The decentralized finance [DeFi] market, according to existing records and statistics, is one of the fastest-growing spaces in the crypto industry. Worth over $85 billion at the time of writing, DeFi has been described as a boon to the crypto market.
To leverage the booming market while offering prospective investors immense opportunities to earn, a ton of protocols and platforms have been launched to facilitate decentralized finance activities.
The Wanchain Foundation has built one of the more remarkable platforms out there. Built to become the world's cross-chain platform, Wanchain seeks to drive global blockchain adoption by building bridges that connect the world’s isolated blockchain networks. This cross-chain platform also seeks to push the DeFi market on the path of global adoption by offering developers a unique opportunity to create cross-chain decentralized applications [DApps] that will help facilitate DeFi facets.
In a recent press release, Wanchain Foundation announced the integration of Litecoin, the 12th largest crypto project by market cap, into its cross-chain infrastructure.
Whilst the DeFi market presently has a 14.88% dominance over the $1.7 trillion crypto market, a few problems still plague this emerging trend. The unavailability of a decentralized project that enables cross-chain transactions between siloed blockchains, unfortunately, is one of the more pressing problems. Wanchain, however, is well on its way to solving this major sticking point.
Currently supporting Bitcoin, Ethereum, EOSIO, XRP Ledger, and Binance Smart Chain [BSC], the inclusion of Litecoin further cements Wanchain’s stance as the most advanced cross-chain decentralized infrastructure servicing the trillion-dollar crypto market.
A P2P [peer-to-peer] digital currency, Litecoin was built on Bitcoin’s existing protocol as an advanced alternative to the premier crypto platform. Albeit one of the oldest crypto platforms, Litecoin, sadly, has fallen below expectations dropping from one of the top 5 cryptocurrencies based on market cap to its present number.
Litecoin’s Wanchain integration, according to renowned crypto experts, may well be the driving force needed to push this advanced digital currency back to the top. Leveraging the Wanchain Foundation’s cross-chain features, Litecoin will become compatible with EVM [Ethereum Virtual Machine] smart contracts.
Benefits to LTC Holders
According to the official press release, LTC holders will benefit greatly from this integration. Investors seeking to get in on the DeFi action via Wanchain’s existing infrastructure will immediately begin earning farming yields and passive income by simply staking a certain percentage of their portfolio into decentralized finance applications connected to Wanchain’s ecosystem.
One of such DeFi protocols is Wanswap, an innovative AMM [automatic market making] and cross-chain decentralized exchange which, according to reports, has launched an LTC farming pool, thereby simplifying the process for LTC holders seeking entry into the burgeoning DeFi market.
The Founder and CEO of Wanchain, Jack Lu, noted that Litecoin was surprisingly one of the biggest crypto projects without smart contract compatibility. The CEO further stated that they are pleased by the sheer prospect of what smart contracts will do for the Litecoin ecosystem as well as the blockchain community. A giant stride, the integration will open up unending opportunities to Litecoin holders, enabling them to gain greatly from the billion-dollar DeFi market.
Additionally, the availability of cross-chain transactions between siloed blockchains now made possible by this integration will, in addition to eliminating the existing DeFi entry barriers for LTC holders, put Litecoin on the path of mass adoption as a perfect payment plan for goods bought and services rendered.
With Bitcoin, Ethereum, Verge, BNB, and a host of others integrated as payment options by various merchants, this move may well position Litecoin as an ideal payment alternative.