Introducing pTokens to Eidoo; unchain your crypto assets & dive into DeFi
Introducing pTokens to Eidoo; unchain your crypto assets & dive into DeFi

Introducing pTokens to Eidoo; unchain your crypto assets & dive into DeFi

By Trajche Petrov - 11 Mar 2020

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DeFi is taking over!

The industry recently celebrated a new milestone, reaching $1 billion in Total Locked Value in mid-Febrary. Our friends over at Blockfolio also recently revealed some valuable data insights, predicting that there will be 5 billion cryptocurrency transactions over the next 5 years. 

It seems DeFi is definitely here to stay. And team Eidoo is always on the hunt for new and innovative ways to bring this world of open finance closer to you. 

We just launched our pTokens integration, an industry-first solution developed by our sister company Provable Things, which aims to unlock liquidity in DeFi by making every cryptocurrency compatible with every blockchain! 

What is “liquidity”?

Liquidity means that an asset can be easily bought, sold or traded. There is still a lot of friction here when it comes to cryptocurrencies, especially when swapping ‘cross-chain’, such as from Bitcoin (BTC) to Ether (ETH).

The pTokens solution makes DApps accessible to anyone holding crypto assets, without having to sell or exchange them. 

The first of the pTokens series which just launched is pBTC, making Bitcoin compatible with the Ethereum network. This new token invites all Bitcoin holders to interact with the world of Ethereum DeFi. 


What’s the big deal?

Although the DeFi ecosystem is growing rapidly, its current liquidity is still unable to accommodate the constant flow of new tools and platforms. This creates a bottleneck and prevents the overall growth of our industry. 

And with most DeFi tools and platforms built upon the Ethereum network, this locks out non-ETH crypto holders to exciting new DApps and stops them from participating in Ethereum’s advanced Defi ecosystem.

To maximise the potential of the DeFi economy, cryptocurrencies should be able to move freely and seamlessly between exchanges, DApps and wallets. We are all working towards a fluid DeFi system to make sure your everyday experience with crypto is as easy, frictionless and enjoyable as possible. 

With pTokens, liquidity flows instantly and fluidly between different blockchains, expanding the world of DeFi.

By owning pBTC, all Bitcoin hodlrs will get instant and simplified access to an entirely new blockchain and bring their liquidity to Ethereum. 


How do pTokens “work” 

pTokens are pegged 1:1 with the underlying asset that they represent – in this case bitcoin. That means one pBTC will always be equal to one BTC. If you’d like to learn more about how pTokens work, check out this beginner’s article

For all Eidoo wallet users, the easiest and quickest way to get your hands on pBTC is to swap it directly in-app for DAI, ETH, USDT or WBTC. 

You can do that by clicking here!

The process for creating pBTC tokens (minting) and redeeming your BTC (burning) is also simple. You can do this via the Eidoo app. You just peg-in using your own BTC that you already have in your wallet. It’s fast and secure. 


To peg-in pBTC:

1) From your wallet, click or tap on the “QR Code” button on the upper right corner

2) Select “pTokens BTC”

3) Deposit BTC to the peg-in address. Remember that the minimum peg-in amount is 0.0005 BTC.

Once the peg-in process is completed, your new pBTC tokens will appear in your Eidoo wallet. You will be ready to use the representative Bitcoin token with our services. 


How to peg-out pBTC:

1) From the personal wallet, click or tap on the “Manage your pTokens” banner 

2) Input or paste your BTC address and tap on “Proceed”

3) Select the amount that you want to redeem and confirm the transaction. Note that the minimum peg-out amount is 0.0005 pBTC.



What can I do with my pBTC? 

Thanks to our integration with Kyber Network, you can swap your pBTC for any other Ethereum-based token, including ERC20 and ERC777 tokens. This makes Bitcoin’s liquidity available to all Kyber users and aims to provide added value for all, as it levels up the game for the protocol to keep increasing its trading volumes. 

ptokens eidoo

You’ll be able to stake your pBTC in liquidity pools such as Bancor Network and Uniswap.  The pBTC liquidity pool on Bancor, for example, allows any user to stake their pBTC, generate fees from trades on Bancor, and ultimately collect their earnings in BTC.

Thanks to future integrations of the pTokens solution, you’ll be able to use your pBTC as collateral or even earn interest through staking in the DeFi Exchange


We’ll be releasing news about some more exciting collaborations between Eidoo and Provable, so stay tuned…

Download or update your app to start playing with pBTC.

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