Bitfinex exchange plans to list pTokens (pBTC), a new token that aims to unlock cross-chain DeFi liquidity by connecting Bitcoin (BTC) to any blockchain. The token is pegged 1:1 to Bitcoin and currently is compatible with the Ethereum (ETH) and EOS DeFi ecosystems.
CTO of Bitfinex, Paolo Ardoino says pBTC will become the first DeFi interoperability-focused token supported on Bitfinex while adding:
“At the moment we are supporting only pTokens but we welcome more projects to work with us to make it easier for our users to obtain access to cross-chain liquidity.”
Ardoino previously endorsed the pTokens project in late December 2019 further stating that cross-chain value transfers would be the most critical issue facing the cryptocurrency sector in 2020:
Cross-chain liquidity fluid movements are required for mass adoption. Symmetry is key. Many-to-many > one-to-many/many-to-one.@provablethings pTokens is a project to watch. https://t.co/VG3IKVoOG8 — Paolo Ardoino (@paoloardoino) January 1, 2020
Thomas Bertani, founder of Provable Things, the main development team behind the pTokens project, said that pTokens’ integration with Bitfinex streamlines the flow of liquidity between centralized and decentralized exchanges.
According to data from Coingecko, as of the publication time, pBTC is currently trading on two markets:
Kyber Network
Bancor Network
Bertani points out that DeFi applications have to be interconnected to contribute to the entire DeFi growth:
“Decentralized applications today must interoperate and complement each other like lego blocks in order for the entire DeFi industry to scale. This interoperability is vital for the movement, as liquidity is the catalyst which will help DeFi reach its true potential.”
Bertani also added that the firm is actively working on other pTokens, including pETH, pEOS, pLTC and pDAI:
“New pTokens such as pEOS and pLTC have already been deployed in a test environment and will also soon be available on Ethereum mainnet. The same will apply to other assets, bringing pETH and pDAI to EOS.”
Source: Cointelegraph | Image: Unsplash
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