PrimeLab is building an app store payment system where general consumers can instantly purchase Web3 apps with fiat, and developers are paid out in the coin of their choice.
Now developers can build applications for consumer-size audiences (like PrimeLabs 60 million users) with the liquidity needed to support scalable coin purchasing volumes through Embedded DeFi.
Once paid, app owners can stake their coins back to the payment ecosystem to earn yield from Lending, Liquid Yield, and other ecosystem DeFi projects contributing to the payment ecosystem.
The Standardized Payment Ecosystem is an:
Ecosystem-wide
Open-source
Payments and yield system
That scales trade volume by routing purchases between coin-fiat onramps, ecosystem DEXs, and OTC trades. This routing converts spikes in coin price to steady, gradual changes, so developers are paid fairly and receive a similar number of coins each time their application is purchased. The current system might pay half or fewer coins when apps are purchased during a rush before the price crashes back down as usage subsides.
The Payment Ecosystem will be built as a public good with no additional transaction fees collected above the cost of using the organizations it comprises. It will be open-sourced so future ecosystem members can integrate new companies after PrimeLab organizes an initial group with sufficient liquidity.
Anyone can offer their liquidity & conversion services to the open source payment ecosystem, Apps calling the payment ecosystem will be able to select which services to trust to route their trades between.
Current coin onramps are regulated as “Asset” purchasing platforms (not experiences) PrimeLab is working with onramps to shift their offerings & legal capabilities to support App Payment systems. This will mean consumers purchasing Apps won’t need KYCd to purchase non-financial apps that run on the blockchain. This will improve user experience and reduce onboarding friction for mass markets onto Dapps.
