With a mission to enable more cross-chain composability, regardless of a user’s native blockchain, the pNetwork has introduced six new industry-first bridges with its pTokens system.
Today, we’re thrilled to launch pETH and the first Ethereum DeFi bundle (including our own governance token PNT, as well as pMKR, pLINK and pYFI) to the EOS blockchain.
Delivering composability with pTokens
pTokens enable any cryptocurrency to become compatible with any blockchain, allowing liquidity to flow without friction while empowering users to explore new DeFi ecosystems.
All pTokenized assets — whether pETH, pLTC, pBTC or any other — are pegged 1:1 to their underlying asset and are available for automatic 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. In fact, with the launch of pETH and the first Ethereum DeFi bundle to EOS, pTokens is now the cross-chain tokenization solution powering the highest number of cross-chain connections.
Back in April, we introduced pBTC on EOS, which opened up new DeFi opportunities as the first Bitcoin to EOS interoperability bridge. With pBTC on EOS, bitcoin holders are able to use their bitcoin on the EOS blockchain, seamlessly moving liquidity from one ecosystem to another.
Now Ethereum DeFi enthusiasts are invited to do the same and enjoy uncluttered transactions.
Take your ETH to EOS with pETH
Ether (ETH), the native token on Ethereum, is the second-largest cryptocurrency by market cap. It’s not only used as a store of value, but as a utility that powers a platform of smart contracts for nearly 15,000 daily active users on the Ethereum blockchain — but for far too long ETH-holders have been limited to the Ethereum marketplace.
As the EOS blockchain network continues to grow, so too does its DeFi ecosystem. With scalability solutions in tow, EOS offers an impressive throughput of nearly 4000 transactions per second. And since EOS can handle around 20 times the volume of Ethereum, it’s no wonder that it caught the eye of big-tech names like Google Cloud, which announced its intentions of becoming a block producer.
What’s more, similarly to Ethereum, EOS is home to a passionate developer community with over 331 DApps and 547 Smart Contracts, according to State of the Dapps — which gives us all the more reason to expect an explosion in DeFi adoption and liquidity.
Since the pNetwork aims to serve as the heartbeat of cross-chain DeFi composability, it seemed only fitting to deliver pTokens bridges between the Ethereum and EOS communities.
With the launch of pETH on EOS, Ether-holders can take their asset to the EOS blockchain and experience its performance, liquidity, and developer community, without having to sell or trade their ETH.
Take your Ethereum ERC20s to EOS with PNT, pMKR, pLINK & pYFI
As the pioneers of DeFi, the Ethereum BUIDLer community has paved the way for transparent, automated and decentralized financial applications.
The Ethereum network counts over 3,800 deployed dApps with DeFi applications occupying the largest portion in terms of monthly transactions (State of the dApps).
Projects from both Ethereum and EOS communities have developed building blocks to create the next-generation financial systems. And with the connection between these two communities users will find an even more powerful DeFi ecosystem!
Today, we are launching pTokens bridges for major Ethereum DeFi tokens to be connected with the EOS blockchain. The project tokens will be released in a series of sets; and the first set of pTokens bridges includes:
- Ethereum's native currency Ether (ETH)
- our own pNetwork token (PNT)
- MakerDAO's token (MKR)
- Chainlink's token (LINK)
- Yearn.finance's token (YFI)
The addition of these bridges makes pTokens the most flexible cross-chain tokenization solution, powering 9 different cross-chain connections!
All of pTokens bridges are automatically available for the entire EOS DeFi ecosystem to integrate. Among others, this includes decentralized trading of pTokens assets via the EosFinex DEX.
Last but not least.. take your LTC to EOS with pLTC
As one of the first major blockchains to emerge following Bitcoin, Litecoin has almost garnered as much speculation as it has innovation. In 2011, the Litecoin Foundation launched a fork of the original Bitcoin codebase to develop a blockchain that could handle higher transaction volumes. The promise of reduced block times intrigued enough investors to make its native cryptocurrency LTC among the top 10 cryptocurrencies by market cap. Today, it holds a market cap of $3.05 billion and is the seventh most traded cryptocurrency in terms of volume.
Earlier this month, pTokens launched pLTC on EOS, inviting Litecoin holders to unchain that liquidity and experience DeFi on the EOS blockchain.
With pLTC on EOS, anyone holding LTC can mint and redeem their own EOS-compatible pLTC, without having to sell or trade their LTC.
Like other pTokens, pLTC is minted using a cryptographically secure system which makes the whole process transparent, fully-auditable and automated. The issuance and burning of pTokens, along with the respective deposit and release of the underlying asset (such as pLTC and its LTC on the Litecoin blockchain) is handled automatically by the enclave within a Trusted Execution Environment.
To get started, users need only peg-in with the pTokens DApp.
The future is interoperable
With these latest launches to EOS, pTokenized ETH (pETH), pTokenised PNT (PNT), pTokenised MKR (pMKR), pTokenised LINK (pLINK), pTokenised YFI (pYFI) and pTokenized Litecoin (pLTC) will join the ranks amongst the project’s existing cross-chain DeFi assets: pBTC on EOS, pBTC on Ethereum, and pLTC on Ethereum. And since the pNetwork is now powered by the pNetwork DAO, a community that strengthens and governs the development of pTokens, DeFi communities on all blockchains can certainly expect more bridges to come.
🔋 Learn more about the pNetwork, the decentralized system and DAO powering pTokens.
🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.