The realities of a global pandemic and economic crisis are cementing DeFi as an integral piece of the rapidly-expanding digital economy.
SAN FRANCISCO (PRWEB) November 18, 2020
Ethereum Classic Labs (ETC Labs), the leading supporter of the Ethereum Classic blockchain, releases Wrapped ETC (WETC) to include participation of Ethereum Classic (ETC) users in the growing DeFi ecosystem.
"The realities of a global pandemic and economic crisis are cementing DeFi as an integral piece of the rapidly-expanding digital economy," said James Wo, Founder and Chairman of ETC Labs. "Especially where access to financial services like trading, savings, lending, and borrowing are inaccessible due to distance or inability to set up a bank account, DeFi will be an increasingly important force for positive change. We are very pleased to facilitate access to DeFi for ETC users with the launch of WETC."
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.
ETC Labs is working to list WETC on exchanges and develop DeFi governance applications. The release of WETC follows the launch of a DAI-ETC bridge, which enables ETC users to gain access to one of the most popular stablecoins in DeFi: MakerDAO's Dai.
Offering novel avenues for wealth generation and globalized access to financial services like loans, custody, earned interest and trading, Decentralized Finance (DeFi) has grown to over half a million users, with over $13 billion USD locked into DeFi protocols. Given the vast majority of DeFi protocols are based on Ethereum, WETC will provide ETC users an easy way to access DeFi on the Ethereum blockchain.
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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.