What is it?
ChainPay is an open-source payment solution deployed on Binance Smart Chain that allows users and contracts to receive payments in any token of their choice. It automatically swaps the sender's token to the recipient's preferred token, simplifying multi-token payments.
Key Features
Token Flexibility
Send and receive payments in any supported token, regardless of what token the sender holds.
Automatic Swaps
Integrated with PancakeSwap for seamless swaps between tokens during payments.
Developer Friendly
Open-source, easy-to-integrate with robust developer documentation.
Token Flexibility
Currently on BSC, but designed to expand to multiple EVM chains and support chain bridges in future releases.
How it Works
- You create an unsigned transaction
- The recipient of the token / BNB signs the transaction
- A different user pays to the ChainPay contract
- We do our magic in real time & send you your tokens
All on chain
Use Cases
Freelancers & Consultants
Problem
Freelancers and consultants often work with clients worldwide, and payments in crypto offer a fast and borderless alternative to traditional banking systems. However, the variety of tokens in circulation can make it difficult to manage income when clients pay in different tokens. Freelancers may prefer stablecoins or a specific token to avoid price volatility or to match their investment portfolios, but they often receive payments in whichever token the client holds.
ChainPay Solution
With ChainPay, freelancers can request payments in their preferred token (e.g., USDT, BUSD, or any other stablecoin) regardless of what the client holds. Clients are free to pay using any token in their wallet, and ChainPay automatically converts it to the token chosen by the freelancer via PancakeSwap.
Example
Sarah, a graphic designer, prefers to receive payments in BUSD to avoid market volatility. Her client, however, holds their assets in BNB and prefers to pay with it. Using ChainPay, Sarah creates a payment request in BUSD. When her client pays in BNB, ChainPay handles the conversion automatically, and Sarah receives the equivalent amount in BUSD without needing to manually swap tokens on an exchange.
Benefits
- Eliminates the need for freelancers to manually swap received tokens.
- Protects freelancers from market volatility by allowing payments in stablecoins.
- Increases client flexibility by accepting payments in any token.
DAOs & DApps
Problem
Decentralized Autonomous Organizations and decentralized applications often have complex treasury management systems where they operate with a variety of tokens. When paying contributors, developers, or service providers, they may want to make payments in a specific token that aligns with their governance or operational structure. Conversely, contributors may want to receive payments in different tokens depending on their personal preferences or investment strategy.
ChainPay Solution
ChainPay simplifies this complexity by enabling DAOs and DApps to make payments in their preferred tokens, while contributors can receive them in the token of their choice. This eliminates the need for DAO treasuries to hold large amounts of multiple tokens or for contributors to manage manual swaps after receiving payments.
Example
The XYZ DAO holds its funds in governance tokens (XYZ Tokens) but has contributors worldwide who prefer to be paid in more liquid assets like ETH, USDC, or DAI. By integrating ChainPay, XYZ DAO can continue to pay in XYZ tokens, while contributors automatically receive the equivalent amount in their preferred token, no matter what they choose.
Benefits
- Streamlines payment processes in multi-token environments.
- Reduces the complexity of managing multiple token types for treasuries.
- Ensures contributors are paid in their preferred token, improving satisfaction.
- Integrates seamlessly into the DAO's payment system with minimal overhead. (soon?)
Merchants & Online Stores
Problem
Crypto payments offer a tremendous advantage for merchants, especially for international transactions, but many businesses face challenges accepting multiple cryptocurrencies. Merchants want the ability to accept a variety of tokens to cater to a broader customer base but may prefer to receive payments in a stable token like USDT or a specific cryptocurrency like ETH or BTC. Managing manual swaps, liquidity, and fluctuating prices is cumbersome and time-consuming for businesses that should be focused on running their operations.
ChainPay Solution
ChainPay allows merchants to accept payments in any token, while automatically converting it into the merchant's preferred token at the time of the transaction. Whether a customer pays in a highly volatile altcoin or a popular token like BNB or BUSD, the merchant can rest assured that they will receive the funds in their chosen token without the risk of price volatility or the need for manual token swaps.
Example
John runs an online electronics store that accepts crypto payments. To cater to his tech-savvy customers, he decides to allow payments in a wide range of tokens, including BNB, CAKE, and DOGE. However, John prefers to receive payments in USDT to avoid the risk of price fluctuations. With ChainPay integrated into his store's payment gateway, customers can pay in any token they hold, and John automatically receives the equivalent amount in USDT, simplifying his accounting process.
Benefits
- Expands payment options for customers, increasing the chances of completing sales.
- Reduces merchant exposure to token price volatility.
- Simplifies the backend process by eliminating the need for manual swaps.
- Provides flexibility to merchants to receive payments in stablecoins or other desired tokens.
Roadmap
Version 0.1
- Backend APIs for developers to integrate payment creation functionality
- Payment support for selected tokens using specific PancakeSwap pools
- Accept payments to both wallets and smart contracts
- Basic documentation and examples for developer integration
- Demo widget for testing payment functionality
Version 0.2
- Allow smart contracts to initiate and send payments
- Expand support for additional tokens and liquidity pools
- Support multi-hop swaps for more efficient token conversion
- Implement basic logging and transaction monitoring for payment tracking
- Upgrade developer documentation with code snippets and SDK examples
Version 0.3
- Deploy ChainPay on additional EVM-compatible blockchains (e.g., Ethereum, Polygon, Avalanche)
- Expand supported tokens and pools across new chains
- Integrate gas fee optimization mechanisms for cost-effective transactions
- Provide detailed transaction analytics for developers (e.g., success rates, swap efficiency)
Version 1.0
- Introduce cross-chain payment support utilizing bridges for seamless multi-chain interactions
- Allow payment batching to reduce transaction costs (e.g., aggregate multiple payments into a single transaction)
- Implement customizable fee structures for projects integrating ChainPay (e.g., revenue sharing or flat fees)
- Launch a governance mechanism to enable the community to vote on new features and supported chains??
- Security audit by a third-party provider to ensure contract robustness
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