- Plasma has unveiled its Bitcoin scaling solution for payments.
- The solution boasts significant improvements in latency and throughput compared to Bitcoin.
- Plasma is also building zero-fee payment rails for Tether’s stablecoin USDT.
Bitfinex-backed project Plasma today unveiled its scalable payments and financial infrastructure on Bitcoin, the seventh largest network by Total Value Locked (TVL) according to DefiLlama.
Built on a native UTXO foundation, Plasma positions itself as an execution environment for payments, real-world assets (RWAs), and decentralized finance (DeFi) with trustless settlement on Bitcoin. The project has notable industry support, including from Bitfinex CTO and Tether CEO Paolo Ardoino.
Plasma’s Mission to Solve Global Payment Challenges
In a statement on October 18, Plasma said its consensus mechanism leverages sub-second difficulty adjustments to bolster security and real-time performance, enabling the platform to achieve “over 100x” improvement in throughput and latency.
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Plasma’s hybrid UTXO/Account architecture allows users to pay gas fees with BTC and unlock new functionality for holding, staking, and deploying their Bitcoin while seamlessly traversing between UTXO and account space.
Per the statement, Plasma is also building zero-fee payment rails for USDT, allowing users to send Tether’s stablecoin to anyone “near-instantly.”
“Bitfinex is excited to support the growing Bitcoin ecosystem with our investment in Plasma. With the uncertainty that covenants will come to fruition, it's very important to explore different avenues to build on top of the most secure, decentralized, and resilient money and speech network ever built by humanity: Bitcoin,” Ardoino stated.
Plasma said it had assembled a team of builders and researchers with experience in Bitcoin scaling to support its mission. In addition to Bitfinex and Ardoino, other supporters backing the project include Christian Angermayer, Split Capital, Manifold, Anthos Capital, Karatage, and others.
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