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Bitfinex Lists New Cross-Chain DeFi Token to Drive DEX Liquidity

Main crypto trade, Bitfinex, continues to drive decentralized finance, or DeFI, adoption by asserting help for a brand new cross-chain DeFi resolution.

Bitfinex trade plans to record pTokens (pBTC) — a brand new token that goals to unlock cross-chain DeFi liquidity by connecting Bitcoin (BTC) to any blockchain. The token is pegged 1:1 to Bitcoin and is suitable with the Ethereum (ETH) and EOS DeFi ecosystems to this point.

Bitfinex to streamline liquidity flows between centralized and decentralized exchanges

Bitfinex CTO, Paolo Ardoino, advised Cointelegraph that the platform expects so as to add help for pBTC deposits and withdrawals by the tip of Might 2020. Ardoino elaborated that pBTC will change into the primary DeFi interoperability-focused token supported on Bitfinex.

He stated:

“In the meanwhile we’re supporting solely pTokens however we welcome extra tasks to work with us to make it simpler for our customers to acquire entry to cross-chain liquidity.”

Ardoino beforehand endorsed the pTokens venture in late December 2019, predicting that cross-chain worth transfers could be essentially the most important situation dealing with the cryptocurrency sector in 2020.

Thomas Bertani, founding father of Provable Issues, the primary growth group behind the pTokens venture, stated that pTokens’ integration with Bitfinex streamlines the circulation of liquidity between centralized and decentralized exchanges. Bertani added that the itemizing facilitates a straightforward token swap and creates a brand new gateway for BTC liquidity to stream into the DeFi ecosystem. As of press time, pBTC is barely buying and selling on two markets — Kyber Community and Bancor Community — in accordance with information from Coingecko.

pTokens launches Bitcoin to EOS interoperability bridge

Itemizing pBTC on Bitfinex comes along side pTokens launching an interoperability resolution. This resolution will make Bitcoin suitable with the EOS DeFi ecosystem. pBTC was introduced onto the Ethereum community again in March 2020, enabling Bitcoin customers to make use of pBTC in each the Ethereum and EOS ecosystems. Bertani identified that DeFi functions need to be interconnected to contribute to your complete DeFi business progress:

“Decentralized functions at present should interoperate and complement one another like lego blocks to ensure that your complete DeFi business to scale. This interoperability is significant for the motion, as liquidity is the catalyst which is able to assist DeFi attain its true potential.”

Bertani additionally added that the agency is actively engaged on different pTokens, together with pETH, pEOS, pLTC and pDAI:

“New pTokens similar to pEOS and pLTC have already been deployed in a take a look at setting and also will quickly be accessible on Ethereum mainnet. The identical will apply to different property, bringing pETH and pDAI to EOS.”

Extra choices for steady Bitcoin collateralization by way of EOS DeFi

Whereas the vast majority of the DeFi lending options combine Bitcoin by way of Ethereum, pBTC’s launch on the EOS DeFi introduces Bitcoin as collateral for EOS stablecoins. As a part of the initiative, pBTC will combine with main decentralized EOS stablecoin, EOSDT. Developed by multi-chain DeFi framework Equilibrium, EOSDT will change into one of many few Bitcoin-integrated EOS DeFi options. It’s going to act as a brand new DeFi device to offer the steady collateralization of pBTC.

Equilibrium shouldn’t be the one agency that brings Bitcoin to EOS DeFi lending, nonetheless. Alex Melikhov, Equilibrium’s CEO and co-founder, stated that EOSDT can be offering an alternative choice to the Bitcoin-EOS integration by dForce community. Melikhov added that the pBTC integration with EOSDT is scheduled for subsequent week.

When a technical situation triggered hundreds of thousands of dollars-worth mortgage failures in March, pTokens’ Bertani opposed EOSDT to main decentralized stablecoin venture, MakerDAO. Bertani stated:

“The crypto business has discovered some exhausting classes from the most recent market falls. We are able to all agree that stablecoins have proved to be far much less “steady” than we first imagined, with latest occasions just like the MakerDAO debt public sale exposing some hidden architectural flaws. New options are wanted to ensure the steady collateralization of those digital property like DAI and EOSDT.”

The information comes after Chinese language lending platform, Lendf.me, a part of the dForce community, suffered a $25 million hack on April 19. The hacker subsequently returned the stolen cash as of April 22 after doubtlessly exposing their very own id information.

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