Ethereum’s DeFi ecosystem has evolved tremendously over the previous year to establish a multi-billion dollar business.
As Decentralized Finance grows in popularity, cross-chain links allow crypto assets to flow rapidly and effortlessly across blockchain networks become increasingly important. These enable DeFi platforms to be a viable alternative to centralized exchanges. Today, pNetwork announces the first cross-chain EOS to Ethereum link, transporting the EOS crypto asset into Ethereum’s DeFi ecosystem.
EOS on Ethereum
The native token on the EOS blockchain, EOS is a top-20 cryptocurrency by market size. It is also the driving force behind one of the most active dApps ecosystems. The asset has more than $ 3.5 billion daily trading volumes, making it the ninth most traded cryptocurrency. At the moment, just a tiny portion of the total carries out in a decentralized manner.
While the EOS DeFi ecosystem is expanding, it has not yet reached the size of Ethereum. Uniswap is the most significant liquidity protocol and the fourth largest DeFi protocol in terms of Total Value Locked. It powers billions in daily trading volumes.
Following the delivery of 26 bridges linking six distinct blockchain protocols, including the cross-chain transfer of major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, pNetwork now announces the launch of a new cross-chain connection that connects EOS to Ethereum.
PEOS is the first tokenized version of EOS, making it compatible with Ethereum’s DeFi. This benefits both parties by allowing Ethereum’s DeFi protocols to accommodate more assets. This also gives EOS the possibility to trade decentralized and supported as a collateral type by major Ethereum-based lending platforms.
Many applications require cross-chain connectivity, from NFTs to market-making to decentralized indexes like PieDAO’s Pies. Such indexes can now represent the whole crypto market thanks to Ethereum’s network-powered asset tokenization.
All tokenized assets 1:1 ties to their underlying asset and may automate minted or redeemed via the pTokens dApp. Furthermore, several DeFi protocols and decentralized exchanges and wallets support pTokens on a rising number of blockchains.
Interoperability of ETH and EOS dApp
Ethereum and EOS are two of the most active dApp ecosystems, with thousands of users each. PNetwork seeks to facilitate decentralized applications such as lending/borrowing, trading, derivatives, and more by connecting these two blockchain environments.
PNetwork provides the first bidirectional connection between the Ethereum and EOS blockchains, acting as a cross-chain highway allowing cryptocurrencies to transfer frictionless from one blockchain to another.
Users on either blockchain can now interact with both ecosystems without ever leaving their preferred blockchain. Building blocks for the next-generation financial system projects established from the Ethereum and EOS communities — linking these two. Consumers will find an even more robust DeFi ecosystem.
DApps on the two blockchain platforms can now communicate with one another thanks to the network’s cross-chain technology. By exploiting the qualities of its counterpart, each ecosystem produces a benefit for both parties and establishes the foundation for long-term success.
The inclusion of an EOS/ETH decentralized trading pair, for example, with both Ethereum’s and EOS’s decentralized financing, allows market makers to arbitrage between the two blockchains. As a result, both assets have a more liquid decentralized market.
