Kyber Network, a decentralized chain crypto exchange, I just added an Ethereum compatible pLTC token, a new cross-chain token developed by the pTokens project.
After Cointelegraph announced the news on August 3, Kyber Network announced that pLTC tokens will be available through KyberSwap and other decentralized appsor DApps. They can also be used on platforms with the Kyber chain liquidity protocol.
pLTC is linked to Litecoin
The news comes shortly after pTokens started the pLTC token in the Ethereum mainnet on July 29th. Like other “pTokens”, The aim of pLTC is to release the liquidity of decentralized cross-chain financing (DeFi) by connecting the underlying asset to a blockchain network. pLTC is 1: 1 linked to Litecoin (LTC), making the resulting asset fully Ethereum compliant.
Shane Hong, Marketing Manager at Kyber Networkstated that thanks to the company’s action, lUsers can use another asset for decentralized funding for Ethereum.
Hong added that users can also trade pLTC against any other token supported by Kyber, including pBTC.
In March 2020 pTokens presented its pBTC token on the Ethereum mainnet. As reported, pBTC is 1: 1 bound to Bitcoin and supports the Ethereum ecosystem.
Litecoin, launched in 2011, is one of the most popular cryptocurrencies. As of the date of this article, it is the seventh largest crypto asset by market cap. Inspired by Bitcoin (BTC), Litecoin is technically very similar to BTC, although it is a faster and cheaper alternative. At press time, Litecoin is trading at $ 59 and a $ 3.8 billion market cap.