Payment API

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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 token of their choice.

Now developers can build applications for consumer-size audiences (like PrimeLabs 60 million users) with the liquidity needed to support scalable token purchasing volumes through Embedded DeFi.

Once paid, app owners can stake their tokens back to the ecosystem through the same API to earn yield from Lending, Liquid Staking, and other ecosystem DeFi projects contributing to the API.

How it works

The Standardized Payment API is an:
  • Ecosystem-wide

  • Open-source

  • Payments and staking system 

That scales trade volume by routing purchases between token-fiat onramps, ecosystem DEXs, and OTC trades. This routing converts spikes in token price to steady, gradual changes, so developers are paid fairly and receive a similar number of tokens each time their application is purchased. The current system might pay half or fewer tokens when apps are purchased during a rush before the price crashes back down as usage subsides. 

standardized-payment-api-primelab

The API for each 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 API, Apps calling the API will be able to select which services to trust to route their trades between. 

 

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The API is open source, it won’t survive without the backing of the Foundation of each ecosystem for which it is built. The Foundation must be willing to provide net new liquidity to ecosystem partners should they run low to ensure the API never halts. 

 

Current token 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.