Blockchain technology is changing the world as we know it. However, if the rapid growth in defi is to be sustained, interoperability across multiple chains will be required to tap into the liquidity potential of the whole crypto market.
Wanchain’s blockchain interoperability platform is designed to deliver just that - a cross-chain one-stop-shop for decentralized financial services enabled by establishing integrations with all major blockchain networks.
Litecoin Cross-Chain Interoperability
Litecoin has become the latest such network to be connected to this cross-chain infrastructure further to an announcement from the Wanchain Foundation. Litecoin’s integration further enhances Wanchain’s interoperability in enabling decentralized cross-chain transactions between isolated networks, with Bitcoin, Ethereum, EOSIO, and Binance Smart Chain (BSC) already supported.
As one of the longest established cryptocurrencies, Litecoin’s integration with Wanchain enables cross-chain LTC transactions and allows it to be used with Ethereum Virtual Machine compatible smart contracts, expanding its utility within the defi dApp ecosystem. Off the back of its most recent cross-chain integration with the XRP Ledger, the addition of Litecoin demonstrates how Wanchain is successfully opening up the world of decentralized finance to a growing number of digital asset holders. Previously operating within siloed blockchains, those holders can now share value and data with the broader space - the key to mass adoption of blockchain technology.
The process works by locking funds on the Litecoin blockchain with the account’s private keys managed by Wanchain nodes. Proxy tokens are issued on Wanchain representing the locked LTC. Those proxy tokens can then be used throughout the Wanchain ecosystem of connected blockchains, and the tokens can be burned to unlock the original LTC at any time.
Wanchain founder Jack Lu commented on the integration of Litecoin stating: “Litecoin is one of the world’s most important cryptocurrencies. It is also amongst the largest without smart contract capabilities. Wanchain and several of our enterprise partners are all very pleased at the prospect of what smart contracts and true decentralized cross-chain interoperability can bring to Litecoin and the blockchain community at large.”
Li Ni, VP of Business Development and Operations at the Wanchain Foundation went on to add: “Wanchain’s Litecoin integration highlights the industry-leading skill of Wanchain’s development team. Connecting a truly heterogeneous blockchain like Litecoin to EVM-compatible chains like Ethereum, Wanchain and Binance Smart Chain without sacrificing any security or decentralization is a true feat. Integrations like this one and XRP Ledger reaffirm Wanchain’s mission to connect all the siloed blockchains in the world. Wanchain is one step closer to being the Wide Area Network of the blockchain industry.”
LTC Yield Farming and Staking Opportunities Go Live
With the world of defi now integrated with Litecoin, options for LTC holders to begin earning high returns from staking and yield farming platforms connected to Wanchain’s interoperability infrastructure are immediately available. Wanswap is a prime example, delivering an innovative cross-chain automatic market maker decentralized exchange that has launched a farming pool for LTC already, helping holders generate an additional yield from their LTC assets. Other applications include cross-chain mobile payments and enterprise blockchain connectivity as the range of Wanchain Defi applications continues to grow.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.