PumaPay Migrates to Binance Smart Chain, Ditches Ethereum
PumaPay has made a decision to shift from the Ethereum blockchain, in favor of the more expandable Binance Smart Chain (BNC).
When making the announcement about its forthcoming launch of V3.0, the extensive payment provider said it plans to bridge the two platforms.
Yoav Dror, PumaPay’s CEO, said the company was thrilled about the new move as well as the advancements it would be introducing to its customers.
PumaPay’s shift from Ethereum to BNC is quite unusual. But one of the resulting advantages from this is that PumaPay’s customers will get more token diversity.
More specifically, clients will now have the freedom to pick which settlement currency best suits their billing model.
Furthermore, the shift will offer liquidity pools, which make it possible to swap the firm’s native token with others, such as PMA and other cryptocurrencies.
Also crucial to note is that the new deal will have the charges for processing tokens imposed on executors. This particular scheme will help to encourage decentralization.
Traders, on their part, will be tasked with running the executor nodes, creating savings for the network whilst making money from processing tractions for other traders.
Most importantly, PumaPay will set in place actions that will encourage participation from the community; hence, bolstering the project.
For a long time now, Ethereum has been the go-to blockchain for developers looking to launch fintech.
However, because of its shortcoming in the scalability department, it’s now being overtaken by its competitors.
To be a little more specific, the likes of EOS, Cardano, Tron and Polkadot are slowly becoming the more preferred blockchain platforms. So much so that they stand to draw a considerable clientele base if they’re able to remain well-grounded.
Another aspect that’s causing Ethereum to fall out of favor is their slow block processing pace. Not to mention their gas fees keep soaring, making it all the more unsuitable for PumaPay’s operating model.
In the end, PumaPay hopes that with the new platform, they’ll be able to offer customers and users greater opportunities, alongside faster processing rates and more affordable gas fees.