Kyber Network Facilitates Trading Ethereum Compatible Litecoin Token
Decentralized, on-chain crypto exchange Kyber Network has added Ethereum-compatible pLTC token, a cross-chain token created by pTokens venture, to the list of supported cryptos.
In its media news relelease, Kyber Network has stated that pLTC tokens can be accessed via KyberSwap and a few more DApps.
Furthermore, they are also listed on platforms running on its native on-chain liquidity protocol.
The initiative follows the pTokens’ launch of pLTC token on Ethereum blockchain on July 29. Comparable to other “pTokens,” pLTC token intends to free up cross-chain decentralized finance (DeFi) liquidity by linking the primary asset to any blockchain.
pLTC is backed by Litecoin (LTC) on a 1:1 ratio, ensuring that the legacy asset is totally compatible with Ethereum.
Shane Hong, Kyber Network’s marketing manager, opined that users will be able to make use of the newly listed token for DeFi on Ethereum blockchain.
“pLTC provides Litecoin holders a convenient way to explore the world of decentralized finance on Ethereum. Kyber is glad to help the Provable team support pLTC liquidity via our Fed Price Reserve.”
Furthermore, Hong stated that users will also be able to trade pLTC against other tokens listed by Kyber, for example pBTC.
Earlier in March, pTokens rolled out its pBTC token on Ethereum mainnet. pBTC is pegged to Bitcoin on a 1:1 ratio and is compatible with Ethereum network.
Popular Litecoin was rolled out in 2011 and currently ranked as the seventh largest crypto by market cap. Litecoin, being inspired by Bitcoin (BTC), is technically quite close to the latter.
However, Litecoin’s blockchain can process transactions quickly and trades at less than 0.5% of Bitcoin’s price. At the time of writing this article, Litecoin was trading at $60, reflecting a market capitalization of roughly $3.90 billion.