Streamflow innovating streaming payments on Solana
2022.06.07 06:36
Streamflow innovating streaming payments on Solana
Decentralized finance (DeFi) takes what traditional finance facilitators could do and eliminates intermediation with trustless, composable smart contracts.
Since the first protocol went live, trialing token exchange, the sphere has morphed into a multi-billion industry.
So fast has DeFi grown that a U.S. official, during a fire chat discussion in 2020, said the emerging technology-led sector could anchor the global economy, buttressing it during tumultuous times.
Streamflow is Automatic Payments
With DeFi growing in strength and finding adoption, users are sensitive to fees and prefer scalable options. Solana has emerged as a choice for most users looking for low fees and instant settlement.
Streamflow is leveraging Solana’s high settlement speeds, scalability, and the industry’s low transaction fees. The protocol is releasing token vesting and payment tools to resolve payroll problems. The protocol releases a practical suite of products available for individuals and businesses to ease the distribution of payments cheaply and securely.
Their overarching objective is to help make it rapid for crypto native businesses to disperse funds quickly and efficiently while not incurring costs during distribution or exposing clients’ funds to attack vectors.
Promoting Crypto Adoption
Streamflow’s ambition is to be one of the critical drivers of crypto adoption, allowing teams and retailers to use alternative blockchain-based payment rails.
Compared to traditional remittance or payment platforms, which have, in recent times, been improving settlement speeds and lowering fees, protocols leveraging the blockchain are relatively more secure.
At the same time, payment protocols powered by trustless smart contracts are better at securing user data than legacy systems where third parties or the provider is tasked with keeping user data secure, introducing weakness.
Rolling out Timely, Secure Payment solutions for Crypto Businesses
The Solana-based protocol actively builds and avails necessary solutions for crypto-native businesses.
Despite the sharp explosion of crypto valuation and increasing adoption amongst individuals and governments, crypto businesses are being rebuffed by traditional counterparts, especially banks.
Most cite insufficient regulations in the rapidly growing sub-sector, security risks, and in some instances, the high volatility of crypto assets. This, in turn, makes it incredibly hard for crypto businesses to efficiently conduct their business, even finding obstacles when making payments.
Streamflow is Feature-Dense
Accordingly, Streamflow has released various dApps, tools, and standard development kits (SDKs) in JavaScript and Rust, effectively spearheading payment processing in the highly scalable Solana network.
Their solution is evolving to adapt to the pace of innovation in the space, bridging the gap and helping crypto organizations to streamline payments and token vesting.
Streamflow has a protocol for streaming payments and a token vesting and progressive payroll built on its primary dApp. At the same time, Streamflow is bringing one-to-many payments and secure multi-signature vaults to Solana.
In early May, Streamflow also introduced the “Automatic Withdrawal” feature. This tool automatically sends unlocked tokens to the recipient’s address at a frequency set by the sender. Automatic withdrawals can be selected at different frequencies from one minute, hour, and more.
Streamflow TVL above $150 Million
Notably, Streamflow’s focus on automating payments, cross-chain integration, and transparency, first on Solana, before expanding to other networks makes it a standout tool for payment management.
Its suite of products also makes it a suitable dApp for crypto businesses inclined on automation and leveraging efficiency brought by blockchain-powered solutions.
By early May, Streamflow had over $150 million in total value locked (TVL) and more than 2.5k streams.
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