Hello, my name is Olga! and i'm Garry!
And today we want to talk about very interesting project called DePay.
The DePay project is a new multi-chain DeFi payment protocol allows vendors to accept
any token.
This is a fully decentralized solution that's offers customers a simple and user-friendly
way to make payments in any cryptocurrency, automatically routing token swaps through
the least expensive decentralized exchange.
In my opinion, this is a very useful feature in the DeFi world, so it's worth a close look
at this.
Don't forget to leave a thumb up, and let's get started!
The core DePay Payments widget is free and simple to integrate into DApps and websites,
requiring a few lines of drop-in code.
But it is the customer’s user experience that is at the heart of the decentralized
finance project.
An automated, two-click payment interface eliminates the need to send buyers off-site
to a DEX to get the required cryptocurrency — a process that both requires some technical
knowhow and adds to the likelihood of abandoned shopping carts.
Once the buyer clicks the DApp’s “buy” button, DePay scans the buyer’s wallet,
selecting the cryptocurrency that can be converted into the seller’s desired tokens in the
most cost-effective way.
It also scans decentralized liquidity pools to ensure swaps can be made immediately.
DePay then displays the item or service being purchased, the cost in both dollars and the
chosen cryptocurrency, as well as the network fee.
When the customer hits “pay,” the DePay protocol’s smart contract makes the swap
and sends funds to the seller in real time.
Customers have the opportunity to select a different cryptocurrency in their wallet if
they choose.
Right now, DePay says vendors and sellers end up missing out on a lot of potential revenue
because of how they have to go through additional token conversions on various exchanges, creating
friction, wasting time and causing fees to add up.
Along with the core DePay Payments tool, the company has eight other products built on
its core widget in the pipeline, with two up and running: DePay Sales, which lets buyers
purchase the DApp’s own token directly, and DePay Donations.
Next up is DePay PRO, which is how the company plans to monetize its products.
The subscription-based product will overlay a comprehensive payment dashboard on its payments
product, offering tools like filters, search functionality, and analytics, as well as customer
profiling data, invoicing and financial reporting tools, data export capability, and integration
with mainstream products like CRM platform Salesforce.
Products coming later this year are DePay Swap, offering straight token trades; DePay
Subscriptions, which automates recurring payments; DePay Payroll, which can pay employees with
crypto; DePay Credit, which will offer loans collateralized with tokenized subscription
and payroll streams; and DePay Wallet, which will let buyers use the DePay Payments widget
on DApps that do not offer it directly.
A DePay Credit Card is scheduled for 2022, and the company plans to hand over all protocols
and basic products to community governance in 2023.
Initially built on the Ethereum blockchain, DePay has a chain-agnostic outlook and is
in the process of scaling onto other blockchains, as well as interchains that interconnect blockchains.
Speaking on the Blockchain Brad podcast, Depay CEO, CTO and founder Sebastian Pape said that
the company is “incentivized to grow onto different chains because our value proposition
is that we enable as many digital assets or crypto assets as possible.”
It has also made some important partnerships, starting with multi-investment platform DAO
Maker, a launchpad and accelerator for tokenized businesses.
By integrating DePay Payments, DAO Maker provides its user base with a way to invest using any
token, as well as allowing clients to pay for services and products in the same way.
DeFi messaging platform iMe, built on Telegram open source, is also integrating DePay.
DePay also has a ERC-20 token, DEPAY, with several uses.
These begin with utility — as it can be used to pay for DePay PRO when it launches
— liquidity staking, and governance functions.
A crypto payment extension to Binance Smart Chain is also coming soon.
The project recently partnered with Unmarshal as part of a quest to build a decentralized
payment platform, and DePay’s solution for crypto donations was recently presented at
a United Nations conference.
In our opinion, this is a very interesting project, which is worth getting interested
in.
It can positively influence the whole DeFi environment.
Let us know in the comments what you think about this project.
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