Plasma Finance Today Released Its Gas Station Protocol; Offers Way to Diversify Away From Ethereum

Unique feature will allow users to pay for gas fees on Ethereum & other major EVM networks in stablecoins or PPAY tokens instead of ETH and chains' native tokens.

Plasma.Finance, the comprehensive solution for all aspects of decentralized finance for both novice and advanced users, is releasing its Plasma Gas Station protocol today, Thursday, April 7, 2022.

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.

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.  

Founder Ilia Maksimenka stated, "Network congestion and volatile gas fees on Ethereum has been an issue for far too long and is hampering DeFi adoption. Our 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."

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 Gas Station allows users to transact on-chain, paying gas fees in PPAY token or any stablecoin available in their wallet, and 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.

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Source: Crypto PR Lab

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Categories: Financial News

Tags: Crypto, cryptocurrency, DeFi, Ethereum, Gas Station Protocol, Plasma Finance


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