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In an interview last year, Edward Snowden said crypto “isn’t there” yet. More work has to be done for the founders’ vision to be realized.

Thinking about it, he is perhaps right. There is progress, but this has to be hastened. How? And why?

Cryptocurrencies need to serve their original purposes—act as alternative payment conduits, that is, money.

Why? Well, because the world is increasingly more transparent and agencies are having a time of their lives collecting troves of terabytes upon terabytes of consumer data.

Cryptocurrencies, therefore, need to cut off their dependency on traditional payment rails and plunge into the deep end for tempering, regardless of the years it might take to happen.

If cryptocurrencies are adopted, user identities would be shielded by default. If more businesses accept them, payment would be instantaneous and cheap. If people realize the potent of cryptocurrencies, they won’t have to worry about losing value.

Introducing the 8Pay Network

And this is, among many objectives, why 8Pay Network exists.

It is a DeFi platform, gearing to roll out changes in payment, helping in the acceleration of crypto adoption.

From its homepage, the creators of 8Pay want to make the platform the home for automatic trustless recurring payments. Here, the solution offers users a means of making regular payments in a decentralized environment, automatically and without divulging their details.

Although 8Pay can operate in various chains, including Ethereum, their primary focus, for now, is to serve the growing Binance Smart Chain (BSC) users. It is easy to see why. While nothing can be taken away from Ethereum, there are concerns about fluctuating Gas, making it impossible for micropayments.

On the other hand, BSC is scalable, and transaction fees near negligible.

Accordingly, businesses and users can send and receive payments cheaply without worrying about the repercussions of using complex smart contracts.

8Pay is already live in the BSC test network.

Users can trade the platform’s token on PancakeSwap—the largest DEX facilitating the exchange of BEP-20 tokens—and Uniswap—the largest DEX in Ethereum and the most valuable.

Why 8Pay?

What’s make 8Pay unique is that it is designed and specifically purposed to serve one function only—enable users to make automatic recurrent payments.

Cryptocurrencies are revolutionary from many angles. Not only do these solutions promote financial inclusion, but they also open up infinite opportunities.

8Pay supercharges the use of cryptocurrency in payment, allowing users to use it as it was initially meant to be—a medium of exchange—not a store-of-value as most holders think cryptocurrencies are.

For this, 8Pay has a web app which is a portal for accessing all the services and tools a user might require. Out of this app, a user can keep track of balances, make payments, and adjust settings.

However, the team is aware that most users prefer to make payments straight from their mobile phones. It is, after all, convenient.

8Pay plans to launch a mobile app, taking payments closer to your fingertips. What’s exciting is that the web app’s functionalities will be ported to the 8Pay mobile app.

Using 8Pay, a user can make single payments—sending to friends, apps, and more; subscriptions—especially for users who have subscribed to various premium services; or on-demand payments where trusted accounts can be permitted to safely and automatically charge a user’s wallet.

Outstanding Features of 8Pay Network

Making this possible is 8Pay’s attention to detail and ambition to achieve its goals. The project, as expected, incorporates smart contracts, effectively turning an ordinary crypto wallet into a trustless but highly reliable bank account.

8Pay is exceptional in the sense that:

  • Users can make online payments using BNB, supported BEP-20 tokens, and stablecoins—quickly and cheaply.
  • It operates from a decentralized rail offered by the BSC. Users need not submit their personal information like phone numbers or email addresses to access services. All operations are secured by the BSC, executed transparently, and comparatively cheap and convenient than legacy systems.
  • The solution is entirely peer-to-peer without intermediaries. The benefit here being privacy preservation in an enclosed cryptosystem without the involvement of fiat.
  • There is better security. The BSC hosts many applications and is secured by nodes. That dApps reliably operate from BSC without hitches is enough testament. Users can use a secure base, change settings, and spend without bogging rules imposed by other traditional payment solutions.
  • It is easy to integrate the payment solution with other services. The creators of this project have made using simple, allowing users to create and manage payments straight from the dApp. There, they can embed buttons, share links, or even connect through APIs or the project’s JavaScript library whenever they need advanced merchant features.
  • The protocol also supports staking, which also helps secure the platform—and yield farming. For every transaction, 8Pay will charge one percent as fees. A percentage will be redistributed to 8Pay token holders who stake their tokens.

8Pay Team

Experienced professionals lead the project.

They are:

  • Benedetto Salanitro—the co-founder and CEO
  • Allesandro Bellardita—the co-founder and CMO
  • Mattia Russo—the co-founder and CTO

8Pay Tokenomics and Market Performance

The 8PAY BEP-20 utility token is central in the creator’s quest to take crypto payment mainstream.

