Launched in 2011 following a fork of the Bitcoin Base Code (BTC), Litecoin (LTC) has a market cap of $ 2.7 billion. Altcoin is also the fourth most traded cryptocurrency by volume. While it is the base of the native blockchain cryptocurrency of the same name, Litecoin has just been launched on the Ethereum mainnet (ETH). This now means that DeFi, DApps and other platform tools are now accessible to all LTC holders.
A boon for LTC holders wishing to explore DeFi
News of this integration was announced by Kyber Network – the decentralized on-chain cryptocurrency exchange – who said that pLTC tokens would be accessible via KyberSwap. Like other pTokens, pLTC is a gateway that allows cryptocurrency users to move their assets between blockchains and across entirely different ecosystems. In this case, the pLTC is pegged to Litecoin, making the legacy asset fully compatible with Ethereum. While Litecoin is locked, the corresponding pLTC will be used to carry out transactions on Ethereum.
LTC holders will be able to withdraw their assets at any time by deactivating pLTC to obtain their original deposit into the Litecoin wallet of their choice. These users will also be able to exchange the pLTC for any other token supported by Kyber, for example the pBTC. Marketing manager at Kyber Network, Shane Hong, explained that this system represented for the many users of Litecoin a boon in order to benefit from DeFi services. He said: “pLTC provides Litecoin holders a convenient way to explore the world of decentralized finance on Ethereum. Kyber is happy to help the team Provable to support pLTC liquidity via our reserve ”.
Make cryptocurrencies compatible with other blockchains
The pLTC is indeed the last member of the list of tokens developed to make cryptocurrencies compatible with other blockchains. There was in particular the pBTC which has already been brought to Ethereum and EOS, without forgetting the pEOS and pETH tokens which will be the next steps of the pTokens project. The objective is to set up an ecosystem in which cryptocurrencies would no longer be limited to their native blockchain.
For DeFi, this integration opens the door to a new community of asset owners that were not traditionally on Ethereum. ” PTokens extend the usability and accessibility of these applications beyond a single blockchain, inviting entirely new blockchain communities to explore, play, and engage with them – bringing all that liquidity with them! “Can be read in the blog post announcing the launch of pLTC on Ethereum.
It is true that the present integration of Litecoin with Ethereum, which aims to break down the barriers between blockchains, will increase DeFi’s liquidity. The extension of the pTokens project to other cryptocurrencies will promote the advent of a new blockchain financing system and the development of these crypto assets.