Waves.tech, the ecosystem of next-generation technology built on the Waves protocol, announced its ERC20 interoperability with Ethereum’s network. Its native token WAVES will be launched on Ethereum to enhance interoperability between the two networks and introduce the functionality to ETH users as the company said in a press release that we have in our latest ethereum news.
The Waves.tech network is designed for users that are able to create and launch custom cryptocurrency tokens without the need for extensive smart contracts programming. All of the tokens created on the network can be managed via scripts that run in the users’ accounts. The functionality is coming to users of the ETH network and waves holders can now access numerous decentralized applications, exchanges, and Defi protocols that operate on the Ethereum blockchain. The users can then gain easy access to the Waves token which will allow Waves pools to become available on Mooniswap, Curve, and Uniswap.
The Waves-ethereum gateway is available on the Waves.exchange interface. In order to issue one ERC20 Waves so the users will lock one Wave on the waves blockchain. Converting the tokens from ETH back to Waves is also possible. In 2021, the gateway will be operated via Gravity which is a data protocol that connects disparate blockchains that have untokenized hubs and act as an oracle between systems. The Waves team is going to implement the option of staking the token directly from ETH wallets. Sasha Ivanov the founder of Waves said:
“Ethereum is the leading blockchain by the number of dApp users. The emergence of the WAVES token in ERC20 format provides new opportunities for interaction between the two ecosystems.”
“Some tokens on the Waves blockchain have already been accessible in the Ethereum network for a couple of months, and we see a growing demand for them. This is an example of working cross-chain interoperability which has been so much discussed recently.”
Waves announced earlier this year, the porting of two tokens into the ETH network Neutrino, which is an algorithmic dollar-pegged stable coin, and Neutrino system Base token which is a system and governance token for the Neutrino protocol that runs on the Waves blockchain. It also added that about 13.7 million USDN were transferred to ETH and is available in the pools of major Defi protocols like Curve and Uniswap.
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