Synthetic Tokens by PepeTeam
WX Network
What are PepeTeam Synthetic Tokens?
Synthetic tokens are digital assets that fully or partially represent the value of real assets. They are created on the top of blockchain technology and smart contracts to enhance the functionality of the underlying asset and simplify its use.
A prominent example of synthetic assets is the WBTC token – an ERC-20 token that is worth 1 BTC. However, unlike the base cryptocurrency BTC, WBTC can be used on the Ethereum network and its decentralized applications (dApps).
USDT (USDT-PPT) and USDC (USDC-PPT) are synthetic tokens created by PepeTeam on the Waves blockchain. Their primary purpose is to unify assets transferred through the PepeTeam Bridge from different networks such as Ethereum, Polygon, Tron, and BSC, and use them within services on the Waves blockchain.
How to get synthetic USDT or USDC
1. Deposit USDT or USDC tokens into your WX Network wallet using PepeTeam bridges with Ethereum, Polygon, Tron, and BSC networks.
2. On the Waves network, you will receive wrapped tokens, for example, USDT-ERC20-PPT when transferring USDT from the Ethereum network or USDС-BNB-PPT when transferring USDC from BSC.
3. Exchange wrapped tokens for synthetic USDT or USDC using the PepeTeam swap.
Use of synthetic USDT and USDC on WX Network
PepeTeam staking is a DeFi product on the Waves blockchain. Funds from users who stake tokens are accumulated in a smart contract to enable other users to perform swaps. In other words, stakers provide liquidity for cross-chain swaps.
By staking USDT and USDC, users can earn rewards. Staking rewards are distributed after each cross-chain swap in the form of a set of wrapped tokens from the original blockchain. Tokens can be staked or withdrawn instantly at any time. All transactions in the PepeTeam staking are executed through a public smart contract.
To create a full-fledged market on the Waves blockchain using synthetic tokens, PepeTeam proposes transitioning current liquidity pools dealing with wrapped USDT tokens to pools with synthetic USDT and USDC. This solution not only enhances trading and investment opportunities but also allows market participants to earn passive income by providing liquidity in these new pools. Currently, WAVES/USDT and ETH/USDT pools are already launched on the WX Network, with more to come soon.
We encourage users to start moving their votes for WX emission distribution from pools with wrapped tokens to pools with synthetic tokens like USDT or USDC as well as to transfer liquidity to these new pools. In the near future, we will disable the ability to deposit funds into the pools with wrapped tokens, and bots supporting these directions will cease operations.
Conclusion
PepeTeam is actively working to make cross-chain interaction more accessible and functional. Cross-chain bridges, cross-chain swaps, and cross-chain staking have already been implemented. The team's future plans involve expanding the range of synthetic assets, providing users with more opportunities for diversification and investment.