IOTA Foundation announced another breakthrough for IOTA token. According to the message, IOTA token liquidity will be available in the Binance Smart Chain.
In short, packaged IOTA is available on BSC. As a result, IOTA holders can use their tokens to participate, invest or carry out other activities in DeFi applications on Binance Smart Chain. The new partnership somehow bridges complementary blockchains. It will undoubtedly lead to more users for both blockchains.
BSC DeFi apps that support IOTA tokens
The IOTA community has been one of the most active in the past few months. The new version of the blockchain will be released shortly with many new functions and tools. IOTA will show a lot more use cases in the latest version, including smart contracts and token issuance.
The IOTA Foundation has been striving for some time to increase the liquidity of IOTA tokens. It tries to work with other blockchains to grow the community as well. The recent partnership with Binance Smart Chain is leading to more liquidity use cases for the IOTA token. In simple terms, IOTA holders can do more with their tokens. It also paves the way for other assets to live on the IOTA network.
The partnership with BSC is unique for IOTA. It’s a great example of IOTA tokens living on a different blockchain. This gives IOTA developers more options. You can find more practical features for IOTA as it can live and work on other blockchains.
Living with Binance Smart Chain is an excellent opportunity for IOTA. BSC is a blockchain developed by Binance that focuses on smart contracts and dApp development. Many applications have been launched on BSC and the developer community is growing very quickly. If more dApps are launched on BSC, we can expect more use cases for the IOTA token in this blockchain.
As already mentioned, IOTA will live as a packaged token on BSC. Asset wrapping is the process that BSC’s IOTA can live with. According to the announcement::
“While there are several ways asset wrapping works, the general requirement is that a third party or group of decentralized parties can hold assets. Once an asset can be custody (or held), a system is created that transparently displays all tokens on a given network that are blocked from being wrapped. With this transparency, a network can then “shape” a 1: 1 representation of a token that is blocked in custody. “
The recent partnership with BSC is the beginning of an exciting journey for IOTA. It forms the basis for community growth. As liquidity increases across multiple blockchains for IOTA, it can expect more users and more developer appeal.
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