Wrapped IOTA Launches on Binance Smart Chain (BSC) to Boost DeFi liquidity
- IOTA launches on Binance Smart Chain, or BSC, introducing decentralized finance (DeFi) capabilities for its holders.
In a blog post shared on Monday, IOTA Foundation announced the launch of “wrapped IOTA” on Binance’s decentralized platform, Binance Smart Chain (BSC). The introduction of IOTA on BSC will enable holders of MIOTA, IOTA’s native token, to participate in DeFi applications built on Binance Smart Chain. With the release of this feature, IOTA now lives on two blockchains for the first time.
“Now, with wrapped IOTA on Binance Smart Chain, IOTA holders can use the IOTA Token to participate in DeFi applications on the Binance network.”
This integration follows previous attempts by IOTA developers to build bridges across different blockchains to improve cross-chain interactions. The integration aims at growing liquidity across multiple chains providing IOTA as one of the asset classes you can borrow, lend, stake, and earn on BSC-based DeFi apps.
Users can use the IOTA-Binance bridge to swap their IOTA tokens to wrapped IOTA on Binance to start enjoying DeFi on BSC. The portal also allows reverse transactions from wrapped IOTA to IOTA at a 1:1 exchange ratio at all times. Once the wrapped IOTA has been deposited to your BSC wallet, users can trade, swap, and interact with services similar to any BEP20 token.
IOTA Foundation expects this integration to be the first of multiple chains – possibly Ethereum ETH 1.16% Ethereum / USD ETHUSD $ 3,578.27
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“We see this integration with Binance Smart Chain as the first step in growing liquidity across multiple chains, while also preparing for the ability for other assets to live on the IOTA network,” a spokesperson from IOTA Foundation said.