pLTC has today launched on Ethereum mainnet, making Litecoin compatible with the ecosystem for the first time. This means that from today, Ethereum DeFi, DApps and tools become accessible to anyone holding LTC.
pLTC is the latest in our series of cross-chain DeFi tokens which make every cryptocurrency compatible with every blockchain. We’ve already brought pBTC to Ethereum and EOS, and are working hard to bring you more exciting tokens in the future, like pEOS and pETH.
What is LTC?
LTC is the native cryptocurrency of the Litecoin blockchain. Launched in late 2011, Litecoin was a fork of the original Bitcoin codebase. The main development team behind the chain, the Litecoin Foundation, is building infrastructure they claim will be capable of handling higher transaction volume than Bitcoin, and have already reduced block times to 2.5 minutes. LTC Is usually among the top 10 cryptocurrencies by market cap. It holds a market cap of 2.7 billion USD and is the fourth most traded cryptocurrency in terms of volume.
Litecoin has a longer history than most, as it was one of the first major blockchains to emerge following Bitcoin. Because it shares many characteristics with the Bitcoin protocol, it has become a great playground for innovation.
pTokens LTC — lite as a feather 🦜
pLTC is an industry-first bridge which allows crypto users and liquidity to flow cross-chain and into entirely different ecosystems.
All pTokens are pegged 1:1 with the underlying asset. With pLTC, users mint their own tokens by depositing LTC via the custom pTokens DApp. The LTC is then locked while the equivalent pLTC can move freely around the Ethereum ecosystem. Users can then redeem their LTC at any time, burning their pLTC tokens and receiving their original deposit in their Litecoin wallet of choice. This fast and seamless experience means that holders will continue to “own” Litecoin.
The pTokens solution essentially “unchains’’ crypto-assets so they are no longer limited to their native blockchain, becoming compatible across all blockchains. By extension, this opens up new and effortless market making opportunities.
We can redefine blockchain finance systems, which traditionally wall-in, and therefore limit, crypto assets.
As for DeFi platforms and DApps, they can now say hello to a new community of token holders. pTokens extend the usability and accessibility of these applications beyond one chain alone, inviting entirely new blockchain communities to explore, play and engage with them — bringing all that liquidity with them!
Peg-in your LTC
You can easily mint your own pLTC using the custom DApp — dapp.ptokens.io
Deposit your tokens by sending LTC to the blockchain address shown. Once deposited, this will trigger an instant minting of equivalent pLTC tokens, sent to the Ethereum wallet address you provide.
This incredibly fast peg-in/peg-out mechanism means you can also convert back to LTC at its current value, at any time. This also eliminates the need to sell currencies, a taxable event, in order to interact with Ethereum based applications.
The automated minting and redeeming of pLTC allows users to enter and exit the market continuously — an effortless process which creates frictionless liquidity for DEXs, DApps and their users.
Our team recently announced the pNetwork DAO, the decentralized layer and community-led governance system that will power the pTokens cross-chain solution. Learn how you can help govern the pNetwork and vote on proposals which influence its future!
Power the pNetwork DAO and earn 42% interest APR on your stake
Governance models, the Aragon framework and staking PNT
💪 Discover our new yield farming programme, Steroids.
🔋 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.
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