Waves announces ERC20 interoperability with Ethereum network

Has ported its native token WAVES into Ethereum to enhance interoperability between the two networks and introduce Waves functionality to Ethereum users, the firm said in a release shared with CryptoSlate.

The Waves network is designed for and allows users to create and launch custom cryptocurrency tokens without the need for extensive smart contract programming.

As per the release, Waves holders will have access to numerous decentralized applications, exchanges, and DeFi protocols operating on the Ethereum blockchain, whose users, in turn, will gain easy access to the Waves token.

In order to issue one ERC20 WAVES, users have to lock one WAVES on the Waves blockchain.

Converting tokens from Ethereum back to Waves is also possible.

The Waves team is also going to implement the option of staking WAVES tokens directly from Ethereum wallets.

"Ethereum is the leading blockchain by the number of dApp users. The emergence of the WAVES token in ERC20 format provides new opportunities for interaction between the two ecosystems."

He added, "Some tokens on the Waves blockchain have already been accessible in the Ethereum network for a couple of months, and we see a growing demand for them. This is an example of working cross-chain interoperability which has been so much discussed recently."

Earlier this year, Waves announced the porting of two tokens into the Ethereum network - Neutrino USD, an algorithmic dollar-pegged stablecoin, and Neutrino System Base Token, a system and governance token for the Neutrino protocol, running on the Waves blockchain, the release noted.

Binance US, the US-based arm of crypto exchange giant Binance, has continued its aggressive listing policy announcing it will be adding support for the native token of the Waves smart contract platform, WAVES, on the 29th of October.