From now on, pBTC tokens will also be compatible with EOS, backed by bitcoin 1:1.
BTC owners will therefore be able to issue pBTC tokens to use them within both the Ethereum and EOS ecosystems, allowing interaction with various DeFi platforms without having to sell or exchange BTC, which can be redeemed at will, at any time, by returning the created pBTC.
This new solution makes bitcoin compatible with the DeFi ecosystem on EOS for the first time, introducing BTC as a possible collateral for EOS-based stablecoins such as Equilibrium (EOSDT).
Equilibrium’s EOSDT is an EOS-based DeFi project that has created a stablecoin anchored to the value of the US dollar, with already about $10 million locked as collateral.
The current model using a single token as collateral (EOS) will soon be modified to a multi-collateralized version supported by a more liquid and stable pBTC.
The CEO and founder of Equilibrium, Alex Melikhov, said:
“We are excited about the pBTC integration because it creates more use cases for our users, who can now get the most out of their crypto portfolio. DeFi has been most waiting for a trustworthy way to collateralise Bitcoin and now it has become a reality.
Our main goal was to provide a seamless user experience and we have performed a deep integration of pTokens’ solution into our web interface. As a result, raising liquidity in EOSDT stablecoins against Bitcoin collateral is as easy as sending just two blockchain transactions — one is to deposit Bitcoin and another to redeem EOSDT”.
The founder of Provable Things, the development team behind the pTokens project, Thomas Bertani, added:
“Decentralized applications today must interoperate and complement each other like lego blocks in order for the entire DeFi industry to scale. This interoperability is vital for the movement, as liquidity is the catalyst which will help DeFi reach its true potential.As a growing DeFi ecosystem, EOS is on course to host commercial-scale DApps, helping to drive its mass adoption. Merge this with Bitcoin’s unparalleled liquidity, and we could create a powerhouse of decentralized finance”.
The Bitfinex exchange has announced that its users will also be able to deposit pBTC on the platform to redeem it in BTC. This way the exchange links the decentralized world to the centralized world, making it easy to switch between different assets on different blockchains.
Bitfinex CTO Paolo Ardoino commented.
“Fluid cross-chain swaps are one of the missing key features to improve user experience and contribute to mass adoption for our space. The ability to easily move tokens from one blockchain to another will help growing liquidity across DEXes, DeFi projects and centralized exchanges. pTokens represent a promising and secure approach to the problem. For this reason Bitfinex and I are glad to announce the support for pBTC deposits and withdrawals”.