In total, there are 88,888,888 tokens.

Distribution is as follows:

  • 17 percent to the team
  • 15 percent to the private sale—tokens sold for $0.05 and $0.06 in two phases raising $1.467 million
  • 10 percent to the seed sale—8Pay tokens sold at $0.04, raising $355.5k
  • 10 percent to the foundation
  • 10 percent to the public sale—tokens available at $0.07, raising $622.2k
  • 8 percent to the community
  • 7 percent to Advisors

In total, 8Pay had a hard cap at TGE of around $2.44 million and a soft cap of $451k.

As of writing in early July 2021, 8Pay token holders added 77 percent in Q2 2021.

There are over 4.9k 8Pay token holders, generating over 64k transfers, according to BSC Scan.

At spot rates, 8Pay has a market cap of $437,575.12 from a circulating supply of 10,123,741.

8PAY token is available on:

  • PancakeSwap
  • Uniswap
  • 1Inch Exchange
  • Bilaxy

However, PancakeSwap is the most active DEX for swapping.

Short Term Catalysts

  • 8PAY market cap is below $500k, an opportunity for value investors expecting rapid expansion in the days ahead.
  • 8PAY total supply is relatively low. Also, a significant portion of these tokens is vested and locked. Staking will further increase scarcity, supporting 8PAY prices.
  • A few days after launching on the BSC Launchpad, 8PAY’s valuation continues to increase, pointing to interest from investors and traders. Already, investors earned a 77 percent gain in Q2 2021.
  • The team is relentless in developing and is launching their mainnet on BSC on July 8, an opportunity for traders to profit from the expected FOMO. Tokens supported from launch include BEP-20 versions of BTC, ETH, USDC, CAKE, and others.
  • The continuous market exposure due to listing at leading trackers like Coingecko and CoinMarketCap are pointers of quality.
  • 8Pay is taking security seriously. For this reason, the team drafted CertiK to audit the protocol’s smart contracts.
  • The team is in touch with trending events of which a shift to mobile is fundamental. 8Pay Network plans to launch a free mobile app to serve its clients.
  • 8PAY staking and yield farming are now live, a drawer for more investors and, therefore, value.
  • The token is actively traded on DEXes with a few listings on CEXes. Eventually, like other revolutionary DeFi tokens, once 8PAY gains traction, it may find support at more exchanges—representing an opportunity.
  • The launch from BSC is strategic. At the moment, 8PAY activity is concentrated in PancakeSwap. However, as they link to other EVM compatible blockchains like Solana and Polygon, 8Pay’s true gem will show—a value proposition for long-term investors.
  • 8Pay users, unlike competitors in Ethereum, won’t feel a pinch of high transaction fees. This alone is a trigger that could fast-track adoption, boosting 8PAY.

Long Term Catalysts

  • In a recent AMA, the team said they are working on several fronts to market and strike partnerships with businesses, including eCommerce platforms like WooCommerce.
  • The founding team is passionate about cryptocurrencies after successfully running a leading digital marketing agency based in Dubai. They are also among the first users of Bitcoin and cryptocurrencies. Further, boxing the cumulative experience of the project’s advisors makes a solid team capable of delivering results.
  • 8Pay Network will remain decentralized and pro-users. Token holders will continue to help develop the project, drawing value, a net positive for 8PAY’s valuation.
  • The project is expected to disrupt a multi-trillion eCommerce sales expected to reach $4.2 trillion by the end of 2021. If 8Pay even slices a small market share, 8PAY will rocket to be one of the most valuable tokens globally. Cryptocurrencies reduce the red tape associated with traditional payment systems.

In less than 15 months, DeFi protocols on Ethereum now manage over $75 billion of different assets.

Eye-popping as it is, this wasn’t always the case.

For many months before the ICO hysteria of 2017, smart contracting and Ethereum were primarily thought of as experimental.

And for good reasons.

Cryptocurrencies and minted assets were highly volatile, laws were fuzzy, and inconveniently, there wasn’t an alternative where users, especially times of high volatility and price dumps, could find refuge and retain value.

Markedly, the rise of crypto adoption and the sphere coincided with the expansion of stablecoins.

These are digital currencies designed to cushion against the effects of volatility.

Stablecoins trail the value of fiat currencies—whose valuation remains steady within a given jurisdiction–and are therefore considered a store-of-value and a unit of account.

Stablecoins are Critical for Crypto and DeFi

Most of these stablecoins are minted in Ethereum.

Crunching numbers, $80.5 billion of stablecoins were issued in April 2021.

