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Fantom (FTM) Announces the Launch of LlamaPay on its Network

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Fantom, a Directed Acyclic Graph (DAG) platform that produces and uses smart contracts in order to provide DeFi services to developers via its own consensus algorithm, just announced on Twitter that its network now supports LlamaPay. According to the project, LlamaPay allows employers and protocols to automate transactions, streaming them by the second.
"LlamaPay allows employers and protocols to automate transactions, streaming them by the second. Recipients can then withdraw these funds in real time, starting the moment the payment stream is created." @llamapay_io 👇 https://t.co/86jftkYZMb
— Fantom Foundation (@FantomFDN) July 21, 2022
Meanwhile, those on the receiving end can easily withdraw the funds in real-time, which allows for the creation of the payment stream.
LlamaPay is now officially on Fantom: What does this mean?
The project also posted a more detailed announcement on its website, noting that Web3 has already revolutionized commerce by allowing micropayments, and providing employees with a way to receive payments for their work in real-time, instead of twice per month. However, that is only a start, as projects such as DeFiLlama’s LlamaPay can fully automate the process and create entire real-time payment streams.
The service is already trusted by many trustworthy projects, including Yearn and Beefy, and as of yesterday, the Fantom network itself. There are several protocols within the Fantom ecosystem that have opened their doors to the service, such as Solar Protocol, SpokySwap, and Morpheus Swap.
The project and its adoption could mean a massive difference for the future of payment, as it can allow employees to receive their payments in the same way they work — in real-time. The project relies on a highly-scalable network to stream transactions as soon as the money is earned. It is all fully automatic, and Morpheus Swap even joked that LlamaPay’s system would force devs to “actually du something rather than spend their time tracking payroll.”
SpookySwap’s Owen Palmer, from the project’s business development, stated that the shift to this kind of payment system has been great from an employee’s perspective. The funds are available at all times, whenever he wants to withdraw them, and there is no longer a reason to worry about when the payment is going to arrive. He added that the automatization of the payroll has also meant a huge weight being lifted from the team as well, as it removed unnecessary friction.
How does LlamaPay improve things for the projects?
Even Solar Protocol shared that LlamaPay has brought a huge improvement. Before the protocol’s implementation, Solar had to use its own, built-in salary distribution contract. However, the problem with that was that it required regular maintenance, especially when a new token was being added or when a new employee needed to join the system. Usually, that meant that at least one developer had to stop all their work on the core project for at least a week in order to modify the smart contract.
Furthermore, using their own contract increased security vulnerabilities, so extra time and resources needed to be spent to check and fix potential flaws and vulnerabilities. And, lastly, the contracts did not have a front end. That brought a lot of confusion for the employees, making them uncertain of how much they will be paid, when, and alike.
However, with LlamaPay, all of these, as well as other issues, are a thing of the past. It takes roughly five minutes to set everything up, add a new employee to the list, and perform other modifications, and with the payments automated, there is nothing left for employees to wonder or worry about, as they are getting their money in real-time.
To learn more visit our Investing in Fantom guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.