PumaPay, a cryptocurrency payment solution, will soon launch of V3.0, which moves its operations from Ethereum to the Binance Smart Chain (BSC). The move to BSC includes the introduction of a bridge between the two networks, enabling utilization of a wider set of token and cryptocurrency for payments, and opening new liquidity pools with automatic swaps.
Ethereum, for a long time known as the industry-leading platform in blockchain development, has become unscalable for many developers. With soaring gas fees and a slow block processing rate, PumaPay’s service to its customers became untenable on Ethereum’s network. In the spirit of maintaining the original vision of decentralization, boosting payment flexibility and protocols, and building liquidity, PumaPay is shifting to BSC to expand its existing protocols for its customers.
PumaPay utilizes the PullPayment Protocol that alternates the peer-to-peer system of crypto payments from a push to a pull protocol. PullPayment affords merchants capabilities unique to PumaPay, such as recurring billing—which allows merchants to bill for subscriptions and is the only payment solution on BSC offering this payment option. The new platform on BSC will offer a host of new opportunities to customers and users on the BSC in addition to faster transaction speeds and cheaper gas fees:
- Wider token diversity: Using PumaPay’s token (PMA) as a mediation coin, merchants will be able to select a settlement currency of their choice for each billing model, while users will have the option to subscribe with various tokens that are supported by BSC. Merchants and users will be agnostic to each other’s choice of coin.
- Liquidity pools: To power the support for a wider number of cryptocurrencies for payments, PumaPay is introducing liquidity pools to enable swaps between PumaPay’s token and other cryptocurrencies. Liquidity providers will enjoy swap fees.
- Total decentralization: Transfer of transaction processing duties to network “executors,” who will be paid by merchants, which will foster a more decentralized crypto payment ecosystem. Merchants will be able to run executor nodes, allowing them to save on fees, and earn for processing other merchants’ transactions.
- Community 3.0: PumaPay’s V3.0 will include bottom-up measures that allow for more community participation in promoting the project with ambassadorship and referral opportunities.
“We are excited for the new V3.0 vision, our move to Binance Smart Chain, and the latest upgrades that we can offer to merchants who use our payment solution,” said Yoav Dror, CEO of PumaPay. “With our new liquidity pools, bridge, and decentralization model, we believe PumaPay is creating, as the first crypto payment solution on BSC, a model system for others to follow should they opt to shift from Ethereum to Binance.”