What’s more, in 2020, the network processed over $1 trillion of stablecoins. This was more than any other bank could, highlighting the significance of the platform.

As it is, Ethereum mints over 75 percent of stablecoins, up from half as registered in 2020. It coincides with the rise of DeFi and how revolutionary it is.

This highlights just how critical stablecoins are to DeFi and crypto as a whole.

Admittedly, crypto trading as a whole could be highly volatile, tearing up and down if there wasn’t a way to store value.

Still, most stablecoins, are priming as they are, rely on some form of custody.

For instance, USDT is minted by a centralized entity, claims to be fully backed, and is collaterized by fiat.

Fiat-backed stablecoins include USDT and USDC.

DAI is native to Ethereum and is algorithmic. However, novel as the idea is, it sometimes struggles with maintaining the USD peg whenever the demand is high.

However, none is interest-bearing giving it that incentive for users to hold safely.

Introducing the Gambit Protocol

Gambit Protocol wants to change this state and add on-chain leverage to the mix through a clean, easy-to-use interface.

Thanks to Hidden Crypto Gem youtube channel for this overview

Minting the USDG stable-coin is effectively a 1x short position and this is especially practical because of the level of demand for on-chain leverage. The need for leveraged longs outstrips shorts causing liquidity struggles for hosting platforms.

Gambit uses the strong demand for stable coins, adds fee-earning, and uses this liquidity to supply the big demand of long leverage in crypto.

A perfect match and bringing value to multiple groups of the biggest crypto users.

Interest-Bearing Tokens: USDG

Visiting its homepage declares the protocol’s primary purpose: Gambit is an interest-bearing stablecoins with leverage trading.

Gambit-Protocol-Overview

Their approach towards meeting their objective is to rid the need for full backing or asset collateralization.

Instead, they implement an innovative system where a partially backed stablecoin can generate interest for the holder while improving the protocol’s liquidity through leverage trading.

Unlike the traditional way of minting stablecoins requiring some form of over-commitment as collateral against price shocks, USDG—the Gambit Protocol’s stablecoin–would be minted viz-a-viz the level of demand.

Gambit’s stablecoin, USDG, can be minted from any whitelisted asset depending on spot rates straight from the protocol’s smart liquidity pool.

For every supported asset, users can mint USDG without worrying about slippage, spread, or liquidity troubles.

Take, for instance, if the price of BNB is trading at $630, a holder can mint 630 USDG by locking it in the Gambit’s system.

Slippage Free and Zero Spread Swapping and Leverage Trading

But it doesn’t end here. The free-floating, whitelisted asset can be used to open leveraged positions within Gambit.

Gambit Protocol Leveraged Trading

From leveraged LONG positions, the system can automatically support the collateral backing the system while concurrently generating interest for USDG holders from flat fees paid on LONGs.

Gambit would generate fees from minting or burning USDG and from trading activities—whenever a trader opens or closes a trader.

A small portion of these generated fees is distributed to USDG holders that make the stablecoin interest-bearing.

To keep the liquidity of Gambit high, a considerable portion would be re-injected into the Gambit ecosystem.

The more there are whitelisted assets, the more expanded the liquidity for longs would be—creating a feedback loop beneficial for the ecosystem.

Most importantly, these fees will gradually play a significant role in helping maintain the USDG peg, cushioning the stablecoin against unexpected price declines of whitelisted assets that may force liquidation.

Gambit Protocol Fees

The USDG Soft Peg

By enabling trading, the system can automatically maintain peg without the need of the end-user over-collateralizing or depositing collaterals.

The system can maintain the USDG close to parity with USD. Any fluctuation around $1 is adjusted via arbitrage.

If the price of USDG falls below $1, the system “burns” USDG for the backing collateral while also considering the number of open long positions of that collateral.

Gambit would have a 0.90 factor—capped at 0.997– to the collateral in the system versus the USDG in supply.

The ingenuity is that the system will support many whitelisted digital assets. Therefore, the redemption rate of each would vary depending on the asset.

All these forms a backstop that overly helps to maintain the USDG peg.

For every redemption, the Gambit system would also, in lockstep, increase the collateral ratio against the USDG debt.

Gambit Protocol (GMT) Tokenomics and Market

The Gambit Protocol is on the Binance Smart Chain (BSC).

The GMT token is used for governance, controlling aspects such as fees charged on minting, burning, or trading.

401,469 GMT tokens were distributed via whitelisted pre-sale where each token sold for 4.5 BUSD. XVIX token was also accepted as a means of payment.

There was a hard cap for the non-XVIX presale of 900k BUSD.

