PlasmaFinance addressing the issue of gas optimization for DeFi.
In the past three lessons, we’ve shown you how PlasmaFinance helps you to:
But right now, we address the biggest issue in DeFi, one that has been talked about and discussed by the entire DeFi community for about two years now: the high cost of using DeFi.
Since most DeFi right now happens on Ethereum, where network congestion has become an issue, leading to high gas prices, transacting on Ethereum can run up your gas costs significantly. In fact, more complicated transactions like smart contract executions that are common in DeFi will cost you much more, with $200 per transaction not uncommon in periods of high traffic.
As we briefly explained in Lesson 3, one of our unique features, Flash Rebalancer, helps to optimize the process of liquidity migration, reducing it from a minimum of FOUR steps to only ONE step, saving the DeFi trader a significant amount of gas costs just by reducing the number of transactions needed for a common DeFi activity.
One major overarching effort in our feature development is specifically aimed at Gas Optimization and some of the most exciting features still in development seek to provide permanent solutions to this issue, without relying on Ethereum’s ongoing 2.0 infrastructure update. Here’s a sneak peak of what’s yet to come to PlasmaFinance:
PlasmaSwap’s upcoming Gas Station will be a simple yet elegant solution unique to any DEX or AMM in DeFi, allowing you to pay for transactions without needing ETH! Gas Station will accept major stablecoins like USDT, DAI, USDC plus its own native token PPAY, so you can use those balances in your wallet if you run out of or don’t have any ETH left.
In fact, new projects that choose to launch their tokens on PlasmaSwap, when that becomes available), also gain unique access to Gas Station, giving more utility to their tokens to be used as a gas payment currency.
That’ll save you some time and money and the need to maintain ETH levels all the time!
PlasmaFinance’s very own PlasmaDLT will be used to develop a Layer 2 solution called Hyperloop, which essentially is a bridge that makes different blockchain networks interoperable. It will allow you to settle your DeFi transactions near-instantaneously on a high-throughput network that will cost you ZERO fees. Best of all, it’ll be seamlessly integrated into PlasmaSwap so you don’t even have to worry about setting up as it all takes place in the background.
Imagine just conducting DeFi without ever needing to calculate gas fees and waiting for transactions to confirm, and taking in clean income without bothersome gas costs!
Gas optimization is only one use case for Hyperloop, since this bridge will allow for all kinds of integrations and interoperability between dApps -- but that’s a story for another day.
Now that you’ve completed all the lessons, we hope you can understand how to use PlasmaFinance to enter and use DeFi easily and safely. Our goal is to ensure that everyone can access DeFi -- be they crypto newcomers or professional crypto traders.
We have big plans at PlasmaFinance and we’re going to be welcoming Projects to achieve the same DeFi freedom, be they fledgling startups or established blockchain heavyweights.
Our upcoming democratized open IDO launchpad, SpacePort, will allow any project to launch fully-customized Initial DEX Offerings for free or with Plasma support. Looking for the next DeFi gem or want to launch your own IDO? Check out our SpacePort details and sign up for updates here.
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