The Kyber Network, a decentralized, on-chain cryptocurrency exchange, has just listed the Ethereum-compatible pLTC token — a new cross-chain token developed by pTokens project.
Announcing the news to Cointelegraph on Aug. 3, Kyber Network said that pLTC tokens will be accessible through KyberSwap and other decentralized apps, or DApps. They will also be available on platforms powered by Kyber’s on-chain liquidity protocol.
pLTC is pegged to Litecoin
The news comes shortly after pTokens launched pLTC token on the Ethereum mainnet on July 29. Similar to other “pTokens”, pLTC token aims to unlock cross-chain decentralized finance, or DeFi, liquidity by connecting the underlying asset to any blockchain. pLTC is pegged 1:1 to Litecoin (LTC), making the legacy asset fully compatible with Ethereum.
Shane Hong, marketing manager at Kyber Network, explained that the new token listing enables users to utilize yet another asset for decentralized finance on Ethereum.
Hong said:
"pLTC provides Litecoin holders a convenient way to explore the world of decentralized finance on Ethereum. Kyber is glad to help the Provable team support pLTC liquidity via our Fed Price Reserve.”
Hong added that users can also trade pLTC against any other token supported by Kyber, including pBTC.
In March 2020, pTokens introduced its pBTC token on the Ethereum mainnet. As reported, pBTC is pegged 1:1 to Bitcoin and is compatible with the Ethereum ecosystem.
Litecoin, which launched in 2011, is one of the most popular cryptocurrencies. It is ranked as the seventh biggest crypto by market cap as of press time. Inspired by Bitcoin (BTC), Litecoin is very close technically to Bitcoin, albeit a faster and cheaper alternative. As of press time, Litecoin is trading at $59 with a market cap of $3.8 billion.