You’ve heard it from us over and over again, and that is because we mean it. At Telos, we are serious about building bridges, creating an interconnected blockchain superhighway.
We have started with the most established and popular blockchain of all, Ethereum, but that doesn’t mean we are taking our eye off Telos. Quite the opposite, in fact.
We have started by launching the TLOS token on Ethereum; this was shortly followed by DeFi opportunities with Uniswap liquidity pools and yield farming on telos.farmingbad.finance. All of this is part of a strategy to introduce TLOS to the world’s largest blockchain community and, as a result, the Telos blockchain – its capabilities and power.
Now, we are ready to unveil the next stage. The altcoin bridge, bringing renewed utility and liquidity to Telos’ very own automated swap pool, T-Swaps.
The Altcoin bridge
Utilising and building on our partnership with the great folks at ptokens, the ERC20 altcoin bridge will allow holders of 5 new altcoins to deploy them on the Telos blockchain. What are these 5 altcoins I hear you ask?
- ETH (pETH) – the second most popular cryptocurrency in the world after Bitcoin, and a massive community to match.
- USDT (pUSDT) – the world’s most used stablecoin, pegged to the world’s largest FIAT currency. Learn about how both new stablecoins can be used on Telos further down.
- USDC (pUSDC) – because one US Dollar pegged stablecoin isn’t enough! We are also delighted to welcome USDC to Telos.
- PNT (pPNT) – the system & governance token of our partners at pNetwork. Bringing PNT to Telos allows Telosians to actively engage in the future of interconnected blockchains.
- LINK (pLINK) – the largest and most widely adopted cross-chain oracle, bringing Chainlink to Telos allows developers of Telos dApps access to a plethora of new oracle services.
A new realm of possibilities for T-Swaps and beyond
Beyond increasing the reach and awareness of the Telos blockchain, what does the opening of the altcoin bridge mean for Telos?
- T-Swaps, the first DeFi app on Telos, will be offering TLOS based AMM pools for all tokens, including further swap pools for TLOS/ETH, TLOS/USDT and USDT/USDC. Keep an eye on https://www.tswaps.com/ for liquidity to be added shortly, only test liquidity is in there at time of writing (01/04/21).
- Increased utility for TLOS. Introducing high-liquidity tokens such as ETH, LINK, and more creates a new realm of possibilities for TLOS yield farming options on T-Swaps.
- Telos dApps can now accept stable coins such as USDC and USDT.
- Leading Telos NFT dApps, AreaXnft and Zeptagram, and more can utilise Telos’ low transaction fees whilst leveraging the huge liquidity of currencies such as ETH.
- With every new ERC20 token that is able to be deployed on Telos, there is a huge increase in the new opportunities for cross-chain partnerships with both companies and communities.
- Real-world organisations could add USDT and USDC (see Visa) stable coins, allowing for USD payments through Telos based dApps.
How do I bring my coins across the altcoin bridge?
Much like the TLOS Ethereum to Telos bridge, for now, you will be able to use https://dapp.ptokens.io/ to bridge tokens either way.
We are currently adding the bridging function to our official web wallet, as well as options to buy all of these tokens – https://wallet.telos.net.
This is just the beginning
The next tranche of pTokens will arrive in just a few weeks, so stay tuned to our blog and social channels to be the first to find out.
What ERC20 token do you want to see on Telos next? Join our community chat and let us know https://t.me/HelloTelos