The realities of a global pandemic and economic crisis are solidifying DeFi as an integral part of the rapidly expanding digital economy.
SAN FRANCISCO (PRWEB)
November 18, 2020
Ethereum Classic Labs (ETC Labs), the main proponent of the Ethereum Classic blockchain, releases Wrapped ETC (WETC) to include Ethereum Classic (ETC) user participation in the growing DeFi ecosystem.
“The realities of a global pandemic and economic crisis are solidifying DeFi as an integral part of the rapidly expanding digital economy,” said James Wo, founder and president of ETC Labs. “Especially where access to financial services such as trading, savings, loans and loans are inaccessible due to the distance or the inability to open a bank account, DeFi will be an increasingly important force for positive change. facilitate access to DeFi for ETC users with the launch of WETC “.
WETC can be transferred or stored in any ERC20 compatible wallet or storage mechanism. WETC holders will have access to a larger market with greater liquidity. These benefits extend to trading and selling WETC on decentralized exchanges and leveraging WETC on lending platforms to borrow assets or create loans using WETC as collateral.
By deploying ChainBridge, supported by ChainSafe, a decentralized application that interfaces with both the Ethereum Classic blockchain and the Ethereum mainnet, ETC tokens can be transferred to the Ethereum mainnet via the bridge. When this occurs, a specified amount of ETC is locked into a smart contract and a corresponding amount of WETC is minted on Ethereum. Users can also transfer their tokens from WETC to ETC via the ETC bridge. When this transfer occurs, WETC tokens are burned and the equivalent amount of ETC is unlocked on the Ethereum Classic chain.
ETC Labs is working to list WETC on exchanges and develop DeFi governance applications. The release of WETC follows the launch of a DAI-ETC bridge, which allows ETC users to gain access to one of the most popular stablecoins in DeFi: MakerDAO’s Dai.
Offering new avenues for wealth generation and globalized access to financial services such as loans, custody, accrued interest and trading, decentralized finance (DeFi) has grown to over half a million users, with over $ 13 billion locked in. in the DeFi protocols. Since the vast majority of DeFi protocols are based on Ethereum, WETC will provide ETC users with an easy way to access DeFi on the Ethereum blockchain.
For media inquiries, contact Kili Wall at (310) 260-7901 or Kili (at) MelrosePR (dot) com.
About Ethereum Classic Labs (ETC Labs):
Ethereum Classic Labs (ETC Labs) is the main proponent of the Ethereum Classic blockchain, a public blockchain with a market capitalization of $ 1.5 billion. Working with ETC Core’s development team, ETC Labs builds and manages key applications, solutions and tools to ensure a secure and thriving Ethereum Classic ecosystem. Through its acceleration program, ETC Labs invests in projects and initiatives that foster financial inclusion, women’s participation in technology, and wildlife conservation. As part of these social impact efforts, ETC Labs is issuing grants to promote research and development in terms of scalability, storage, interoperability and adoption in the broader blockchain economy. For more information, visit http://www.etclabs.org.
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