IOTA (MIOTA) expands to the Binance Smart Chain (BSC)

Bridges between blockchains are the future. IOTA has also recognized the signs of the times and is expanding to the Binance Smart Chain.

In a blog post, the IOTA Foundation recently announced that it is now possible to use the MIOTA token on the Binance Smart Chain. So-called cross-chain liquidity has recently become more and more important. In addition to IOTA, crypto projects such as SushiSwap, Curve Finance, and many more are working on expanding to as many blockchain networks as possible. They hope that this will result in more liquidity and growth for their ecosystem.

The IOTA Foundation also hopes for more decentralization, liquidity and growth through the expansion to the BSC. The team wants to achieve these goals with the so-called Wrapped IOTA.

Asset wrapping is a process in which assets, i.e. assets from the analog world, currencies, or cryptocurrencies, are tokenized. The aim is to make the tokenized assets usable on a blockchain network. For this reason, Bitcoin, for example, is also tokenized on a large scale. By depositing ERC-20 tokens 1: 1 with Bitcoin, they can be mapped on the Ethereum network. So it is possible that Bitcoins can also be used in Decentralized Finance (DeFi) applications on Ethereum.

Wrapped IOTA is tokens on the BSC that are covered 1: 1 by real MIOTA. In contrast to normal MIOTA tokens, the wrapped tokens can also be used in the Binance Smart Chain ecosystem.

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