adoption. The Plasma.Finance Gas Station allows for efficient gas management and a more flexible way to pay these fees so that DeFi traders and investors can more effectively manage their portfolio and diversify away from ETH, should they so choose ”

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About Plasma.Finance
Plasma.Finance is a single platform hosting a range of decentralized tools for all things DeFi. Users can trade via HyperDEX liquidity aggregator, earn passive income from staking, monitor the market, and manage their portfolio of assets, DeFi activities & NFTs with the most accurate on-chain data and the convenience of a single dashboard.

Plasma.Finance users don’t need to hop between platforms and manually search for the best rates. Plasma.Finance will automatically find the best prices, highest APYs, and lowest transaction fees across 50+ DEXes and 8000+ crypto assets on 6 blockchains.

Plasma.Finance is built with the needs of both crypto newbies and professional traders in mind, hence, it includes all the necessary features & tools from fiat on-ramp and multi-wallet support to detailed charts powered

Chez Ordoñez
Crypto PR Lab
chez@cryptoprlabs.com
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WATCH NOW: Plasma Pay Video at http://www.youtube.com/watch?v=NwW29hmG-Hc

¹ https://plasma.finance/
² https://plasmapay.com/