Bitcoin Arrives Also On Algorand

Yesterday, pNetwork introduced the launch of its new cross-chain bridge that brings Bitcoin additionally to Algorand. 

ICYMI: @pNetworkDeFi formally launched its cross-chain bridge connecting the Bitcoin and Algorand networks! This allows Bitcoin (BTC) to be seamlessly moved to #Algorand. Be taught extra 👇

— Algorand (@Algorand) Might 31, 2022

Bitcoin can be utilized on Algorand because of pNetwork

The pNetwork bridges permit the creation of tokens that may be exchanged on par with cryptocurrencies residing on different blockchains.

On this particular case, these are tokens created and hosted on Algorand‘s blockchain, however exchangeable 1:1 with native BTC on Bitcoin’s blockchain. 

The brand new token known as pBTC and is definitely already current not solely on Algorand but in addition on different blockchains, corresponding to Ethereum, Polygon, Arbitrum, BSC, EOS, Telos and XDAI. 

For each pBTC token issued, there may be one BTC locked in pNetwork’s reserves, in order that at any time it’s potential to return 1 pBTC and get 1 BTC in alternate. 

Moreover pBTC, pNetwork has additionally created different cross-chain tokens, corresponding to pETH, pUSDT, pUSDC, pLTC, pDOGE, and so forth. 

Again in 2021, pNetwork and Algorand introduced a partnership to convey cross-chain tokens to Algorand, and simply yesterday the protocol was launched. 

This protocol will permit Algorand customers to make use of native tokens from Ethereum, Binance Sensible Chain, Polygon and different blockchains sooner or later. For now, the one one really launched is pBTC. 

The partnership between pNetwork and Algorand introduced in April is already beginning to bear fruit because of this new bridge

What’s pNetwork

pNetwork presently helps 15 totally different blockchains, together with some Layer 2-based ecosystems corresponding to Polygon. 

The pBTC bridge on Algorand is already lively and offers a quite simple interface to alternate BTC with pBTC, and vice versa. As soon as pBTC are obtained on Algorand, they’re usable in all dApps primarily based on this blockchain

The launch of the cross-chain bridge between Algorand and Ethereum can also be deliberate shortly. 

The aim of pNetwork is to attach all main crypto networks on this means, in order that customers can switch money and belongings seamlessly between totally different crypto ecosystems

The Algorand community specifically has been rising quite a bit lately when it comes to the growth of recent dApps and companies

Nonetheless, within the DeFi sphere, for instance, it’s nonetheless solely in its infancy, with a TVL of solely $150 million, which locations it in thirtieth place amongst blockchains with DeFi protocols. It’s potential that using pTokens might push the growth of using DeFi protocols on Algorand, as this permits for using broadly used cryptocurrencies corresponding to BTC and ETH

It’s value noting that the value of ALGO, Algorand’s native cryptocurrency, has been falling virtually continuously since September final 12 months. Furthermore, thus far it has misplaced 88% of its worth from its peak in June 2019. 

Particularly, it has misplaced 32% within the final 30 days, regardless of some excellent news that might doubtlessly have made it get better. Nonetheless, the collapse of the crypto market concomitant with the implosion of Terra has interrupted this short-lived development part.

Leave a Comment

Your email address will not be published.