DeFi, EOS, Ethereum, pNetwork

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.

DeFi, EOS, Ethereum, pNetwork

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.


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.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal. The firm wants someone who is “passionate about blockchain and decentralized networks†and someone who can build innovative “business use cases†across decentralized finance (defi). Online Marketplace Amazon Hopes to Hire a Head of Product to Lead […]

Xem chi tiết: Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Solana Aims to Raise $450 Million to Battle Ethereum Supremacy

Solana, a proof-of-stake, smart contracts-enabled currency, is aiming to raise $450 million in a funding round that was extended last March. The Solana ecosystem, which is backed by Sam Bankman-Fried, founder and CEO of derivatives exchange FTX, would use these funds to take on Ethereum supremacy in the Defi ecosystem. Solana to Raise $450 Million […]

Xem chi tiết: Solana Aims to Raise $450 Million to Battle Ethereum Supremacy

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Investment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money. Australians Lose $670 Million to Scammers in a […]

Xem chi tiết: Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate

A report published by the cryptocurrency exchange Kraken shows that two-fifths of Australian millennials prefer to invest in cryptocurrency assets over real estate. The survey shows that a number of Australians are losing faith in traditional assets like gold, stocks, and real estate. Kraken’s Australia Managing Director: ‘Young Aussies Look for Other Options to Grow […]

Xem chi tiết: Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate

Floyd Mayweather Gets Booed at Bitcoin Event for Saying ‘Another Crypto Will Be Just as Big as BTC’

The undefeated professional boxer Floyd ‘Money’ Mayweather recently spoke at the Bitcoin 2021 conference in Miami and was booed while speaking on stage. Mayweather’s speech wasn’t appreciated by members of the crowd because he didn’t discuss bitcoin much and toward the end, Mayweather said he believes another crypto will be “just as large as bitcoin […]

Xem chi tiết: Floyd Mayweather Gets Booed at Bitcoin Event for Saying ‘Another Crypto Will Be Just as Big as BTC’

Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Binance Smart Chain (BSC) decentralized applications (dapps) have been hit with a number of flash loan attacks in recent weeks. According to collected data by Rekt, during the last 30 days BSC has lost a total of $167 million from these flash loan exploits. Flash Loan Hackers Prey on Binance Smart Chain Dapps – $167 […]

Xem chi tiết: Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Vitalik Buterin Says People Difficulties Not Technical Difficulties Slowed the Ethereum 2.0 Rollout

The cofounder of Ethereum, Vitalik Buterin, recently discussed the highly anticipated full transition from a proof-of-work (PoW) consensus model to proof-of-stake (PoS) as its replacement. Buterin admitted at Hong Kong’s Startmeup HK 2021 Festival that the transition was taking too long and highlighted that it wasn’t technical problems but “related to people.†Buterin: ‘If You […]

Xem chi tiết: Vitalik Buterin Says People Difficulties Not Technical Difficulties Slowed the Ethereum 2.0 Rollout

Crypto Consolidation Continues — Bitcoin’s Attempt to Rise Above Psychological Levels Falls Short

Vitalik Buterin Says People Difficulties Not Technical Difficulties Slowed the Ethereum 2.0 Rollout

Data Shows BSC Dapps Lost $167 Million Last Month From Flash Loan Attacks

Defi Economy Is Recovering Faster Than Most Crypto Assets After Market Rout

Why On-Chain Governance Is Critical for Blockchain Growth and Longevity

Cryptocurrency Related Scams Flood Tribunals in Spain

More Than 5 Million in Ethereum Worth $13 Billion Rests in the Eth2 Staking Contract

Andreessen Horowitz Discusses Raising Third Crypto Fund to $2 Billion, Sources Say

Other Articles