Ze.Fi & PlasmaPay: AMA Recap
Welcome to the #ZeFi AMA with PlasmaPay!
Today we have Ilia (@ilia_mk) from PlasmaPay team to answer our questions and fulfill our curiosity!
To give a quick intro to PlasmaPay:
PlasmaPay’s stated goal is to bring DeFi to the Masses. It’s all about casting a wide net for adoption, helping to bring more of the people who haven’t yet turned to the degen side of DeFi, using things like fiat on-ramps that are missing from a lot of platforms that kind of act like walled gardens within crypto. PlasmaPay has a history, it has existing users, and perhaps most interesting to us here, it has some upcoming developments with a new token.
In Ilia’s words:
PlasmaPay is a crypto/fiat wallet and payment dapp on Plasma Chain. It’s a most advanced system for fiat on-/off- ramp with operation in more than 165 countries and supporting Visa/Mastercard/SEPA/SWIFT/E-wallets. #PPAY is a main token of PlasmaPay and cross-chain infrastructure for Plasma chain. Our goals with a #PPAY infrastructure to connect globally fiat to DeFi market and provide people with an advanced products to manage their portfolio and control digital funds on chain.
In #PPAY ecosystem, we will have a lot of different use cases for the token as a utility and as a defi asset. Rewards — you will be able to stake token and get rewards from the pool of system’s fees. Liquidity mining — 52% of total token emission will be distributed as a reward for users who provide us liquidity on DEXes. PPAY will be used to pay a commission for a cross-chain swap of any assets. Governance: hold a token and vote for any updates on contracts or make a new proposal. Also a lot of utility functions inside the PlasmaPay platform. You can find more info on our site plasmapay.com or whitepaper docs.plasmapay.com
Our next big project is a DeFi dashboard Plasma.Finance that democratize access to DeFi market for Masses and will be driven by PPAY token!
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Skiznilly: That’s a pretty comprehensive range of features, let’s find out more… I’m a history buff, so what I’d like to know first of all is a bit more about the history of the project, what inspired it, and how and when the team got together to create it in the first place
Thanks for question. I have a background in corporate finance and almost all my life i’m building a different IT startups. In 2017 i had a strong vision of how the blockchain techs can disrupt financial market, banks and payment system. That days i started build with my small team our first product PlasmaPay — payment system based on blockchain. We also launch a test token on Ethereum network and reward with that token for our users. Then we had a long story of building a really big company and deep tech products like Plasma blockchain. Now we have a huge fiat on and off ramp infrastructure and next big milestone for us is a DeFi platform.
That fiat on and off ramp could potentially be a real killer app in terms of getting normies involved, because most people still live and work in the context of cash. One of the biggest recent pieces of news in crypto was PayPal entering the space, do you see that as a net positive or negative for projects like PlasmaPay?
And also, it must have be a mammoth regulatory undertaking, more than 165 countries is pretty much most of the world (last time I checked it was around 192 listed countries or so, but that was a while back now)
I think PayPal mission is to educate a people and as they have 360M of accounts, that is a huge value for the crypto adoption. But as you know PayPal is a custodian solution for crypto, and when people realise how crypto works and that they don’t trust to centralized companies like PayPal, they start looking for smth else, and find a non-custodial wallet PlasmaPay or our financial dashboard Plasma.Finance and will get a real financial freedom from goverment and banks)
Yes, it’s a huge legal and complience work, plus building a relationships with banks and payment systems lik Visa and Mastercard
Yeah, fingers crossed that as people get more educated on crypto through general exposure, they get more enthused about non-custodial solutions
So, you’ve been around since 2017, and now at the tail end of 2020, you’re getting ready to launch your own token. What made you decide to do it now, and what value/benefits do you see it bringing to the PlasmaPay (and wider crypto) ecosystem?
Yes, we want to be more decentralized and provide for people a governance rights on our infrastructure — that’s PPAY token. Now we are launching 30+ smart contracts that will cover all defi space with different service (swap, lending, borrowing, synthetic assets, etc.) and all this product wil lbe driven by PPAY token.
