This article was first published on Wanchain - Medium
Say Hello to wanTokens, the Newest Cross-chain Assets to Hit Ethereum
Wanchain 5.0’s Storeman Node based cross-chain bridges bring decentralized, permissionless, and trustless BTC, EOS, and WAN to Ethereum
In my recent articles on Medium and discussions with our community members on Twitter and Telegram I have analyzed several different crosschain BTC solutions/projects such as REN (renBTC), Keep (tBTC), and others.
With the upcoming launch of wanTokens on Ethereum (Wanchain 5.0’s Storeman Node Bridge powered cross-chain assets), you may be wondering why and how we are bringing wanTokens to Ethereum, and how they fit into the current landscape of cross-chain assets.
We have all been witness to the recent DeFi explosion, however that rapid growth has begun to hit some speed bumps. There are many reasons behind this decline, but one very important one is a lack of high quality assets on Ethereum itself. On Compound.Finance, there are only seven supported assets: BAT, DAI, ETH, USDC, USDT, wBTC and 0X. Among them, three of them are stable coins, and one is from another blockchain. This is despite the fact that there are over 10,000 other ERC20 tokens on Ethereum.
This clearly illustrates the problem that Ethereum assets alone cannot sustain the DeFi ecosystem. Here at Wanchain we have anticipated this issue, and it is why we have spent the last 3 years developing a decentralized crosschain mechanism which enables native tokens on other public chains to swim into Ethereum DeFi in the form of wanTokens. The first wanTokens to launch on Ethereum will be wanBTC and wanEOS, and will soon be followed by wanXRP, wanDOT, and many more.
Given the demand for more high quality assets from other chains on Ethereum, we expect that quite a few DeFi protocols will beeager to include wanTokens into their system. We envision wanBTC and ...
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Wanchain - Medium