SAN FRANCISCO, Jan. 15, 2021 /PRNewswire-PRWeb/ -- Ethereum Classic Labs (ETC Labs), the leading supporter of the Ethereum Classic blockchain, announces the first round of listings of WETC on top decentralized exchanges, including Uniswap and SushiSwap, with more listings to be added in the near future.
"We're very excited to announce that WETC is now available on some of the most popular decentralized exchanges, including Uniswap and Sushiswap," said Terry Culver, CEO of ETC Labs. "Participating in the fast-growing DeFi economy just got easier for the Ethereum Classic community, as ETC holders can now leverage WETC to gain access to key financial services like trading, savings, lending, and borrowing that might not have otherwise been readily available to them."
WETC can be transferred or stored in any ERC20-compatible wallet or storage mechanism. Holders of WETC will gain access to a larger market with more liquidity. These advantages extend to transacting with and selling WETC on decentralized exchanges and leveraging WETC on lending platforms to borrow assets or create loans using WETC as collateral.
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 in a smart contract and a corresponding amount of WETC is minted on Ethereum. Users can also transfer their tokens from WETC back 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.
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About Ethereum Classic Labs (ETC Labs):
Ethereum Classic Labs (ETC Labs) is the leading supporter of the Ethereum Classic blockchain, a public blockchain with a market cap of $1.5B. Working with the ETC Core development team, ETC Labs builds and maintains key applications, solutions, and tools to ensure a secure and thriving Ethereum Classic ecosystem. Through its accelerator program, ETC Labs invests in projects and initiatives that further financial inclusion, women's participation in technology, and wildlife conservation. As part of these social impact efforts, ETC Labs issues grants to propel research and development in scalability, storage, interoperability, and adoption in the greater blockchain economy. For more information visit, http://www.etclabs.org.
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SOURCE Ethereum Classic Labs
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