StableTech launches ETH packaged (ETHtz) on the Tezos blockchain
- StableTech has launched „wrapped ETH“ or ETHtz on Tezos.
- Wrapped ETH is aimed at users of Decentralised Finance Applications (DeFi).
- The Tezos Finance application is also planned for the first quarter of 2021.
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On December 12, StableTech launched the „wrapped ETH“ or ETHtz (ETH) enabling the transfer of Ether directly to the Tezos blockchain.
Launch of ETHtz
ETHtz tokens have been put online on the Tezos mainnet, allowing Tezos users to exchange native tokens indexed to the ETH price. The Tezos packaged ETH was created by Stabletech.
StableTech, a Tezos development group modelled on the Nomadic Labs research laboratory. The group is made up of several companies such as Wealthchain.
The ETH packaged is aimed at users of Decentralised Finance Applications (DeFi) who incur high costs on the Ethereum network. We can read in the press release :
- A transaction on Tezos is 99% cheaper than a transaction on Ethereum.
- The price of ETHtz will always be equal to the price of Ether since it is issued in a 1:1 ratio.
Tezos embraces DeFi
In early May 2020, StableTech launched the dollar-based stablecoin USDtz.
In the coming weeks, StableTech is also expected to launch „TEZEX: Bridge“, a token wrapping service that will facilitate the issuance of ETHtz from ETH tokens, soon to be followed by Packaged Bitcoin (BTCtz).
The Tezos Finance application is also planned for the first quarter of 2021, offering automated lending services to Tezos users, similar to the Compound or Aave services on Ethereum.