Ilia Maksimenka on PlasmaPay’s payments and DeFi dashboard

0:01i'm ashton addison from event chain for investmentpitch media and fintech news network and today on blockchain interviews we have ilya maximenka the ceo and founder of plasmapay ilya welcome to the show and good to have you here hi ashton thank you very much to invite me yeah i'm ceo founder of plasma pay and now we're launching a new platform for g5 for decentralized finance that called

0:28plasma finance and today i want to tell you more about this platform yeah i'm really excited i know you've been working on plasma for quite a few years and you guys are growing as the blockchain industry continues to grow so if we could just start with an overview of what is plasma pays main goals and initiatives and how are you jumping into the d5 space as

0:50well right so we started building the plasma bay platform in around uh with the main goal of adoption of cryptocurrency for the mass user because it was still pretty hard and like difficult to interface difficult technologies so people who is like non-technical non-crypto user it it it just wasn't hard to utilize the cryptocurrency or even invest in this currency so

1:19the first idea was to build a global fiat on off-ramp for the cryptocurrency that we did pretty well so today the plasma pace support there is a mastercard processor we support event wires we support e-wallets and we scale in our platform globally now we operate in 165 countries and most of our users use a plasma pay as a wallet and uh use our fiat on ramps to buy or sell

1:44cryptocurrency we also target our platform on the corporate uh customer kind of e-commerce platform game platform uh that want to utilize the new cryptocurrency as a payment method on their platform so we provide for them a crypto and business checkout when they can accept cryptocurrency as an option uh for the payment method on their platforms so in in this case we just build a

2:13very nice like ui and use platform for the mass user to utilize cryptocurrency buy and sell it that's all and now uh with all our like fiat on north ramp infrastructure we want to move more in the defy space because we see that the defy uh market now facing the same problem as a cryptocurrency a few years ago so it's a pretty difficult infrastructure much more difficult than

2:38just a normal cryptocurrency um with a very like complicated interfaces so we want to solve this uh like this problem and provide for the user a simple interface to the default space uh when they just can get that all like all the information that they need to make a decision on which of the g5 protocol they want to use or like where they want to provide their

3:06liquidity and provide them the the best like estimation data on the apy or from different uh protocols mm-hmm thanks helia and you definitely have a lot of different services which is great for having an all-in-one kind of platform where people can onboard store make payments and now get into defy what are the most fundamental and popular products that you have the most

3:31daily active users in right now and are you seeing a lot of growth in those areas and is the defy and also the bitcoin price helping with this growth right now yeah definitely uh like as as we build like the most important goal for plasma platform was to build this like fiat bridge uh for two people so we more like focus on the providing this service for the

3:56for the just a normal customer so yeah for example now with the growth of bitcoin we have a like a rapidly increasing volume of purchasing on our platform and not only the bitcoin but also the other coins and serum so yeah we it's it's it's a stimulating even our business model and the second the as i said the second uh big product on

4:24the plasma bay is a platform for businesses like a business account uh in crypto so that's that's also when when we see the growth of bitcoin people start using it more not only as an investment but also as a payment so we also see the increasing volume of transactions on the e-commerce side so yeah that's great yeah and i saw that part of your slogan

4:48moving into d5 is that your platform is d5 for the masses and you're really trying to lower those barriers to entry because right now it can be pretty confusing for people even that are already invested in cryptocurrencies to understand uh liquidity pools you know money management pools that are automated through smart contracts so there are other companies as well that

5:10are trying to help with this and this is a big problem but what would you say plasma pay uh brings uniquely to the table that you're really going to help accelerate growing defy into more mainstream yeah thank you for the question so uh now we're launching the platform it's a site platform from the plasma pay and it's called the plasma dot finance so it will be like completely

5:34decentralized web 3 platform that support the different uh t5 protocols on different chains we also have this not like g5 only on the serum we have a dfi on the binance machine uh we have our plasma particles also that also support the g5 protocol so first problem we just need to bring them all in one interface uh so it's it's it's a big deal to integrate all these protocols