Also for the community we launch a Liquidity Mining program for PPAY token with a APY 50–100%. On TGE day this features will be all available on Plasma.Finance dashboard.
you can find more info on tokenomics in our whitepaper: docs.plasmapay.com or on the website plasmapay.com
Do you guys have any initiatives to make plasma pay more accessible to the main stream crowd? I don’t think the average person understands what liquidity pools or vaults are?
The first version will be for crypto users, as we want to bring more liquidity to our protocols, it will be like a PRO Dashboard. Second version will be non-crypto users, with a big red button “deposit money and get the highest APY”, so they don’t need even to think about it, just click and make money) plus all this will be integrated with cards: buy crypto > deposit > get yield > withdraw profit to card
It’s almost refreshing to see APYs in the double and low triple digits after the food tokens conditioned us to go for instant boom and busts. I’m guessing those tokenomics are geared towards long-term sustainability? You have an idea where you want PlasmaPay to be in, say, another three years time from now?
Yes, we agreed with our long term vision 2 years ago and still follow our plans. Maybe now it’s early to announce that, but we are building a financial infrastructure for a new digital nation — real financial freedom for people.
This is great to hear! Speaking of the card, crypto.com has a bunch of free memberships included with their higher tier cards, will we see the same type of tiered system/juicy rewards for ppay?
We have a stealth card project, i think we will announce it later when we finish our defi dashboard, as it will be a good complement to our current infrastructure. All this membership benefits usually provided by card company and goes with the type of card you get, so it’s not hard to provide.
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ZeCommunity Time!
PlasmaPay looks to be a fantastic product. For me the gold standard outside of crypto in terms of payments would be Stripe (not paypal imo); how would you compared PlasmaPay to stripe in terms of a payment API into websites for mainstream use?
fortunately we are not competing with this companies. All paypal and stripe are doing is processing credit cards. We are infrastructure for crypto: buy crypto, process crypto, integrate blockchain and crypto in your business processes. The cards in our infrastructure is only for on and off ramp. We also have a few API that you can use to integrate us to your platform/website/games and process card payments. Look at our API docs if you interesting in such features.
Hi @ilia_mk …
Could a crypto project plug your fiat on/off ramp dapp/app into say their website?
If so,would PPay be bound by regulations only,or both PPay and the crypto project.
Yes, we offer such services. You can plug us to your website, accept card payments and withdraw it to crypto.
PPAY will not be regulated, it’s fully decentralized story. And PlasmaPay is regulated platform with a crypto licenses in Europe.
Heya, so with PlasmaPay, it’s possible for users to convert their fiat into any crypto, or what kind of range or choices will they have? Just PlasmaPay tokens, or others as well?
Yes, check our crypto checkout — http://buy.plasmapay.com/
You can buy different cryptocurrency with you bank card.
Quick last question, what other crypto projects do you admire?
I personally like uni, dot, comp, and few deep tech defi projects. You will see my fav list on our dashboard in 2 weeks. Follow us on telegram https://t.me/plasmapay_community to be informed on the listing day and time.
Also come to our dashboard in 2 weeks and try it plasma.finance
You had a specific range when you were discussing APY earlier, 50–100%. Do users have to lock their funds up like with crypto.com to get the higher end of the scale, does it scale by holdings amount, or was it just a reasonable sustainable estimated range?
Our APY 50–100% will be based on liquidity that you provide to DEXes and our protocols in Plasma.Finance. Yes, you will need to lock your funds in some PPAY pools on uniswap for example, provide us an LP tokens and get daily rewards. It will be easy to make using our dashboard and metamask wallet.
And thus our AMA concludes!
We would like to thank Skiznilly & Bitski for being the hosts today, and of course our great guest Ilia from PlasmaPay, and finally, the ZeCommunity!
To follow all of PPay’s news and updates, please visit them on
Telegram: https://t.me/plasmapay_community
Website: https://plasma.finance
Hope you liked this AMA. Please #FastenYourZeBelts and get ready for the next #ReZearch!