Since 2020 DeFI ecosystem at Ethereum Blockchain has significantly increased and established a diverse market worth multi-billion dollars. With ever-growing interest in Decentralized Finance, the need of having cross-chain connections throughout blockchain systems has become necessary. These cross-chain connections are required for providing seamless and instantaneous execution of crypto transactions. Ethereum Blockchain receives EOS provided by pNetwork for cross-chain connection purposes allowing Ethereum to incorporate EOS in its DeFi ecosystem.
By market capitalization, EOS is amongst the world’s top 20 digital currencies and a native token that is available at EOS blockchain. It is also the primary source of providing power to one of the world’s vigorous and lively dApps ecosystem. EOS’s average daily trading volume is well above US$3.5 Billion which makes it the 9thmost heavily traded digital asset globally.
Though EOS Blockchain’sDeFI ecosystem is rapidly growing in size, however, the same hasn’t even come close to Ethereum. However, the Ethereum’sDeFi ecosystem has been able to witness multi-billion dollar trade volume on daily basis. Most prominent of them all is Uniswap’sDeFi available at Ethereum which is undeniably the world’s largest. In addition, Uniswap’s liquidity protocol is at number 4 when it comes to TVL (i.e. Total Value Locked).
As of today, pNetwork has successfully launched its newly developed cross-chain connection at Ethereum wherein EthereumBlockchain has been provided with EOS. The details suggested that EOS blockchain has sent approximately 26 bridges to Ethereum for integration into six separate DeFi protocols. It was informed that pNetwork’sconnections have been provided for cryptocurrencies including BTC, ETH as well as for Dogecoin.
This tokenized form of pEOS is the first of its kind wherein pNetwork has made them workable with Ethereum’s present DeFi ecosystem. Integration of pEOS will benefit both, Etherum as well as pNetwork. For instance, Ethereum will be able to enlarge its assets’ range while EOS will be traded in a decentralized manner.
Usually, pNetwork’s native tokens are of fixed ratio i.e. 1:1 which is directly interlinked with their respective principal asset. These pTokens are then used with dApps for the purposes of redeeming and minting. Furthermore, they have been made available at various blockchain networks, digital wallets plus crypto trading platforms/exchanges which are decentralized.
Both EOS and Ethereum provides for active and advanced dApp ecosystems that are overrun by a large number of users around the globe. By linking two overwhelmingly populated blockchains together, pNetwork’s objective is to encourage further dApps that are equipped with trading and borrowing functions.
As a result of this connectivity, now the users will be able to use Ethereum and EOS blockchains simultaneously at one place. It is said that the ecosystems of both blockchains will become more robust than before. In addition, both blockchains have already begun working on the development of state of the art financial system.