6:00because it's it's very complicated smart contracts so like we we have a very strong team of developers who just work with each of the popular protocol to integrate it so second problem is to create the like nice interface uh when the normal user can understand what's happening on this market what what parameters uh should they like manage inside the each protocol or even inside

6:25there just a common portfolio so yeah and this sort the third problem after the user interface we're solving a problem with the data because we like these protocols generate a lot of data that we didn't need each like second and the different and apy and other like analytics on particles and just merge it in in one dashboard

6:53so we currently try to build a bluebird terminal but with the simplicity of interface like robinhood application that's just it's one descendant yeah i'm glad that you mentioned that ilya about the three different protocols ethereum binance smart chain is also helping alleviate some of the scalability issues with ethereum and the gas costs when the decentralized exchanges and the

7:17d5 was really popular gas costs were through the roof and too big for small users to trade so now you've brought in the plasma blockchain protocol as well i'm really interested to learn more about your your guys's own protocol how did you optimize for uh transferability back to these other protocols like ethereum finance smart chain but also scalability decentralization

7:41and did you build this just for the defy use case or were you already working on your own protocol for the payments and the onboarding and everything else in plasma pay yeah thank you so we start working on the protocol at the same moment as we work with in the plot with the plasma so yeah now we have our plasma blockchain it's the first layer protocol

8:02that built on the modified proof of say consensus we just build it from the scratch because we have our own architecture of how the protocol should works and we with the protocol we target especially the financial market and financial assets so first of all as we adopt crypto as a as a payment method we want to see different stable coins on chain so people can interact with

8:26these stable coins from different national currencies so these days is called more like cbds but we just hold all the stable coin on chain and also can provide it to the different different government who want to launch their own cbds project so second uh asset that we see that should be on the plasma chain it's a different cryptocurrencies because when when you want to work with the

8:50bitcoin nc room it's just technically not possible because it's different chains but if you can put this both of this acid on one chain and and like for example the synthetic acid and interact between them so you can build a new product and you like financial services that using in utilizing this assets so the second problem we tried to build the breach with the

9:15different blockchains and uh just try to move asset from for example bitcoin network on plasma and from incident uh to plasma for different tokens and also for the serum and now we and like in our last mile of building this like cross chain protocol that called the hyperloop so later this year like at the end of december you will be able to move your s

9:40between chains and as we build our chain on the proof of stake consensus so it's it's make us like provide a very high speed of transactions like up to 50 000 tps and also for the dap and d5 protocols we don't have any transaction so for example when you trade in the plasma decks on the plasma chain then this trading looks more like centralized

10:07trading without any like uh slow transaction and without any transaction fee so that transaction happens just instantly and you just pay a commission fee for the for the protocol like dex so the idea behind all this infrastructure to provide people like more uh convenient and uh cost-effective infrastructure for the trading and for like working with different d5 protocols

10:34that's what plasma blockchain is now i really like that explanation ilya and if there's an issue you know you have all these great services but the underlying protocol has these limitations and so your team goes ahead and builds your own protocol which which solves that which is which is a great solution and i know you mentioned being able to create synthetic assets like

10:54bitcoin and ethereum on top of plasma pay now that is possible on ethereum to have wrapped bitcoin wrapped ether but you're still within those limitations of the scalability of the ethereum blockchain so that's really great that you're looking to be able to mint those on the platform and also the central bank digital currencies as well that you mentioned

11:15is going to be huge moving forward all these central banks are looking to create digital dollars and they obviously need a scalable and you know easy to use protocols so to have that extra avenue is really interesting now you have so many functions in plasma pay which is great storage payments and now defy coming in with all of these extra functionalities

11:39and a lot of people aren't really familiar with exactly what you can do within d5 but you know you can usually have interest bearing accounts you can make interest or you can take loans and you can farm so what exactly are going to be the main functions when you release this d5 platform that the users will you think will first be attracted to on plasma finance

