PlasmaFinance Launches on Polygon
- Blockchain , Infrastructure
- 23.07.2021 02:45 pm
PlasmaFinance, a cross-chain DeFi aggregator enabling users to manage their portfolios through a single interface, has today announced that it has launched on Polygon the entire suite of DeFi protocols that sit on its native DEX ‘PlasmaSwap’. Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.
This move will enable its users to take advantage of Polygon’s low ‘gas’ fees and high speeds. PlasmaSwap users can now add liquidity and trade with near-zero fees; in fact, the fees will be around one thousand times lower than when transacting on Ethereum. Polygon has been in the news for all the right reasons recently, projected as the alternative to Ethereum. This is because it resides on the same network and has all the advantages of Ethereum built-in, but with much lower fees.
Regarding today’s announcement, Ilia Maksimenka, CEO and Founder of PlasmaFinance comments: “We don’t and won’t stand still in driving down the barriers to DeFi adoption, lowering the learning curve, and in placing the tools for financial freedom in the hands of users. It is our mission to make it simple and attractive for new users to embrace and interact with DeFi protocols, and for both new and existing users to get the best price and speed. In using PlasmaSwap DEX on Polygon, we have once again made a major step forward in fulfilling our mission.
“There no longer needs to be a trade-off between “fast and cheap” and “everything else” thanks to PlasmaFinance’s integration on Polygon. Finally, users can truly get the best of both worlds. Our platform is already supported by many top protocols, and the PlasmaPay wallet is integrated with various exchanges and an external service provider buy/sell crypto using their bank accounts, credit card, and much more. Our journey to bringing easy and efficient DeFi adoption to everyone continues.”
"We are excited to welcome DeFi projects such as PlasmaFinance to join the ranks of Aave, Sushiswap, Curve, and Balancer in building on Polygon", adds Sandeep Nailwal, co-founder and COO at Polygon.
There has been increasing frustration among DeFi users at the extremely high gas fees incurred on the Ethereum network. PlasmaFinance partly addressed this issue earlier this year through an intermediary solution by introducing gas optimization features, but today’s announcement will undoubtedly be welcomed with open arms among new and existing users.
In order to prove the power of Polygon, PlasmaFinance tested the fees and speed when it rolled out its PPAY Coinmarketcap Earn campaign last month. The results were impressive: PlasmaFinance distributed $100,000 worth of PPAY tokens to 20,000 addresses spending just $0.30 and attaining transaction finality in two seconds.
For those already trading on DEX on Polygon, PlasmaSwap will bring added benefits including portfolio management and market data on all DeFi and crypto tokens, a friendly and intuitive user experience, advanced trading tools such as Limit Orders for capital and risk management, setting Take Profit, Stop Loss, and Future Orders for upcoming token listings.
Users simply need to bring their liquidity to PlasmaSwap on Polygon. In doing so, they will also be able to launch and participate in IDOs across all platforms with IDO Launchpad Alliance and SpacePort. IDO Launchpad Alliance gives users a full overview of all IDO platforms, including IDOs that are live and upcoming in one place.
DeFi Projects can also take full advantage of the benefits today’s announcement brings. They can launch their own fully customizable and decentralized IDOs with SpacePort. Also, they can leverage PlasmaFinance and Polygon for superior DeFi capabilities; launching liquidity, swapping pairs, and new liquidity mining initiatives on PlasmaSwap will enable projects users to also benefit from easy and convenient DeFi at fast speeds and low costs.