- Ethereum Classic Labs launch Ethereum Classic ( WETC).
- The new product allows Ethereum customers access to Decentralized finance protocols via the ETH blockchain.
- The power of WETC is that it can be extended to ERC-20 compatible wallet, which means that clients can partake in the expanding Ethereum DeFi ecosystem.
Ethereum Classic Labs launches Ethereum Classic (WETC)
The power of WETC is that it can be extended to ERC-20 compatible wallet, which means that clients can partake in the expanding Ethereum DeFi ecosystem.
What WETC brings to ETC is that it can make it interoperable on Ethereum. The Ethereum Classic Labs move came so that ETC users would have access to Ethereums DeFi pool.
The Labs have used ChainBridge to make room for DeFi access. ChainBridge mints and burns appropriate levels of WETC on to the ETH blockchain.
It is no surprise that this move came as the DAI-ETC bridge was also launched recently. The ETC bridge allowed clients also to use DAI, an ethereum based stablecoin.
The cross-chain bridging template that DAI-ETC uses is the same as what the ChainSafe system created. ChainBridge is being used to create the new Ethereum Classic (WETC) because it is a decentralized space by ChainSafe Systems.
ChainBridge is a platform for smart contracts that works via ETC and ETH blockchains. When the WETC tokens are minted and burnt onto the Ethereum blockchain, ETC is withdrawn and transferred from the smart contract.
The WETC tokens go well with the ERC-20 wallet in the same way the other ERC-20 coins fit. Other ERC-20 tokens, Ethereum DeFi centered exchanges, gaming platforms, betting platforms, and lending platforms work with WETC.