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.
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