Ethereum Smart Contract Payments API
Introduction
Poof runs EIP-1167 minimal proxy payment contracts on the Ethereum, Avalanche, and Polygon blockchains to facilitate smart contract payment transactions. The use of minimal proxy payments can help to reduce the complexity of certain types of transactions, such as those that involve multiple parties or that involve the transfer of non-fungible assets. It can also help to improve the security of these transactions by providing a clear set of rules and conditions that must be followed.
Poof API provides open access to interact with the smart contract to send, receive, and process ERC-20 token assets.
How to Pay Gas Fees with Native ERC-20 Asset
Most wallets and exchanges do not support the ability to pay gas fees with native ERC-20 tokens. However, Poof introduces a new contract mechanism that allows users to send ERC-20 tokens and pay gas fees with the native token and stable-coins.
Poof offers an account abstraction payment system for payment processors, wallets, and exchanges.
We call this new system gas-less account abstracted wallets, enabling gas-less ERC20 transactions. This is enabled by default across sending payments in the dashboard and sending outbound transactions. The normal Ethereum, Avalanche, and Polygon gas fee will substituted the equivalent in USDC, Shiba Inu, or other tokens.
Can ERC-20 Tokens Be Used for Payments?
Cryptocurrency token payments are transactions that involve the transfer of ERC-20 tokens from one Ethereum-compatible address to another. These payments are facilitated by the Ethereum network, or Ethereum Compatible Networks (Fantom, Avalanche, and others) and are recorded on the blockchain. In order to make an ERC20 token payment, the sender must have the tokens in their wallet and must have access to the recipient's Ethereum address. The payment can then be initiated by the sender using their wallet software or a decentralized exchange. Once the payment is confirmed by the network, the tokens will be transferred to the recipient's wallet. ERC20 token payments are typically fast and inexpensive, and they offer a high degree of security and transparency.
What token assets does Poof currently support on Ethereum?
The supported list of ERC-20 tokens on Poof includes
- USD Coin Stablecoin (USDC)
- Apecoin Token (APE)
- Decentraland Token (MANA)
- Shiba Inu (SHIB)
- Chainlink Token (LINK)
- Dai Stablecoin (DAI)
What token assets does Poof currently support on Avalanche?
The supported list of ERC-20 Avalanche C-Chain tokens on Poof includes
- USD Coin Stablecoin (USDC)
What token assets does Poof currently support on Polygon?
The supported list of ERC-20 Polygon tokens on Poof includes
- USD Coin Stablecoin (USDC)
To make blockchain programming simpler, the same tickers can be passed into Poof's blockchain API to generate addresses or send payments.
Listing ERC-20 Tokens on Poof
If your foundation or company runs a token on Ethereum, Avalanche, Polygon, or others, Poof is happy to support them. Please contact [email protected] for more information on the listing process.
Your smart contract must be audited by a third party and maintain a reasonable usage.