12:03yeah so uh how we build the plasma finance exactly uh so first of all as i told we tried to solve the problem of aggregation of different protocol and information so on the first stage like these months when we launched this platform we will have three types of dashboard so first of them it will be a saving dashboard when you can like deposit your liquidity in different

12:29uh protocols so uh the main function of this dashboard will to show you like fbi and uh like circulation and the capitalization of different protocols so you can make a decision of which api you want to get and just directly deposit your like a serum or another token inside this protocol so the second uh dashboard will be about the liquidity mining or like liquidity pools

13:00uh from the different taxes so then you can you can provide your liquidity for the traders and generate revenue from the trade commission so this is the second model and the short it will be just the integration of different taxes so you can make a swap or just trade using the best price and the low commission fee uh like from from a different access so this is uh similar maybe a

13:26little bit to one inch uh just the aggregation of decks an underlying will also have a plasma decks uh when you can also provide the liquidity and generate more like higher apy because we launched our liquidity mining campaign so when you provide your liquidity you will generate additional revenue from from this campaign and and at the end uh just the portfolio

13:51management when you can see all your assets and all the protocols when you provide your liquidity and you see like which like historical ui did you get from these protocols and you can just easily rebalance it at any moment this is a more like complicated part of the system because when you just not only aggregate the data from protocols also we need to calculate all the apy on

14:15each protocol for your asset so that's that's uh yeah the the main the main component of the plasma finance dashboard and as we have uh our fiat on and off ram so we want to make people easily to go in and out from this market so if you for example don't have some of this asset that you want to provide you can easily purchase asset with a

14:43bank wire or with just a bank card and also when you generate your yield and you just want to get this money back on your card and just spend in the coffee shop we also will provide this ability to use this functionality so you can easily withdraw uh back to your card that's so we want to build the whole cycle of money from fiat to crypto to g5 and back to the fiat

15:09yeah and build it all in like beautiful interface for them wow yeah that's really exciting ilya that's a great functionality to bring all of that into three dashboards because right now it is all over the internet and it's very confusing for many users so i think that's going to be great when it comes out now we're running out of time but i wanted to touch on the plasma pay

15:31token as well if you can discuss how that works within the plasma pay ecosystem and provides the users even more benefit that would be great yeah the plasma finance platform will be backed by pipe token this token also will support the different chains but first we issue it on the exterior network and uh under this pipe token uh it will be manage the different

15:56uh plasma protocols on chain for example we will have a swap protocols uh similar to uni swap and we will have a borrowing landing protocols that will be combined and provide you like all in one functionality of own chain so all these particles will be like managed uh by prepay and also all the transaction fee and rewards inside this ecosystem will be paid with the p paid

16:20so if or to our staking contract and generate more yield uh from from our contracts and secondly uh you can just manage the protocol with the governance because it's all decentralized the tokens like governance token so we will be also manage the different commission fee on

16:47top of protocol so dp uh from one one side it's ability to generate additional yield from another set it's just a governance that make all this protocol decentralized wow that's great ilya and i'm really forward to looking forward to seeing the d5 release for the viewers that are looking to follow along to use the d5 release as it comes out and also just to use the plasma pay

17:13platform as it is right now what's the best way for them to learn more and get involved yeah i think the the more like the best way to know more it's uh join our telegram channel just type of plasma play and join our groups uh with our community second you can go to the plasmabay.com platform on plasma that finance to read more about the protocols and our

17:36uh roadmap and plans and in the middle of december you will be able to already use this platform use the token buy this token on the centralized or decentralized exchange and uh just yeah just follow all his channels and you get all the relevant information great i will leave those links in the description box below for the viewers thanks so much for the time ilya all the

17:59best with plasma pay moving forward and let's follow up in the near future thank you very much esther take care guys you