Crypto Liquidity Keeps Getting Better: We’re integrating with Provable’s pTokens!
We’re excited to announce our collaboration and upcoming integration with pTokens by Provable (ex-Oraclize)!!
pTokens is an exciting crypto product which makes every cryptocurrency compatible with every blockchain. Beginning with the ERC-20 token standard, pTokens will turn EOS into pEOS, making EOS and EOS tokens fully functional in the Ethereum ecosystem. pTokens are constantly pegged one to one, so holders can still maintain their stake in all their digital assets of choice!
As Ethereum offers the most widespread DeFi ecosystem today, pTokens first iteration offers non-Ethereum holders, such as holders of EOSDT, the opportunity to use these alternative digital currencies with Ethereum’s DApps, platforms and tools. pEOSDT will allow our community to explore an entirely new blockchain with ease, enabling their use within a variety of DApps in the decentralized financial industry. It will also enhance liquidity for our EOS-based stablecoin and expand the horizons for the Equilibrium framework, as the pTokenised EOSDT would still be always equal to EOSDT and fully redeemable for it.
On the flip side, other cryptocurrencies will eventually be introduced to the EOS blockchain, making popular digital assets, such as BTC and ETH completely compatible with it. This means holders of pBTC and pETH can explore the EOS DeFi ecosystem too, experience new liquidity from these non-native currencies, while still maintaining their stake in their original crypto portfolio. This is a unique advantage for those who hold a variety of assets, allowing them to interact with different DApps, platforms and tools they weren’t able to before. On the other hand, EOS’ DeFi DApps and its users will also experience new liquidity from these non-native currencies, introducing all of Ethereum and Bitcoin’s liquidity to EOS blockchain!
This cross-chain composability means greater benefit for EOSDT as well. Our framework is currently backed by EOS, but could benefit from the presence of other crypto assets to expand our backing mechanism. pBTC and pETH would help with this.
pTokens’ leverage Provable’s trusted computing technology. It’s already running on testnet, and they’re aiming for a Q1 mainnet release. For now the team will start with pEOS and pBTC on Ethereum, but keep an eye for future integrations!