Litecoin

Ethereum

<a href="https://optimisus.com/press-releases/canary-capital-files-for-a-litecoin-etf-expanding-its-crypto-strategy/" rel="noopener noreferrer nofollow">Litecoin (LTC)</a> has teamed up with Coinut, a crypto exchange based in Singapore, to introduce Wrapped Litecoin (WLTC) on the Ethereum blockchain.This exciting development allows Litecoin holders to tap into Ethereum&#39;s diverse features, such as staking, lending, and decentralized applications (dApps), enhancing the overall utility and liquidity for Litecoin users.The WLTC will maintain a 1:1 value with Litecoin, facilitating smooth transactions between the two networks. Coinut&#39;s CEO, Xinxi Wang, highlighted that this partnership connects the trusted Litecoin ecosystem with the extensive services available on Ethereum, creating new opportunities for Litecoin users.However, following the announcement, Litecoin&#39;s price experienced a decline, raising concerns about the demand for wrapped tokens. While wrapped tokens gained popularity in early 2023, their usage has since decreased. Despite this trend, Litecoin, being one of the oldest altcoins, might reignite interest in wrapped tokens with this new initiative.The main goal of WLTC is to create a bridge between the Ethereum and Litecoin networks, granting Litecoin users access to Ethereum&#39;s decentralized finance (DeFi) and dApp functionalities.WLTC holders can engage with decentralized exchanges, enhancing liquidity and expanding their options. This is particularly significant since Litecoin&#39;s blockchain does not natively support such applications.To ensure the security of this initiative, Coinut has collaborated with Coinbase for cold storage and Fireblocks for hot wallet infrastructure, providing robust protection for WLTC tokens. While WLTC offers promising prospects, its success will ultimately depend on user adoption, especially given the recent decline in interest for wrapped tokens.

Litecoin partners with Coinut to launch Wrapped Litecoin (WLTC) on Ethereum

Optimisus

Other articles published on Nov 13, 2024

ZBU Protocol Waitlist: Last Chance to Gain Early Access and Exclusive Rewards — Deadline Announced!

Crypto use more common among the underbanked, says FDIC report

Balance Held by Litecoin STH Increases: LTC Surge to Continue?

Bitcoin Dominance Hits 61% as BTC Strengthens Its Hold on the Crypto Market

Trump’s Team in Talks With Crypto Leaders About Regulatory Adjustments: Report

Top 3 Altcoins Ready to Explode This Month – Don’t Miss Out Chance to Buy a Dream Car!

Join our free newsletter for daily crypto updates!