IoTeX, a blockchain platform for the Internet of Things (IoT), has recently launched ioTube, a new cross-chain bridge for two-way token swaps with Ethereum and Binance Smart Chain.
IoTeX has announced new cross-chain capabilities that allow ioTube, its decentralized cross-chain bridge that enables the bidirectional exchange of crypto-assets (e.g., fungible tokens, non-fungible tokens, stablecoins) between IoTeX and other blockchain networks, to process two-way token swaps with Ethereum and Binance Smart Chain (BSC).
IOTX, the native token of IoTeX, is now live and readily available for trading and farming in PancakeSwap, CREAM Finance, and other Binance Smart Chain DeFi products. Additionally, assets from Ethereum and Binance Smart Chain are available as trading pairs on IoTeX’s mimo.exchange, a decentralized exchange with automated liquidity that now supports bridged Ethereum assets (ETH, wBTC, PAXG, UNI) and Binance Smart Chain (BNB, BUSD, CYC).
The platform’s two main assets, IOTX and CYC (Cyclone Protocol, a cross-chain anonymity pooling platform similar to tornado.cash for Ethereum) are also now tradeable on Uniswap, and are now complemented by the aforementioned exchanges and liquidity pools.
The expansion is part of IoTeX’s ongoing strategy to connect its IoT-centric ecosystem and support more decentralized projects. According to a press release provided exclusively to CryptoDaily, IoTeX is setting out to further expand its cross-chain ecosystem and build cross-chain bridges to Huobi Eco Chain, Polkadot, and other leading networks.
Alongside these upgrades, IoTeX has also partnered with Unifi Protocol to bring existing DeFi token economies on Ethereum, Binance Smart Chain, ICON, Ontology, Tron, and Harmony to the growing token market on IoTeX.
IoTeX has provided Unifi with a development grant in recognition of its value, and Unifi’s uTrade trading platform is now available on the IoTeX blockchain, enabling cross-chain liquidity mining. CryptoDaily has recently covered developments on the company’s launch of its blockchain and Internet of Things dev-board, Pebble Tracker.
Bridging across cross-chain and parallel chain infrastructures is a key strategy for scalability and interoperability in the decentralized finance sector. With these strategic expansions from IoTeX, such efforts create and sustain the future of blockchain internet infrastructure and keeps true to the spirit of cooperation and community, values which are at the core of decentralized blockchain technology.
Disclaimer: This article is provided in good faith for general informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.