B2BinPay Releases a New Update – Expanding Blockchain Support and Introducing TRX Staking
June 5, 2024
B2BinPay, a globally renowned crypto payment provider, has announced a new product update that brings new functionalities and improvements.
The new B2BinPay v20 introduces TRX staking and supports new blockchains for enhanced flexibility and efficiency. Let’s review what the new B2BinPay update looks like.
New TRX Staking with Lower Transaction Fees
A critical introduction of the new B2BinPay v20 is the TRX Staking feature, which uses the TRON community’s new Stake 2.0 mechanism, which is far superior to the Stake 1.0. The new approach focuses on improved flexibility, optimised user interaction, and enhanced utilisation and resource delegation efficiency.
The newly introduced TRX Staking allows B2BinPay clients to invest with any amount of TRX and earn a passive annual yield of 3-5% (subject to network conditions). Moreover, when staking TRX, users can accommodate lower transaction fees on the TRON network, which is done by converting staked TRX into Bandwidth and Energy as two essential resources.
Energy is used to power smart contract operations, while Bandwidth is used for transaction processing capabilities. When businesses or individuals stake TRX and acquire these resources, they can enjoy optimised transaction efficiency and offer lower operational costs to gain a competitive advantage in the digital asset and DeFi landscape.
TRX Staking with B2BinPay can be done in the following steps.
- Users can convert TRX into either Bandwidth or Energy based on the chosen asset’s specific processing requirements.
- Then, the converted votes from Bandwith/Energy can be delegated to SR.
Optimism, Arbitrum, and Base Blockchains are Now Supported
After integrating Polygon and Avalanche in previous updates, the new B2BinPay v20 expands the supported blockchains to Optimism, Arbitrum and Base, all providing support for stablecoins.
Optimism
Optimism is a Layer 2 scaling network on the Ethereum blockchain that works by batching transactions. The solution receives transaction data from the Ethereum main network and processes it in batches. Then, it sends the batches back to the Ethereum mainnet for validation.
This operation results in ten times lower fees than Ethereum’s base level. Since Optimism was launched in 2021, it has saved users $1 billion in gas fees, making it a reliable and cost-efficient blockchain.
Arbitrum
Arbitrum is a scaling solution on Ethereum that manages higher transaction volumes at low fees. Arbitrum uses the same tooling as Ethereum, making it easier for developers to safely and quickly deploy dApps on Arbitrum. This facilitates using stablecoins and offers more flexibility for users.
Base
Base Network was developed by Coinbase, which uses Optimism’s Stack for better EVM compatibility. This scaling solution supports stablecoins and makes code deployment easier across Ethereum and its compatible chains.
The Benefits of Supporting More Blockchains
By supporting more blockchains, B2BinPay provides more flexibility and choice for conducting transactions, finding the best technology for various business needs.
Currently, at B2BinPay, USDT is supported on 7 networks: Ethereum, Binance Smart Chain, Tron, Avalanche, Polygon, Optimism, and Arbitrum.
USDC is supported on 8 networks: Ethereum, Binance Smart Chain, Tron, Avalanche, Polygon, Optimism, Arbitrum, and Base.
Bridged USDC is supported on 4 networks: Avalanche, Polygon, Optimism, and Arbitrum.
This expands the business and individual advantages of using B2BinPay to include the following benefits:
Facilitating User Withdrawal Requests
When end-users request withdrawals in any currency that is not immediately available, B2BinPay facilitates the rapid asset conversion to needed currencies and the management transaction costs. This ensures businesses can efficiently process users’ withdrawal requests.
Lowering Transaction Fees
B2BinPay facilitates offering lower costs for USDT transactions with an effective solution that consolidates USDT from various blockchains, like Ethereum and Optimism, into a single swap wallet. Clients can then use this wallet to make withdrawals with any available blockchain at lower fees.
Optimising Liquidity Streams
When clients store significant amounts in cryptocurrencies and face urgent needs, like increasing stop-outs on trading platforms, B2BinPay’s reliable blockchain support facilitates a rapid asset conversion into the required currency for deposit. This dynamic enables businesses to respond seamlessly to market demand and ensure liquidity.
Final Thoughts
The new B2BinPay v20 keeps the company ahead of the latest market trends and demands, with ongoing plans to introduce Algorand and Solana in the next update. This will expand B2BinPay’s support to ten blockchains, including the current ones: Tron, Ethereum, Binance Smart Chain, Avalanche, Polygon, Optimism, Arbitrum, and Base.
With advanced blockchain technology and payment processing capabilities, B2BinPay provides reliable solutions to spur business growth.
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