There will ever be max 401,469 GMT tokens in circulation, all of which have been fairly distributed. This means no inflation on GMT.

The GMT token was first listed on BSC’s PancakeSwap in early Mar 2021.

The listing price stood at $5 and its market cap at $2 million.

There is a variant of GMT known as the xGMT. This is the fee receiving token of the Gambit protocol.

There will be 100k xGMT tokens. Its distribution will be as follows:

Gambit Protocol Yield Farming
  • 72k distributed over nine months to liquidity providers of the GMT/USDG and xGMT/USDG in PancakeSwap.
  • 23k managed by Gambit DAO
  • 5k to be distributed to the founding team and vested for two years.

On the other hand, fees generated from Gambit would be distributed as follows:

GMT is fully diluted with over 401,469 tokens in circulation with a market cap of $21 million or above 10.5X increment. The initial market cap stood at $2 million upon listing on PancakeSwap.

Gambit Protocol GMT Price Action

GMT is trading at $53 at spot rates for a near 12X ROI for holders who got in during the pre-sale.

Traders who exited at the token’s all-time high of $131 made a 26X ROI.

To trade GMT and xGMT it’s recommended to mint USDG first at https://gambit.financial/trade

Presently, GMT is only available for trading on PancakeSwap and the most liquid market trades in USDG here: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x99e92123eB77Bc8f999316f622e5222498438784&inputCurrency=0x85E76cbf4893c1fbcB34dCF1239A91CE2A4CF5a7

You can trade GMTx with the most liquid market here: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xe304ff0983922787Fd84BC9170CD21bF78B16B10&inputCurrency=0x85E76cbf4893c1fbcB34dCF1239A91CE2A4CF5a7

Short Term Catalysts

  • Gambit has been live for a week now and traded more than 80 Million Volume which resulted in a first week fee distribution of $79,826.79. That’s just epic and big evidence the protocol is working as it was planned for.
  • USDT and USDC the most used stablecoins give 0% APR. Swapping them with zero slippage to USDG at a stable price of $1 gives you currently 6.51% APR. This is unique and I see many make the switch to be much more capital efficient and immediately offers absolute trust unlike centralised backed stablecoins which rely on human audits and regulations.
  • Viz-a-viz the general stablecoin market, USDG is minuscule. Still, it’s easy to see why GMT is grossly undervalued at spot rates because of the project’s objective.
  • Project on-boarding is more accessible even for newbies. This is because the project’s team made the user interface intuitive and very clean. For instance, leverage trading works just like one would in PancakeSwap with the addition of a button to choose 2x, 3x, 5x leverage. Choose * to take up to 30X leverage.
  • Gambit Protocol’s decision to launch from the BSC means cheaper transactions and a possibility of carving out a significant market share in a relatively young platform.
  • The Gambit Protocol is perhaps the first DEX to offer perpetual leveraged trading on the BSC. The ability to mint USDG without over-collateralization, spread, or slippage from whitelisted assets gives the interest-bearing token utility.
  • A combination of interest-bearing and leverage trading in a self-adjusting system presents a unique value proposition unique to DeFi. Further integration of Chainlink Oracles—useful for swapping—gives Gambit an edge.
  • The creators of the Gambit Protocol are experienced and have created XVIX—a hugely successful DeFi project whose investors are deep in green. The lead developer is known for his hard work and unique intelligence I have rarely seen before in other projects.
  • Compared to other projects in the same niche, GMT’s FDV is around $21 million, meaning there is more room for growth and profits for investors.
  • As GMT’s liquidity builds up through listing at CEXes like Binance, its value will erupt.

Long Term Catalysts

  • By using the GMT platform it quickly shows us how this solution works better than MKR, DAI, SNX and PERP. The Myspace-Facebook story of DeFi? Sorry bluechips :(
  • Yield farmers are already flocking to earn three and four digits yields on xGMT and GMT pools.
  • The promise of deeper liquidity and the absence of slippage would see more traders flocking to the protocol since they can even trade for free—BSC’s transaction fees are near negligible.
  • The project plans to white list more assets and drastically improve the overall liquidity of the protocol. Whitelisted projects, unlike competing systems, are ordinary assets like wBTC, wETH, and not just stablecoins.
  • As we advance, the Gambit Protocol will launch on Ethereum Layer-2, meaning GMT would find even more users, inevitably pushing its prices higher.
  • GMT staking is live. Gambit Protocol team also plans to introduce advanced orders for leverage trading and also integrate with exchange aggregators.
  • Gambit Protocol’s smart contracts are audited by ABDK Consulting and industry experts around the team. ABDK is the same blockchain security firm that audited Uniswap v3 smart contracts.