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Binance Smart Chain Integrates Wrapped IOTA to Stake, Yield, and Earn

Holders of the IOTA token will be able to participant in the ongoing DeFi craze on the Binance network. This has become possible after a partnership between the two parties enabling users to interact on Binance Smart Chain via wrapped IOTA.
Wrapped IOTA on BSC
Launched as a competitive network to Ethereum but providing significantly lower fees for transactions, Binance Smart Chain has enjoyed a rapid increase in popularity and use cases. Several months down the road, BSC even surpassed Ethereum in terms of daily transaction count.
The BSC growth continues as earlier today, the IOTA Foundation announced an integration on Binance’s brainchild.
“With the release of this feature, the IOTA token’s liquidity officially lives on multiple networks. Now IOTA developers can begin to expand the functionality of the IOTA Token onto applications that will eventually bridge IOTA to multiple ecosystems.” – reads the statement.
The integration became possible with the help of the so-called wrapped tokens. It’s the process of taking an asset from one network and enabling it to operate on another. In this particular case, users will be able to transfer their IOTA tokens to be locked in custody and receive Binance IOTA on a 1:1 basis.
The Binance Bridge makes the swap, and users can utilize the newly-minted IOTA tokens to “stake, yield, earn, and participate in a growing number of applications taking advantage of Binance Smart Chains ecosystem of products and services.”
According to the statement, this would make the IOTA ecosystem more decentralized …
Story continues on Crypto Potato

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