Waves issues ERC-20 for collaboration with Ethereum network
As Waves continues to foster interoperability between various protocols, the WAVES token has been ported to Ethereum.
We are glad to share that today a gateway facilitating transfers of the WAVES token to the Ethereum blockchain has been launched. This will enhance interoperability between the two blockchains and introduce Waves functionality to Ethereum users. This is a vital event for both ecosystems!
As a result of the gateway launch, WAVES token holders will have access to numerous decentralized applications, exchanges, and DeFi protocols operating on the Ethereum blockchain, whose users, in turn, will gain easy access to the WAVES coin.
Users will be able to move the WAVES token between the two blockchains through a gateway launched in the Waves.Exchange client interface. The withdrawal fee will be 2 WAVES and the deposit fee will be 0 WAVES. In order to issue one ERC20 WAVES, users have to lock one WAVES on the Waves blockchain.
A WAVES to USDN pool has already emerged on the leading decentralized exchange Uniswap. The addresses of token smart contract are:
Ethereum is the largest ecosystem in the number of decentralized apps and their users, and the arrival of the WAVES token in the ERC-20 format opens up new opportunities for interaction between the two ecosystems. As of 2021, the gateway will be operated through Gravity, a data protocol that connects disparate blockchains with a truly agnostic and untokenized hub, acting as an oracle between systems. Waves is also going to implement the option of staking WAVES tokens directly from Ethereum wallets.
Two Waves ecosystem tokens — Neutrino USD (USDN), an algorithmic dollar-pegged stablecoin, and Neutrino System Base Token (NSBT), a system and governance token for the Neutrino protocol, — have been available in the Etherum network for several months. So far, about 15.3 million USDN have been transferred to Ethereum and are available in the pools of major DeFi protocols, such as Uniswap, 1inch and Curve.