2019 has been a long year of development, lessons learned and exciting breakthroughs.
Today, we’re incredibly excited to launch pEOS, the first ever pToken, on testnet.
What is EOS?
EOS is a popular blockchain aiming to host commercial-scale DApps.
As a decentralised network, their promise is to completely remove transaction fees and achieve scalability that can handle millions of transactions per second!
They have a huge community and user base, with their native token currently listed 7th on CoinMarketCap.
From EOS to pEOS
For those needing a refresher, pTokens are the ERC-20 version of any other blockchain currency. This makes non-Ethereum assets compatible with Ethereum, which currently has the most advanced Decentralised Finance (DeFi) ecosystem. In the future, pTokens will connect any crypto asset with any blockchain — not just Ethereum.
pTokens will unleash liquidity throughout the entire decentralised financial market. Cryptocurrencies will no longer be limited to their native blockchain, becoming totally useable on the Ethereum blockchain.
pEOS is the bridge between the EOS and Ethereum ecosystems.
This will enable EOS’ liquidity to flow into Ethereum’s network, DApps and platforms.
pTokens will open up a whole new world for both these communities; any EOS token holder can easily exchange them into pEOS, maintain their stake in EOS, and explore and take full advantage of Ethereum’s DeFI ecosystem. On the flip side, Ethereum DApps can now benefit from EOS’ liquidity.
You can try out pEOS for yourself using our custom-made DApp.
What it means for BUIDLrs
As a scalable, custom-made solution for DApps, pTokens offer secure, fully-auditable ERC20 tokens pegged 1:1 to EOS. This can facilitate the development of multiple financial instruments, such as decentralised derivatives.
DApps today communicate, interoperate and complement each other like lego blocks in order to build new DeFi products and services. But for DApps to reach their full potential, composability is vital. This applies to any sector within the DeFi movement — from lending platforms to assets management to prediction markets.
pTokens empower DApps to achieve an unprecedented level of composability. They extend the usability and accessibility of DeFi applications beyond one chain alone, inviting entirely new blockchain communities to explore, play and engage with them.
Liquidity is also unleashed via a frictionless process which allows assets to seamlessly move from one blockchain to another — in this case, from EOS to Ethereum. For DeFi DApps in particular, pTokens unlock the liquidity of cryptocurrencies and tokens external to the blockchain they live on.
What kind of DApps can benefit?
Decentralised lending platforms built on Ethereum can now open their doors to everyone holding BTC, ETH, XRP, USDT and so on. All these assets can be lent and borrowed, increasing a user’s opportunity for earning interest on these assets.
Similarly, Decentralised Exchanges (DEX) need composability, without which they could not integrate with liquidity providers and wallets. However, DEXs can only offer assets native to the blockchain they are built on. Today this means mostly ETH and ERC20-tokens, which limits the decentralised trading experience, which must compete with centralised exchanges offering access to every cryptocurrency.
pTokens make the centralised trading experience decentralised. They give users the ability to exchange any crypto asset in a decentralised fashion. Transparent, fully-backed and frictionless, pTokens break through every blockchain’s walls, moving cross-chain in a seamless manner.
For any blockchain project looking to integrate pTokens into their infrastructure, we have built a Js library.