- Binance Smart Chain is now making the IOTA token available on its platform for access
- The IOTA Foundation highlighted the significance of establishing bridges between multiple blockchains
- With the launch of this feature, the liquidity of IOTA token will officially survive on various networks
The IOTA Foundation made a significant announcement today in the context of the IOTA token. According to the release, Binance Smart Chain is now making the IOTA token available on its platform for access.
IOTA Foundation makes a historic move through Binance Smart Chain
Functioning as a wrapped form of IOTA, owners can utilize the IOTA Token to become members of DeFi applications on the Binance platform. In its official announcement, the IOTA Foundation highlighted the significance of establishing bridges between multiple blockchains.
Thus, it emphasizes that this new project is likely to work towards increasing the liquidity for IOTA on several blockchains and networks. On these lines, the IOTA Foundation highlighted that compatibility of the IOTA token would play a crucial role for the IOTA platform.
The Foundation expressed that the team is full of excitement as the day stands with one of the first instances of the IOTA token existing on another arrangement: Binance Smart Chain. With the launch of this feature, the liquidity of the IOTA token will officially survive on multiple networks. It added that the IOTA developers can now begin to widen the operations of the IOTA Token onto programs that will eventually link IOTA to diverse ecosystems.
IOTA token in action
To begin accessing the token in BSC’s ecosystem, customers can dispatch funds to the swapping service of the exchange to collect Binance IOTA or vice versa. The freshly introduced token will function under the BEP20 scheme and post the swap, the users can access it immediately in the exchange’s wallet.
The IOTA group is already reporting the use of Binance IOTA for PancakeSwap, the automated market maker (AMM) of BSC. By utilizing this dApp, customers can invest through their tokens to offer liquidity and collect a percentage share of trading fees.
Users can indulge in yield farming of CAKE, PancakeSwap’s domestic token. This token will be available to stake it for one of the Syrup pools obtainable on the AMM. User Rob Daykin, an IOTA developer, explained how in order to start linking with this exchange, customers can employ an application such as MetaMask and manually bridge it to Binance Smart Chain.
Rob is one of the first humans to discover the IOTA amalgamation in PancakeSwap. Through his Twitter account, the developer confirmed that he is constructing a decentralized AMM just like PancakeSwap. However, he clarified that this one will serve the IOTA network. He also promised an exciting twist to this one.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.