How Litecoin Users Can Safely Access DeFi Opportunities on Ethereum
Six months ago, we launched an industry-first Litecoin bridge to Ethereum.
Litecoin is one of the largest cryptocurrencies and their user base now has access to a range of DeFi opportunities on the Ethereum network. Accessing these opportunities is done via our reference wallet Eidoo — through the Eidoo app users can peg-in and peg-out pTokens.
pTokens allow for cross-chain composability through a simple and secure foundation that makes any token movement possible on any blockchain. The pTokens system bridges a variety of blockchains so there is an easy movement of crypto liquidity.
Litecoin users have responded well to the bridge we created. In early March, the pLTC/ETH total pool size was 3,142.3365 pLTC which is 367,3499 ETH with estimated returns of 94,29% yearly.
The program to incentivize pLTC liquidity providing on Ethereum was voted on unanimously by pNetwork DAO with the initiative getting a 98% buy-in. Those participating in the pNetwork system can also stake the $PNT/pNetwork Token to participate in the DAO and influence governance decisions.
The pLTC yield farming incentives program expanded PNT farming beyond the PNT/ETH Uniswap incentive. The pLTC light program allows users to become liquidity providers in Uniswap’s ETH/pLTC pool while earning rewards in unlocked PNT.
Litecoin growth coupled with DeFi development means the possibility of growth for the original “Bitcoin alternative”. Previous to this only Ethereum-based and Bitcoin wrapped assets could be involved in the DeFi ecosystem. The bridge has benefited the Ethereum system in terms of total value locked into it.
Litecoin was only a start to the bridges we created in 2020. By October we released five more bridges to prominent blockchains in the DeFi space in collaboration with Eosfinex which further enabled 18 more bridges.
Total Value Locked (USD): $25,937,688.91
At the end of January, we added pDOGE on ETH so the number of active bridges are now up to 26 — connecting 6 different blockchains. As we enter March 2021 the expansion of our flagship feature will not cease. We expect to add both low-cap tokens and top 50 crypto assets throughout Q1 and Q2.
For more information on Eidoo, our partners in yield farming, and the strategies we recommend, as well as keeping up to date on our latest incentive or rewards programs, follow us on Twitter or join our community group on Telegram.
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🦜 Want to join our flock? Connect with us on Twitter and join the conversation in our pNetwork Telegram and Discord.
💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.
🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.
💌 Excited about pBTC? Sign up for our newsletter and be the first to know which blockchain pTokens will make their home in next.
