Wrapped IOTA is now available on the Binance Smart Chain

  • Wrapped IOTA is now available on the Binance Smart Chain (BSC). 
  • Community developer Rob Daykin has announced the development of a PancakeSwap-like DEX, but with “an interesting twist”.

As the IOTA Foundation announced today, the Binance Smart Chain is now supporting the IOTA token. Operating as a wrapped version of IOTA, holders can use the IOTA Token to participate in DeFi applications on the Binance network. In its release, the IOTA Foundation highlights the importance of building bridges between different blockchains.

Therefore, it states that this announcement is the first in a series of initiatives that will lead to the increase of liquidity for IOTA on various blockchains and ecosystems. In that sense, the IOTA Foundation emphasized that interoperability of the IOTA token will play a central role for the IOTA network:

Today is an exciting day for the IOTA network: it is one of the first examples of the IOTA token living on another protocol: Binance Smart Chain. 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.

IOTA will have its own DEX, like PancakeSwap

To start using the token in BSC’s ecosystem, users can send funds to the exchange’s swapping service to receive Binance IOTA or vice versa. The new token will operate under the BEP20 standard and after the swap will be immediately available to users in the exchange’s wallet.

The IOTA community has already started reporting the use of Binance IOTA for PancakeSwap, BSC’s automated market maker (AMM). By using this dApp, users can stake their tokens to provide liquidity and receive a percentage of trading fees.

Users can also do yield farming of PancakeSwap’s native token, CAKE. This token can then be staked to one of the “Syrup” pools available on the AMM. To start interacting with this exchange, users can utilize an application like MetaMask and manually connect it to Binance Smart Chain, as shown by user Rob Daykin, an IOTA developer.

Daykin was one of the first to find IOTA integration in PancakeSwap. Via his Twitter account, the developer announced that he is building a decentralized AMM similar to PancakeSwap, but for the IOTA network. The developer promised that it will have “an interesting twist”.

This is a good opportunity to let you all know I’m looking at building an AMM DEX on IOTA similar to Cake with a cool twist. I’m sure the #IOTA community will love. Follow me for future updates.

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