Bender Labs, a Defi-focused blockchain company, releases its pioneering cross-blockchain bridge.
Same standard, different blockchain: ERC-20 and ERC-721 tokens go live on Tezos (XTZ)
According to a press release shared with U.Today, Bender Labs delivered the mainnet version of its WRAP Protocol. Built around WRAP tokens, it ensures interoperability between Ethereum (ETH) and Tezos (XTZ) blockchains.
Actually, WRAP is both an ERC-20 token and FA-2 token at the same time. With WRAP instruments, users can mint wTokens, synthetics of ERC-20 and ERC-721 tokens.
These prices are pegged to the value of "natural" Ether-based assets. At the same time, they are fully accessible through Tezos (XTZ).
The Bender Labs team believes that this design can mitigate issues in the DeFi segment caused by the Ethereum fee upsurge.
Proof of stake (PoS) is accessible for Ethereans even without ETH2
Bender Labs CEO Hugo Renaudin outlined the paramount importance of this release for the progress of the entire DeFi segment:
We're building Bender: a self-driving bank for an open financial system because we believe that financial markets should be open, transparent, unstoppable and rely mostly on lines of codes rather than intermediaries.
For Ethereum (ETH) users, it also means a rare opportunity to utilize their tokens in a proof of stake (PoS) environment before Ethereum 2.0 launches in mainnet.
Tezos (XTZ) blockchain is a self-upgradeable proof of stake (PoS) environment for low-cost and speedy transactions.
Thus, its interoperability with Ethereum (ETH) brings cross-chain interaction in Defi to a completely new level where value can be seamlessly moved across multiple blockchains with different types of consensus.