Today, the second largest cryptosset by market capitalization, ethereum (ETH), exceeded its former all-time high, set in January, as it inches closer to the USD 1,500 level.
During this writing, Ethereum (ETH) trades at almost USD 1,488 and is up by 14% in a day and 12% in a week. The price almost doubled in a month and rallied by more than 710% in a year.
ETH Price Chart:
ETH is the second-best performing major cryptoasset today. Cardano (ADA), the 6th largest cryptoasset by market capitalization, drives the game on Tuesday as it jumped by 23% to USD 0.434.
As announced, major crypto asset management firm Grayscale reopened its Grayscale Ethereum Trust as it reopened its shares’ private placement.
Sometime last year, Ethereum’s DeFi ecosystem has expanded exponentially to form a multi Billion Dollar market. As Decentralized Finance expands, it shifts to a more relevant to have cross-chain connections that enable crypto assets to flow instantly and seamlessly across blockchain networks. These make it possible for DeFi platforms to be an effective alternative to centralized exchanges. Today, pNetwork launches the first EOS to Ethereum cross-chain connection to enable the EOS crypto asset to be moved into Ethereum’s DeFi ecosystem.
EOS, the native token on the EOS blockchain, is a top20 cryptocurrency by market cap and the engine powering one of the most active dApps ecosystems. The asset counts over $ 3.5 Billion in daily trading volumes, figuring as the 9th most traded cryptocurrency. At present, only a fraction of the total is happening in a decentralized fashion.
Making Ethereum and EOS dApps Interoperable
Ethereum and EOS are two of the most active ecosystems for dApps, counting thousands of users each. By connecting these two blockchain environments, pNetwork aims to support the growth and development of decentralized applications such as lending/borrowing, trading, derivatives, and more. They act as a cross-chain highway for cryptocurrencies to move from one blockchain to another frictionlessly; pnetwork powers the first bi-directional connection between the Ethereum and EOS blockchains.
Users on either blockchain can now interact with both ecosystems without ever leaving their blockchain of choice. Projects from both Ethereum and EOS communities have developed building blocks to create the next-generation financial system – with the connection between these two; users will find an even more powerful DeFi ecosystem.
By leveraging pNetwork’s cross-chain solution, dApps on the two blockchain platforms now have the opportunity to interoperate. Each ecosystem leveraging its counterpart’s strengths ultimately creates a benefit on both sides and sets the basis for sustainable growth. The presence of an EOS/ETH decentralized trading pair both with Ethereum’s and EOS’s decentralized finance, for example, makes it possible for market makers to arbitrage between the two blockchains. This results in a more liquid decentralized market for both assets.
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