Blockchain technology is changing the world as we know it. However, if Defi’s rapid growth is to be sustained, interoperability across multiple chains is required to unlock the liquidity potential of the entire crypto market.
Wanchain’s blockchain interoperability platform is designed to do just that – a cross-chain, one-stop-shop for decentralized financial services made possible by establishing integrations with all major blockchain networks.
Litecoin cross-chain interoperability
Litecoin is the newest such network to be connected to this cross-chain infrastructure, according to an announcement by from Wanchain Foundation. The integration of Litecoin further improves Wanchain’s interoperability by 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, the integration of Litecoin with Wanchain enables cross-chain LTC transactions and enables use with Ethereum Virtual Machine-compatible smart contracts, expanding the utility within the defi dApp ecosystem. Following its recent cross-chain integration with the XRP ledger, the addition of Litecoin shows how Wanchain is successfully opening the world of decentralized finance to a growing number of digital asset owners. Previously operating in isolated blockchains, these owners can now share value and data with the wider space – the key to mass adoption of blockchain technology.
The process works by locking funds on the Litecoin blockchain using the account’s private keys, which are managed by Wanchain nodes. Proxy tokens are issued on Wanchain that represent the blocked LTC. These proxy tokens can then be used across 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 with the words: “Litecoin is one of the most important cryptocurrencies in the world. It’s also among the largest with no smart contract features. Wanchain and several of our corporate partners are all excited about 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, added, “Wanchain’s Litecoin integration underscores the industry-leading expertise of the Wanchain development team. Linking a really heterogeneous blockchain like Litecoin with EVM-compatible chains like Ethereum, Wanchain and Binance Smart Chain without sacrificing security or decentralization is a real masterpiece. Integrations like this and XRP Ledger reaffirm Wanchain’s mission to connect all of the silo blockchains in the world. Wanchain has come one step closer to the goal of being the wide area network of the blockchain industry. “
LTC Yield Farming and Staking Opportunities go live
With the world of Defi now integrated into Litecoin, LTC holders have immediate options to generate high yields from staking and yield farming platforms connected to Wanchain’s interoperability infrastructure. WansSwap is a prime example of an innovative, cross-chain, decentralized exchange that has already launched a farming pool for LTC and is helping owners generate additional income from their LTC assets. Other uses include cross-chain mobile payments and enterprise blockchain connectivity as the range of Wanchain Defi applications continues to grow.
Disclaimer: This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice.