Waves Issues ERC-20 for Collaboration with Ethereum Network

By October 22, 2020DApps
Click here to view original web page at finance.yahoo.com

Waves.tech, an ecosystem of next-generation technologies built on the Waves protocol, has ported its native token WAVES into Ethereum to enhance interoperability between the two networks and introduce Waves functionality to Ethereum users. WAVES token holders will have access to numerous decentralized applications, exchanges, and DeFi protocols operating on the Ethereum blockchain, whose users, in turn, will gain easy access to the WAVES coin. In particular, WAVES pools will become available on Uniswap, Mooniswap and Curve.

The Waves-Ethereum gateway is available through the Waves.Exchange interface. In order to issue one ERC-20 WAVES, users have to lock one WAVES on the Waves blockchain. Converting tokens from Ethereum back to Waves is also possible. The address of ERC-20 WAVES smart contract is 0x1cf4592ebffd730c7dc92c1bdffdfc3b9efcf29a.

In 2021, the gateway will be operated through Gravity, a data protocol that connects disparate blockchains with a truly agnostic and untokenized hub, acting as an oracle between systems. The Waves team is also going to implement the option of staking WAVES tokens directly from Ethereum wallets.

"Ethereum is the leading blockchain by the number of dApp users," says Sasha Ivanov, Waves founder. "The emergence of the WAVES token in ERC-20 format provides new opportunities for interaction between the two ecosystems. Some tokens on the Waves blockchain have already been accessible in the Ethereum network for a couple of months, and we see a growing demand for them. This is an example of working cross-chain interoperability which has been so much discussed recently."

Earlier this year, Waves announced the porting of two tokens into the Ethereum network — Neutrino USD (USDN), an algorithmic dollar-pegged stablecoin, and Neutrino System Base Token (NSBT), a system and governance token for the Neutrino protocol, running on the Waves blockchain. So far, about 13.7 million USDN have been transferred to Ethereum and are available in the pools of major DeFi protocols, such as Uniswap, 1inch and Curve.

Leave a Reply

All Today's Crypto News In One Place