Permit

Permit

From tokens to money

Created on 27th April 2025

Permit

Permit

From tokens to money

The problem Permit solves

Before the Permit, blockchain struggled to deliver real-world value. Permit tackles these issues with bold but regulated innovation:

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⚡ From Speculation to Utility

  • Web3 users focused on trading, not on practical use. Permit’s decentralized payment gateway lets users swap TOKEN from USDC cheaply (~0.01%) on Uniswap V4 and spend it gaslessly at verified merchants, making blockchain useful, also cheaper than fees on the mainstream crypto debit card (~2.5 - 3.5%);

  • At the same time, TOKEN is also the world's first "quasi-stable Hong Kong dollar" (1:1 to HKD) pegged to a stablecoin, and is negotiating with one of the stablecoin projects of the Hong Kong government's sandbox program. It will officially link TOKEN 1:1 and become the first blockchain payment system to support the Hong Kong government's stablecoin.

  • TOKEN's contract code

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⚡ Transparency and Trust through PoR

  • Permit’s Proof-of-Reserve (PoR) staking delivers top-notch transparency and security. Users can stake TOKEN and COIN by declaring their holdings—no need to lock or transfer assets—while earning rewards and retaining full control.

  • The algorithm is adjusted to prevent multi-staking of the same balance on different addresses and ensure even distribution, boosting fairness and trust. Powered by the Superposition Coin (C01N) contract, PoR keeps Permit at the forefront of secure, compliant blockchain solutions.

  • C01N's contract code

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⚡ Sustainable Project

Permit isn’t just a project; it’s a movement. Our ecosystem integrates governance, dual-token PoR staking rewards, and merchant adoption to lay the foundation for decentralized communities. We’re not here for short-term wins—we’re building a sustainable future where stablecoins empower individuals and businesses.

⚡ Boosting Merchants

Traditional businesses are hurting, and Permit offers a lifeline. By implementing gasless TOKEN transactions, Web3 users are almost exempted from swapping costs from tokens, and merchants' charging fees are also greatly reduced while tapping into the spending power of global Web3 coin HODLers.

⚡ Better Global Payments

Old payment systems were slow and expensive. By combining with the BASE L2 blockchain and Coinbase WaaS, Permit provides fast, cheap, and secure global payments, leaving outdated traditional payments far behind.

Challenges I ran into

⚡ Real-world Merchants Concerns

  • Challenge: Initially, merchants were hesitant to adopt our payment system due to concerns about the volatility and complexity of cryptocurrencies.

  • Solution: On our Alpha Launch Event, we allayed these concerns by explaining our daily settlement process and easy-to-use DAPP to successfully onboard over 30 KYC-verified Hong Kong local merchants, with more in negotiation. Our short-term goal is to expand to 200 merchants by the third quarter of 2025, alongside launching offramp services for TOKEN to HKD.

Permit Alpha Launch Party on 24 April: https://lu.ma/sw6yp4c8

⚡ Regulatory Compliance and Stability Without Fiat

  • Challenge: Delivering a stablecoin-like system without pegging to fiat or holding customer funds, all while staying regulator-friendly.

  • Solution: TOKEN’s innovative design and merchants' PoR create organic stability, giving users a reliable tool for everyday payments, retaining control of their assets, sidestepping custodial risks while aligning with regulations.

⚡ Payment Revolution

  • Challenge: Upgrading the payment experience, especially cross-border.

  • Solution: Leveraging BASE L2 and Coinbase’s WAAS, we slashed costs and sped up transactions, making global payments seamless and affordable.

⚡ Benefits for All with Decentralized Vision

  • Challenge: Ensuring users, merchants, the Permit Foundation, and society thrive with Web3’s ethos.

  • Solution: Users enjoy near-zero fees, merchants tap into a global market, the Foundation governs decentrally, and society gains an inclusive payment network. Everyone wins!

  • Open-source smart contracts keep Permit trustless and decentralized, proving blockchain usable and true to its roots.

Tracks Applied (1)

Stablecoins

Permit believes blockchain's true potential lies in its ability to deliver real-world value beyond speculation and hype,...Read More

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