DePay goes multi-chain
May 03, 2021
Today, we are excited to announce that we will be enhancing the Binance Smart Chain (BSC) with our DeFi payment solutions in the close future.
The multi-chain expansion is a new chapter that will commence the countdown for new partnership announcements together with the launch of our scaled integrator acquisition campaigns. In this article, we summarize the most important points that you need to know.
It feels like just yesterday when DePay CEO Sebastian Pape became an ETHOnline finalist with his innovative idea that seemed to answer the fundamental question: "What is the missing piece for crypto payment mass adoption?".
Fast forward six months, DePay is a growing DeFi startup based in Zug, the swiss "Crypto Valley". We have kept all of our promises and delivered groundbreaking crypto payment solutions in the shortest time possible. Whilst a vast amount of crypto projects are initially just concepts, we have actually delivered multiple products that can be integrated and utilized with zero fees.
Just recently, our solution for crypto donations was presented at a United Nations conference. In addition, many trustworthy names from the crypto sphere have given us positive testimonials / interviews. Our strong core community is growing organically because we focus on improving our working products thus supporting a solid foundation. This is essential before we start to pull the growth triggers based on our teams past experience as entrepreneurs and growth hackers.
Amazing news aside, the expansion of DePay to more blockchains remains essential. This will enable a multichain future in which the underlying technologies of assets no longer play a key role in payment decisions from the user's perspective.
A simple realization: Crypto payments before DePay were turning off buyers
Less than a year ago, CEO Sebastian Pape realized: Common crypto payment processors make smooth payments dependent on which tokens the buyer already owns and which tokens a vendor is willing to accept. Additionally, the majority are not 100% decentralized.
Vendors/Sellers miss out on a lot of potential revenue because buyers often have to go through additional token conversions on various exchanges which creates friction,wastes time and incurs additional fees. As decentralized finance evolved, Sebastian realized that he can use DeFi technology to build something completely new that solves these problems - making it irrelevant which crypto assets a potential buyer holds when making a purchase.
DePay was born. Sebastian participated in the ETHGlobal hackathon and became finalist - winning the "runner-up coolest hack" prize by 1inch exchange.
An "under the radar" pioneer of truly decentralized and permissionless payments
$DEPAY token was fair-launched - without pre-sales or airdrops. We believe that price discovery should happen organically due to real value creation and adoption, not through hype. Despite the DePay team having a decades worth of growth hacking experience, we have not launched any highly scaled campaigns as yet. We are sticking to our core principles of value creation before we decide to “hype” it.
We are often asked why we chose to stay “under the radar”, well there you have it.
Having said that, we have already gotten the attention of many esteemed and trustworthy entities in the crypto sphere at such an early stage.
DeFiDad interviewed Sebastian and made the claim "DePay is like Stripe and 1inch had a baby". Crypto educator BlockchainBrad also made an independent in-depth interview for free and discussed many details of our startup. Hillrise Capital created a very accurate research paper, covering DePay from many angles. Most recently we were featured in the CoinList seed winter 2021 batch. These are just a few examples of the growth in interest of DePay. The team wishes to thank each and every person who took the time to learn about what we are doing and spread the message.
Along our journey we have also been approached by various other startups requesting partnerships, however not every request was accepted for the sake of marketing. Proudly we were able to announce the first truly significant partnership with DAO Maker who revealed that they will be integrating DePay within their new multi investment platform.
Realizing: ETH makes it hard to get more traction
Our initial products were all built on Ethereum, but due to the high demand and usage of the ETH network, the transaction costs soared to new highs. The popularity of Ethereum ironically turned against the network, leading to congestion. This led to a decrease in the overall interest of buyers to pay (especially) for small amounts with ETH. There have DeFinitely been better times to target potential Ethereum based projects with our payment solution. (As a side-note: We strongly believe in the future of Ethereum and even do our own contributions in order to bring forward the research on scaling the network.)
Nevertheless, DePay was born as a chain agnostic vision. This means that users should just be able to pay - without detours and without caring whether the implemented payment solution prefers a certain blockchain over another. It is very clear to the team that DePay has no choice but to expand to all major blockchains in the foreseeable future. - Only then can we really begin executing our deeply thought out and well-prepared integrator acquisition strategy.
Soon: Expanding to Binance Smart Chain
After doing our own research and listening to feedback from our community, it became pretty clear that now is the right time to expand to Binance Smart Chain.
Within a very short period BNB has become a top-3 crypto asset with a market cap of 95.25 billion USD (01/05/2021)!
This amazing achievement and associated publicity opens many doors, creating significant opportunities within the DeFi sphere for DePay. With a lot of new smart contracts to be deployed in the future, we aim to create many new partnerships with early stage BEP-20-powered projects that are in need of a payment solution.
Binance Smart Chain's daily on-chain transactions are outpassing the amount of ETH transactions currently by 9-10x. This is the current weekly view of the evolution of BSC vs Ethereum transactions:
Comparing the Google search term activity for "bscscan" and "etherscan", we can see a similar pattern - the BSC blockchain explorer BSCScan.com has recently outrun Ethereum's veteran pendant Etherscan.io by 2-3x:
These examples demonstrate that expanding to Binance Smart Chain is a key and fundamental strategic step in order to attract new partners, integrators and token holders (notwithstanding the future launches onto all other significant blockchains).
Our general growth strategy
We are not reinventing the wheel. We are following the same footsteps as Stripe – the leading payment integrator in the web 2.0 economy with a 95.000.000.000 USD market capitalization. We are executing a similar strategy to focus on simple payment integration but also want to become a one-stop shop for all online economies like e-commerce. The general potential of all those untapped markets (especially e-commerce) motivates us a lot. We believe there is huge potential to tap into unexplored markets in the decentralized web 3.0.
Spread the word - share our message
We believe in decentralizing the entire financial market as we know it and that payments will form a big part of that.
If you want to support us please spread the word and retweet this tweet linking to that article!
Learn more about the DEPAY token
The DEPAY token is required to unlock our professional tools for decentralized payments (utility) and will govern our payment protocols long-term (governance).
If you want to learn more about our tokenomics, have a look at our token page.