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Tezos and Ethereum associated with the same bridge of blockchain

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Vandana Mrigwani Follow


May, 05 2021

May, 05 2021

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The gap in cryptocurrency became more interconnected after Developers created a bridge between?Tezos?and Ethereum blockchain. The wrap protocol created by Bender labs, and Ethereum based ERC 20 and ERC 721 made?Tezos?more compatible to interact in a suitable environment. 

The common way of connecting what blockchain platform is token wrapping. The wrapped Bitcoin which is?WBTC, the latest version of ERC 20 of Bitcoin is running on Ethereum. 

The wrap protocol found in Ethereum based token in?Tezos?FA2 is the standard token. This simply means that this type of token can be used as one representation without much difference in prices and technical issues. 

Compared to Ethereum?Tezos?also has its finance ecosystem. Like Ethereum,?Tezos?have to wait for one year to have proof of staking consensus algorithm. Ethereum's holders will get a chance to win some passive income. 

With the help of the wrap token, the users of the wrap protocol can participate in its Governance. Wrap token is compatible with both Ethereum and?Tezos. Wrap token is being operated on both ERC 20, FA2 infrastructure. 

You can easily notice the success of Wrap Bitcoin in dollar 8,000,000 market capitalization, which represents the value of BTC hosted by Ethereum. Currently, it is the fifth-largest Ethereum Token, the 19th largest cryptocurrency project all over the world. Within dollar 200,000,000 the wrapped Bitcoin on Ethereum became popular with?Defi?protocol, Uniswap??in the present scenario. 

The?Tezos?show the transaction over dollar 1,000,000 is being sent between dollars 0.01 and dollars 0.15 immediate use case for wrap protocol. 

Hugo?Renaudin?CEO of?Tezos?Said that a legal financial system is better for codebase blockchain infrastructure. This is due to immutability and transparency. He also added about Bender’s lab how they create an autonomous bank. 

Bender is a self-driving bank and is open to the financial system. They believe that the financial market is unstoppable and transparent. It is said by?Renaudin. 

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Vandana Mrigwani

CBW - External Analyst


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