• The IoTeX community overwhelmingly voted in favor of Improvement Protocol 21 (IIP-21), paving the way for bridging IOTX, the native coin of the IoTeX network, to Ethereum.
• Bridges between Ethereum and IoTeX offer numerous benefits to the blockchain ecosystem, allowing tokens to move seamlessly between different blockchains.
• Introducing CIOTX on Ethereum will facilitate the seamless swapping of tokens between CIOTX and IOTX-E, enhancing liquidity and user experiences.
IoTeX Community Votes in Favor of Bridge to Ethereum
In a significant development for the blockchain industry, IoTeX’s community has overwhelmingly voted in favor of Improvement Protocol 21 (IIP-21), paving the way for bridging IOTX, the native coin of the IoTeX network, to Ethereum. The proposal received overwhelming support from the IoTeX community, with a final tally of 306 million IOTX (73.77%) voting in favor of the bridge, while 109 million IOTX (26.23%) opposed the proposal.
Benefits Of Blockchain Bridges
Bridges have gained increasing attention as they offer numerous benefits to the blockchain ecosystem. By enabling tokens to move seamlessly between different blockchains, bridges address scalability challenges, reduce network congestion, and enhance user experiences. “One of the primary motivations behind IIP-21 is to leverage Ethereum’s robust DeFi ecosystem,“ said IoTeX CEO and Co-Founder Raullen Chai.
Limitations Of Legacy ERC-20 Version Of IOTX
The legacy ERC-20 version of IOTX on Ethereum, known as IOTX-E, has limited supply and circulation which restricts its usage in DeFi protocols and availability on major centralized exchanges. To address these limitations by implementing CIOTX (Cross Chain IOTX) — a wrapped version of IOTx on Ethereum — was proposed that is fully backed by circulating Iotx on IoTex promising sufficient supply for utilization in any ethereum based DeFi application and circulation on centralized exchanges.
Seamless Token Swapping
Introducing CIOTX on Ethereum will facilitate the seamless swapping of tokens between CIOTX and IOTX-E by listing CIOTEX alongside Iotx -e on decentralized exchanges like Uniswap & Curve where users can exchange two tokens at market prices with market determining their respective values based upon demand . This feature enhances liquidity & user experince .
This strategic move enables iotex to tap into thriving DeFi ecosystems available at ethereum including popular protocls like Uniswap ,Curve , Aave & Compound . This bridge holds immense potential both platforms & broader blockchain comunity .