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In this article, learn all about Plasma.Financeās Gas Station, enables community members to use stablecoins (USDT, USC, DAI) and PPAY token instead of ETH and other chainsā native (Matic, BNB, AVAX, FTM) tokens to pay for gasĀ fees.
#PGS is available on Ethereum, Polygon, BSC, Avalanche, Fantom.
Plasma.Finance, founded and led by our CEO Ilia Maksimenka, started with a simple yet challenging goal: make DeFi accessible to all. Current solutions presented in the DeFi ecosystem require users to hold blockchainās native tokens to pay gas fees on all transactions, making the situation unpleasant and difficult to manage for crypto enthusiasts. With this in mind, Plasma.Finance decided to provide users with a unique offering: a one-stop solution for all DeFi where users can fully manage assets (trading, staking, market analysis, token swaps,Ā etc.).
Plasma.Finance Gas Station is the next leap towards mass adoption!
Gas Station is the new cutting-edge tool by Plasma.Finance unique to any AMM or DEX that will launch on HyperDEX. It provides an alternative to the conventional gas fees payment method, allowing users to pay for DeFi transactions on Ethereum & other chains without the need to hold ETH or other chainsā native tokens in yourĀ wallet.
We are very excited to say that we were able to solve one of the toughest bottlenecks in crypto in a completely decentralized way. Paying for gas fees in native tokens made users prone to price volatility and unable to time transactions. Moreover, users have to always hold a significant amount of ETH or other chainsā native tokens ready toĀ trade.
With Plasma Gas Station, you will be able to pay for transaction fees with all major stablecoins like USDT and USDC, other popular tokens and also our native tokenĀ PPAY.
It will be a simple yet elegant solution to pay for DeFi transactions using other tokens in your wallet should users run out of ETH or wish to use otherĀ assets.
If youāre an experienced DeFi user, then you know that any kind of interaction relies on quick settlements. This ensures that you get the swaps at the price you want, at the volume you require, or with the fee youĀ expect.
But because Ethereum is still highly congested, it has become very difficult to estimate the fee required to get instant confirmation for the past couple of years. Essentially, to guarantee instant confirmation, you now have to pay very high gas costs or tip miners more to ensure next-block confirmation.
This can mean that in unexpectedly high network congestion, you may not have enough ETH in your wallet to pay for all your transactions. This forces you toĀ either:
This problem goes away if you could have the option of paying for gas fees with another ERC20 token like a stablecoin or native token. This is exactly what Gas Station will allow you toĀ do!
Pay for Transactions Using Stablecoins with Plasma.Finance
Our platform provides many immediate benefits for the end-user, making Plasma.Finance the best DeFi aggregator you could find! This particular tool allows our user-base to benefit from a relayer directly replenished with ETH, paying a commission for each user from current portfolio balances added to theĀ relayer.
You can use these tokens to pay for the gas fee with a free approval:
Ethereum:
Fantom:
Avalanche:
Tired of paying for excessive Gas fees? While using the Gas Station Network, pay transaction fees in Stablecoins, rather than needing to use native tokens for transactions. Gas fees can indeed be a big blocker for both beginners and advanced users, forcing users to swap for the token of origin on each transaction. In fact, native tokens are much more volatile in comparison to Stablecoins, protecting the end-user from excessive fees. No more need to constantly replenish and withdraw ETH from your wallet withĀ us!
There is no denying that gas fees and options to pay for gas are among the most prominent challenges forĀ DeFi.
The innovation of using ERC20 tokens instead of ETH to pay for gas fees does not exist yet in any DeFi platform, despite it being one of the most requested features. Gas Station is an important part of our Plasma protocol roadmap and requires intense testing and development before it is rolledĀ out.
Whatās next for Plasma GasĀ Station?
The current version of Gas Station is just the beginning. The updated version will be a great opportunity for users to experience DeFi on a whole newĀ level!
Our plan is to roll out V1, test it and then add efficient support for payment of gas fees in any ERC-20 token. This decentralized feature will be available on some of the most popular chains, including Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom and other EVM chains. To get more information on future updates, be sure to follow us on Twitter regarding this nextĀ upgrade!
A Platform with UniqueĀ Features
In addition to the Gas Station, users can benefit from a single platform hosting a range of decentralized tools to manage decentralized assets. Easily trade via our HyperDEX aggregator, and earn passive income from staking with Plasma.Finance! Platform users can seamlessly monitor market updates in real-time, and manage all decentralized assets through our portal helping you to find the most competitive APYs and transaction fees! Still paying for gas fees? Level up your DeFi game now with ETH-less DeFi trading on Ethereum with HyperDEX: https://apy.plasma.finance/#/hyper-dex
Join the Plasma.Finance community and stay up to date with our development via our website & social media channels:
Website | Telegram Announcements | Telegram Chat | Twitter | Discord | YouTube | Medium |Ā Github
š SpacePort IDO Launchpad:
Website | Telegram | Twitter | Substack | Launchpad Alliance
ETH-less Swap. A Deep Dive into Plasma Financeās Gas Station! was originally published in 0xPlasma on Medium, where people are continuing the conversation by highlighting and responding to this story.
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