Provable announced the launch of pBTC on EOS as well as on Ethereum. In this way Bitcoin holders will also be able to use their BTCs within the entire EOS ecosystem.
pBTCs are a form of pegged token 1:1 with Bitcoin. Users can "peg-in" their Bitcoins to receive pBTCs on the EOS mainnet, so they can use them on any dApp. They can then peg out at any time and withdraw their Bitcoins.
This is actually a huge advantage for the EOS ecosystem, as it will increase liquidity within the DeFi dApps on EOS.While Bitcoin holders increase the chances of investing their funds on other dApps in more ecosystems.
"This maximises their usability and accessibility as they welcome entirely new blockchain communities to explore and interact with them, and "unchain" the liquidity of cryptocurrencies and tokens they bring. "
The goal of the pTokens launched by Provable is to fill the gap that exists between DeFi ecosystems. The interaction between multiple DeFi projects in multiple chains can only bring more benefits and opportunities in terms of liquidity and arbitrage.
Equilibrium will be the first DeFi project on EOS that will implement pBTC within its systems. In this way it will also be possible to lease pBTC and guarantee more liquidity for their EOSDT stablecoin system.
Bitfinex has also announced the listing of pBTC in its exchange. In this way pBTC token holders will be able to withdraw and deposit their tokens directly on Bitfinex, while Bitcoin backed tokens will remain pegged, providing greater flexibility.
Provable's founder, Thomas Bertani, also added that pTokens such as pEOS and pLTC have already been deployed in test environment and will soon be available on Ethereum. And in the same way they will bring tokens such as pETH and pDAI to EOS. This will ensure greater integration with the entire DeFi ecosystem for both EOS holders and dApps on EOS.