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The Kyber Network, a decentralized chain-based cryptocurrency exchange, has just listed the Ethereum-compatible pLTC token, a new cross-chain token developed by the pTokens project.
Announcing the news to Cointelegraph on August 3, Kyber Network said pLTC tokens will be accessible via KyberSwap and other decentralized apps, or DApps. They will also be available on platforms based on Kyber’s on-chain liquidity protocol.
pLTC is anchored in Litecoin
The news comes shortly after pTokens launched the pLTC token on the Ethereum mainnet on July 29. Similar to other “pTokens”, the pLTC token aims to unlock decentralized cross-chain finance, or DeFi, liquidity by linking the underlying asset to any blockchain. pLTC is pegged 1: 1 to Litecoin (LTC), making the legacy asset fully compatible with Ethereum.
Kyber Network marketing manager Shane Hong explained that the new token list allows users to use yet another decentralized finance resource on Ethereum.
Hong said:
“pLTC offers Litecoin holders a convenient way to explore the world of decentralized finance on Ethereum. Kyber is delighted to help the Provable team support pLTC liquidity through our Fed Price Reserve.”
Hong added that users can also trade pLTC for any other Kyber-supported token, including pBTC.
In March 2020, pTokens introduced its pBTC token on the Ethereum mainnet. As reported, pBTC is pegged 1: 1 to Bitcoin and is compatible with the Ethereum ecosystem.
Litecoin, launched in 2011, is one of the most popular cryptocurrencies. It is ranked as the seventh largest cryptocurrency by market capitalization as of press time. Inspired by Bitcoin (BTC), Litecoin is technically very close to Bitcoin, albeit a faster and cheaper alternative. As of press time, Litecoin is trading at $ 59 with a market cap of $ 3.8 billion.
