ICON, the largest blockchain ecosystem from South Korea, has integrated Orbit Bridge, a decentralized Inter-Blockchain Communication (IBC) platform, to allow Ethereum-based tokens (also known as ERC20) to be transferred onto the ICON network.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
ICON hopes that with the interoperability it will expand decentralized finance (DeFi) capabilities by connecting it to other top blockchains and their applications. With Orbit Bridge, crypto traders can now experience full arbitrage opportunities, and DeFi projects on ICON can borrow or lend assets across different blockchain networks, says the press release.
ICON's Strategy and Communications Lead, Ricky Dodds, says ICON expects to see Orbit Ethereum and BTP Ethereum on ICON when ICON 2.0 launches.
"We look forward to our continued collaboration with the ozys team," Dodds added.
The collaboration with Orbit Bridge will allow the following assets to be transferred onto the ICON network:
- Orbit Chain - ORC;
- Ethereum - ETH;
- Tether - USDT;
- USD Coin - USDC;
- Wrapped Bitcoin - WBTC;
- MakerDAO Stablecoin - DAI;
- Ren Project - REN;
- Band Protocol - BAND;
- Ocean Protocol - OCEAN;
- Chainlink - LINK;
- OmiseGo - OMG;
- Universal Market Access - UMA;
- Loopring - LRC;
- Reserve - RSR;
- Aragon - ANT.
Moreover, ICONPOOL, an automated market maker platform, will also add liquidity pools for all the above-mentioned tokens and pair them with ICX. Besides, ICON plans to roll out additional DeFi products in Q1, 2021.
In November, ICON announced a new service oriented on crypto beginners that would allow them to stake-and-earn rewards. The so-called ICONFi service introduces new features to stake cryptocurrencies just with one click.
Initially, the service will offer a 20% APY fixed-term and support ICX, bitcoin (EXANTE: Bitcoin), ethereum (ETH), and tether (USDT), however, the developers plan to add new assets in the future based on demand. It is expected that the service will be launched in January 2021.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.