{"id":49884,"date":"2023-05-17T08:11:58","date_gmt":"2023-05-17T12:11:58","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=49884"},"modified":"2023-06-27T05:26:14","modified_gmt":"2023-06-27T09:26:14","slug":"iotx-to-ethereum-bridge-approved-by-iotex-community-vote","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/iotx-to-ethereum-bridge-approved-by-iotex-community-vote\/","title":{"rendered":"IOTX to Ethereum bridge approved by IoTeX community vote"},"content":{"rendered":"\n

The blockchain industry has witnessed a major development as IoTeX's community has voted in favor of Improvement Protocol 21 (IIP-21), a proposal to create a cross-chain bridge between IOTX,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> the native coin of the IoTeX network, and Ethereum.<\/p>\n\n\n\n
\"IOTX<\/figure>\n\n\n\n

The proposal received strong backing from the IoTeX community, with 306 million IOTX (73.77%) voting for the bridge and 109 million IOTX (26.23%) voting against it. <\/p>\n\n\n\n

A total of 334 wallets took part in the vote, showing the community's interest in expanding the utility and reach of IOTX through cross-chain interoperability.<\/p>\n\n\n\n

This considerable potential for Ethereum<\/a> and IoTeX Blockchain bridges has attracted growing interest as they offer various benefits to the blockchain ecosystem. <\/p>\n\n\n\n

By facilitating tokens transfer between blockchains, bridging solves scalability issues, reduces network congestion, and improves user experiences.<\/p>\n\n\n\n

\n

“One of the main reasons behind IIP-21 <\/use><\/svg><\/span><\/a>is to leverage Ethereum's strong DeFi ecosystem, increase IoTeX token liquidity within Ethereum, and build a lively developer and user community,”. “The proposed bridge between IoTeX and Ethereum has huge potential for both platforms and the wider blockchain community.”<\/p>\nIoTeX CEO and Co-Founder Raullen Chai.<\/cite><\/blockquote>\n\n\n\n

Additionally, IOTX exists on the IoTeX network and is bridged to Binance Smart Chain and Polygon.<\/p>\n\n\n\n

Solving limitations However, the legacy ERC-20 version of IOTX on Ethereum, known as IOTX-E, has limited supply and circulation, limiting its use in DeFi protocols and availability on major centralized exchanges.<\/p>\n\n\n\n

The proposal aims to solve these limitations by introducing CIOTX (Cross Chain IOTX),<\/use><\/svg><\/span><\/a> a wrapped version of IOTX on the Ethereum blockchain. <\/p>\n\n\n\n

CIOTX will be fully backed by the circulating IOTX on IoTeX, ensuring sufficient supply for use in any Ethereum-based DeFi application and circulation on centralized exchanges.<\/p>\n\n\n\n

This strategic move, however, allows IoTeX to access the thriving DeFi ecosystem on Ethereum, including popular protocols like Uniswap, Curve, Aave, and Compound.<\/p>\n\n\n\n

Trade IOTX tokens easily on decentralized exchanges<\/h3>\n\n\n\n

Introducing CIOTX on Ethereum will enable easy swapping of tokens between CIOTX and IOTX-E. By listing CIOTX and IOTX-E on decentralized exchanges like Uniswap<\/a> and Curve at market prices based on demand.<\/p>\n\n\n\n

This feature increases liquidity and gives users more flexibility in managing their IOTX assets. Moreover, the benefits of blockchain bridges go beyond IoTeX and Ethereum.<\/p>\n\n\n\n

With the bridging of IOTX to Ethereum and the introduction of CIOTX, IoTeX aims to build a multi-blockchain ecosystem of IOTX-backed tokens.<\/p>\n\n\n\n

A significant milestone for IoTeX and the blockchain community<\/h3>\n\n\n\n

This integration of IoTeX and Ethereum opens new opportunities for DeFi applications, increasing the utility and value of IOTX while promoting interoperability within the blockchain landscape.<\/p>\n\n\n\n

As the blockchain industry <\/a>continues to grow, bridges like the one proposed in IIP-21 play a vital role in unlocking the full potential of various blockchain platforms. <\/p>\n\n\n\n

By enabling seamless token transfers, bridges increase scalability, lower congestion, and encourage collaboration between blockchain ecosystems, ultimately driving innovation and adoption in the decentralized finance space.<\/p>\n\n\n\n

Using IoTeX's speed and efficiency, businesses can now explore the possibility of enabling instant payments using IOTX or CIOTX tokens while benefiting from Ethereum's large user base and DeFi infrastructure.<\/p>\n\n\n\n

The successful implementation of IIP-21 and bridging IOTX to Ethereum represent a significant milestone for the blockchain industry, and we expect to see new use cases and innovative applications across various sectors, ultimately driving the adoption of blockchain technology and creating a more interconnected and efficient decentralized ecosystem.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The blockchain industry has witnessed a major development as IoTeX’s community has voted in favor of Improvement Protocol 21 (IIP-21), a proposal to create a cross-chain bridge between IOTX, the native coin of the IoTeX network, and Ethereum. The proposal received strong backing from the IoTeX community, with 306 million IOTX (73.77%) voting for the […]<\/p>\n","protected":false},"author":44,"featured_media":49894,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11383,11406],"tags":[202,197,128,14499],"class_list":["post-49884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-ethereum","tag-blockchain","tag-defi","tag-ethereum","tag-iotex"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/05\/IOTEX-coin.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=49884"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/49884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/49894"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=49884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=49884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=49884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}