PumaPay is all set to shift from Ethereum to Binance smart chain to become a bridge between the two networks, which will help in utilizing a wider set of tokens and crypto currencies for payments. V3.0 will be the first crypto payment solution by PumaPay.
Cryptocurrency payment solution, PumaPay will be moving from Ethereum to Binance smart chain (BSC). It is the first crypto payment solution to take this step. PumaPay will be launching the V3.0 solution soon.
This move will be a bridge between the two networks, which will help in utilising a wider set of token and cryptocurrency for payments. This will also open up new liquidity pools with automatic swaps.
Ethereum, which has been considered to be an industry-leading platform in blockchain development, has become unscalable for many developers. The technology has a soaring gas fee and a slow block processing rate. Hence, PumaPay service to its customers has become untenable on Ethereum’s network.
To expand its existing protocols, the company is shifting to BSC, which will, in turn, give better services to its customers.
Yoav Dror, CEO of PumaPay is excited about the new V3.0 vision. The move to the Binance chain, with the latest upgrades to offer to merchants, is very enthusiastic. With new liquidity pools, bridge, and decentralization model, 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.
Pull payment protocol
PumaPay uses a pull payment protocol which is opposite to the peer system of crypto payments from a push to a pull protocol. PullPayment affords merchants capabilities unique to PumaPay. It offers recurring bill which allows merchants to bill for subscriptions and is the only payment solution on BSC offering this payment option.
Benefits for customers: Customers can be relaxed while working with PumaPay as this new platform on BSC will give a host of new opportunities to customers and users on the Binance Smart Chain, with faster transaction speeds and cheaper had fees.
Token diversity: under this category, using PumaPay’s token (PMA) as a mediation coin, merchants will be able to select a settlement currency of their choice for every billing model. Customers on the other hand will have the option to subscribe with various tokens that are supported by BSC.
Liquidity pools: with the help of liquidity pools, it will be easy to swap between PumaPay’s token and other cryptocurrencies. Liquidity providers will benefit from the swap fees.
Total decentralization: a more decentralized crypto payment ecosystem will be developed as the transfer of transaction processing duties to network executors be done properly. They will be paid by merchants. Merchants will be able to run executor nodes. This will save the fees and earn for processing other merchant’s 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.