The Wrap Protocol enables ETH holders to interact with the Tezos ecosystem without technical difficulties or price differences
United States, April 26, 2021 /AlexaBlockchain/ – Bender Labs today launched Wrap Protocol on both the Ethereum (ETH) and Tezos (XTZ) mainnets, allowing ETH holders to interact with the Tezos ecosystem.
What is Wrap Protocol?
Wrap protocol is a decentralized bridge between Ethereum and Tezos.
The Wrap Protocol wraps Ethereum-based tokens in the Tezos FA2 token standard, meaning they can be used as one-to-one representations without technical difficulties or price differences.
As a decentralized bridge between Ethereum and Tezos, users can transfer Ethereum ERC20 and ERC721 tokens to the Tezos blockchain. Users wrap these tokens to FA2 tokens on Tezos, and their value is pegged to the original tokens. The tokens are then compatible with most decentralized finance (DeFi) protocols on the Tezos blockchain, such as Quipuswap, Atomex, or Kolibri.