DePay launched on Polygon
Jun 06, 2022
Polygon-based payments are now available to approved Shopify merchants, WordPress admins and existing custom integrators who are using DePay. The integration of the Polygon network unlocks an extremely fast option for cost-effective and carbon-neutral wallet-to-wallet P2P payments with any-to-any token conversion.
Polygon is the first sidechain with an immense user base which is officially integrated by DePay for payments in their Web3 payment protocol. Due to the attractiveness of Polygon's low transaction fees, the list of arguments in favor of using DePay's payment solutions is growing. For DePay, the integration of Polygon is important for adoption due to its rapidly growing developer and user community.
Since the inception of DePay’s Web3 payment protocol, there has only been one significant reduction in average transaction costs using DePay prior to Polygon launch: from currently about 20 USD per transaction (Ethereum network) to about 0.30 USD on the BNB Smart Chain. Payments on Polygon outperform even BSC payments by dimensions: Sub-1-cent transaction fees!
For Polygon, the integration opens up new target groups, as DePay can now be used by eligible Shopify merchants in addition to WordPress users who install DePay’s Web3 Donation plugin. In addition, DePay is already working on other high-reach partnerships and support for other ecommerce platforms such as WooCommerce.
"Obviously, L2 payments are sexy simply due to low transaction fees. What we find even more attractive about Polygon is that they have made the commitment and budget this year to ensure a carbon negative status of the network.", says Alexander Paul, DePay Co-Founder.
Benefits of using DePay
Wallet-to-wallet: Middleman-free P2P payments.
Instant Cashflow: Received payments are settled and available for the merchants in real-time.
On-the-fly conversion: 100% decentralized token conversion as part of the payment transaction via decentralized liquidity pools such as Uniswap or PancakeSwap.
Unmatched token acceptance: By using DeFi, DePay grows the amount of accepted tokens by a hundredfold.
Multichain: Your customers can send crypto payments on different blockchains.
Configure incoming tokens: Receive the tokens you want while letting your customers pay with tokens they hold.
Polygon is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation and a decentralized network of Proof-of-Stake (PoS) validators.
Polygon strives to solve the scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. Polygon is an off-/sidechain scaling solution for existing platforms to provide scalability and superior user experience to DApps and user functionalities.
It is a scaling solution for public blockchains. Polygon PoS supports all the existing Ethereum tooling along with faster and cheaper transactions.
DePay pioneers Web3 Payments with the power of DeFi.
Driving mass adoption of blockchain based payments, DePay merges the core ideas of decentralization and interoperability with state-of-the-art Web3 technologies.