Fun

pNetwork Launches Wrapped EOS on Ethereum to Connect the Two Biggest DeFi Ecosystems

News Feed - 2021-02-03 07:02:52

pNetwork Launches Wrapped EOS on Ethereum to Connect the Two Biggest DeFi Ecosystems


During the last year, Ethereum’s DeFi ecosystem has grown exponentially to form a multi Billion Dollar market. As Decentralized Finance expands, it becomes more and more relevant to have cross-chain connections that enable crypto assets to flow instantly and seamlessly across blockchain networks. These make it possible for DeFi platforms to be an effective alternative to centralized exchanges. Today, pNetwork launches the first EOS to Ethereum cross-chain connection to enable the EOS crypto asset to be moved into Ethereum’s DeFi ecosystem. EOS on Ethereum


EOS, the native token on the EOS blockchain, is a top20 cryptocurrency by market cap and the engine powering one of the most active dApps ecosystems. The asset counts over $ 3.5 Billion in daily trading volumes, figuring as the 9th most traded cryptocurrency. At present, only a fraction of the total is happening in a decentralized fashion.


While the DeFi ecosystem on EOS continues to grow, it has not yet reached Ethereum’s size. The latter powers Billions in daily trading volumes, Uniswap being the largestlarges liquidity protocol in existence and the fourth biggest DeFi protocol in terms of Total Value Locked.


Following the delivery of 26 bridges connecting six different blockchain protocols, including the cross-chain transfer of popular cryptocurrencies such as Bitcoin, Ethereum and Dogecoin, pNetwork launches today a new cross-chain connection that brings EOS to Ethereum.


As the first tokenised version of EOS, pEOS makes the asset compatible with Ethereum’s DeFi.This creates a benefit on both sides, enabling Ethereum’s DeFi protocols to expand their range of assets supported and granting EOS the option to be traded in a decentralized fashion as well as being supported as a collateral type by major Ethereum-based landing platforms.


Cross-chain connections are critical for a variety of use-cases, from NFTs to market making to decentralized indexes such as PieDAO’s Pies. pNetwork-powered asset tokenisation on Ethereum enables such indexes to represent the entire crypto market.


All pTokenised assets are pegged 1:1 to their underlying asset and are available for automated minting or redeeming on the pTokens dApp. In addition, pTokens are supported on a variety of DeFi protocols, decentralized exchanges and wallets on a growing number of blockchains.


Making Ethereum and EOS dApps Interoperable


Ethereum and EOS are two of the most active ecosystems for dApps, counting thousands of users each. By connecting these two blockchain environments, pNetwork aims to support the growth and development of decentralized applications such as lending/borrowing, trading, derivatives, and more. Acting as a cross-chain highway for cryptocurrencies to frictionlessly move from one blockchain to another, pNetwork powers the first bi-directional connection between the Ethereum and EOS blockchains.


Users on either blockchain are now able to interact with both ecosystems without ever leaving their blockchain of choice. Projects from both Ethereum and EOS communities have developed building blocks to create the next-generation financial system – with the connection between these two, users will find an even more powerful DeFi ecosystem.


By leveraging pNetwork’s cross-chain solution, dApps on the two blockchain platforms now have the opportunity to interoperate. Each ecosystem leveraging its counterpart’s strengths ultimately creates a benefit on both sides and sets the basis for sustainable growth. The presence of an EOS/ETH decentralized trading pair both with Ethereum’s and EOS’s decentralized finance, for example, makes it possible for market makers to arbitrage between the two blockchains. This results in a more liquid decentralized market for both assets.


This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. Halving & Burns on BitGesell - the Optimal Combination for Scarcity and Value in the Crypto Age SPONSORED | 1 day ago Mining City: A New Opportunity for the New Year SPONSORED | 7 days ago Tags in this story DeFi, EOS, Ethereum, pNetwork


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimer

News Feed

Best Altcoins to Ride the $BTC Bull Run as SoftBank and Tether Back $3B Bitcoin Fund
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tom Mitchelhill3 hours agoUS House Democratic coalition creates AI working groupRepresentative Derek Kilmer will chair the Artificial Intelligence Working Group, which is aimed at introducing “sensible, bipartisan” p
Thailand Announces Cryptocurrency Will Be Regulated as Means of Payment
Thailand Announces Cryptocurrency Will Be Regulated as Means of Payment Thailand has announced that cryptocurrency will be regulated as a means of payment for goods and services &#
Amazon CEO: Crypto Will Become Bigger, NFTs Will Grow ‘Very Significantly’
Amazon CEO: Crypto Will Become Bigger, NFTs Will Grow "Very Significantly" The CEO of e-commerce giant Amazon is optimistic about crypto and non-fungible tokens (NFTs). He says tha
Global Investment Bank Goldman Sachs Offers Its First Bitcoin-Backed Loan
Global Investment Bank Goldman Sachs Offers Its First Bitcoin-Backed Loan Global investment bank Goldman Sachs has reportedly offered its first-ever loan backed by cryptocurrency.
3 metrics suggest that Ethereum (ETH) price downside is not over
Nancy Lubale4 hours ago3 metrics suggest that Ethereum (ETH) price downside is not overEthereum price has had a rocky week and data suggests that more downside could be on the way.1652 Total viewsListen to article 0:00Al
Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive Against Online Gambling
Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive Against Online Gambling Turkish authorities will soon be going after crypto exchanges operating in the
Ezra Reguerra10 hours agoMetaverse project The Sandbox unlocks $133M worth of tokensThe next batch of token unlocks for The Sandbox is on Feb. 14, 2024, and will unfreeze over 200 million SAND for its team, company reser
Solana Blockchain Experiences Technical Glitch Causing Transaction Slowdowns
Solana Blockchain Experiences Technical Glitch Causing Transaction Slowdowns The Solana smart contract token network experienced a technical glitch on Saturday, February 25, 2023,
The Vacate Manifesto: How Today’s Technology Can Solidify Abolitionist Goals
The Vacate Manifesto: How Today"s Technology Can Solidify Abolitionist Goals20 years ago the cypherpunks of the new internet era came up with vast ideas describing privacy, anonymit
Italians Love Cash But Are Growing Fond of Crypto, New Stats Suggest
Italians Love Cash But Are Growing Fond of Crypto, New Stats Suggest Italy, one of the world’s largest economies, has faced plenty of financial challenges in the past decad
Prashant Jha11 hours agoBitcoin, Ether price slump leads to crypto bloodbath with $1B in liquidationsThe liquidation event saw one trader lose $55.9 million, while another saw $10 million worth of hedged positions get li