After making a daily high of $40,417, Bitcoin is now trading at $37,991. The crypto market is still consolidating. Meanwhile, Layer 2 solution Polygon surged and is now trading at $1.86.
Let’s review some interesting crypto news for today.
TomoChain has announced the upgrade of its TomoBridge to replace the current TRC21 version of native BTC with TRC20 wrapped WBTC. The TRC20 wrapped WBTC is a wrapped token hosted on the TomoChain blockchain, which is backed by an equivalent amount of the ERC20 WBTC token on Ethereum. As per the tweet, native BTC and TRC21 wrapped BTC will be delisted from TomoBridge. In turn, the holders will receive an equivalent amount of TRC20 wrapped WBTC automatically to their wallet when the new update goes live. As stated, this upgrade would help to avoid Ethereum’s high gas fees and congestion. Additionally, the TRC20 wrapped WBTC launch will increase the usability of TOMO and attract more users.
Fuse Network has declared the upcoming launch of its first lending protocol this week. As per the tweet, this lending protocol will go live on May 26, 2021, at 9 am UTC. As stated, this Fuse Lending Network is permissionless, which helps users to earn APY while depositing one or more supported currencies into the network’s lending pool. The assets supported on both the lending and borrowing side are FUSE, WETH, WBTC, and USDC. Besides this, to accommodate less liquid tokens, Ola Finance operates a protector bot to detect price anomalies and trade against them. Additionally, the team will incentivize liquidity providers through airdrops of Fuse tokens (FUSE).
PAID Network has announced the launch of its Binance Smart Chain (BSC) bridge to avoid Ethereum transaction fees. As stated, users can utilize this bridge to move their tokens between the Ethereum and Binance Smart Chain blockchains. Overall, this will help users to enjoy BSC’s lower fees and faster transaction speed. Notably, users can bridge their ERC-20 $PAID to BEP-20 $PAID, which will further bring cross-chain projects to the Ignition platform. Additionally, users can use this BEP-20 version of $PAID to trade on the BSC-based decentralized exchange, PancakeSwap.
Elrond Network has collaborated with Dfyn to utilize the Router Protocol developed by the Dfyn team. Dfyn is a multi-chain AMM DEX on the Polygon network. As per the tweet, this will facilitate Elrond assets to be available in the Dfyn DEX and plug into its multi-chain liquidity super mesh. In addition, projects deployed on Elrond Network will get the option to connect with multiple Layer 1 and 2 platforms to address liquidity fragmentation.
Lendefi Protocol has partnered with Reef Finance to develop its lending project on Reef Chain. The Lendefi protocol offers leveraged trading for digital assets with secured lending. Hence, this integration helps to add a credit pool that is directly connected to the Reef Chain. Collaboratively, the team will design a bridge to facilitate the conversion of ERC-20 and BEP-20 tokens to REEF-20. Additionally, Lendefi would utilize Reef’s decentralized platform to execute an interoperable DAO.
Uniqly has declared the launch of a new IDO segment named Uniqly Accelerator. Moreover, this new segment of the Uniqly ecosystem allows their partners to launch tokens in the form of an IDO. Further, this will help newly launched tokens to gather funds while Uniqly acts as a trusted party to authenticate the quality of the launched projects. In addition, the first project supported on this platform is Fanadise. Fanadise is an exclusive content creation platform designed for internet influencers to monetize their social presence through NFT-video content. Hence, this initiative will entice new influencers and partnerships for Uniqly.
In the last bit of crypto news for today, we have Labs Group revealing the deployment of a smart contract on the Polygon Network (formerly Matic). The LABS Group offers an end-to-end blockchain-based real estate investment ecosystem. Meanwhile, Polygon offers an Ethereum scaling framework, which means that LABS Group users can enjoy its low gas fees. Collaboratively, the team will develop a multi-chain scaling solution to mitigate the high gas fees issues and slow transaction finality.
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