Thanks to the joint efforts of Malta Block, EOSphere and AlohaEOS, EOSDT is now also available on the WAX chain. EOSDT can be freely transferred between EOS and WAX via an IBC bridge. Is this the beginning of a DeFi era between EOSIO chain?
The Inter Blockchain Communication bridge is based on a better version of the ZOS - IBC architecture developed by Malta Block. This new version does not require dfuse, but just any nodeos node can be used, and can support transactions between EOS and WAX. In this case, it has been specially integrated to allow EOSDT transactions, expanding one of the most important EOS DeFi projects to WAX as well. Hopefully, this may be the beginning of a larger pool of DeFi services compatible with multiple EOSIO chains.
To make transactions between the two chains, users simply need to send a transaction to eosdttowaxxx with a particular memo, specifying the receiving WAX account. Then the smart contract will take care of the rest, sending the transaction between the two chains in just 3 minutes, with a 0.2% fee. In a similar way you can transfer EOSDT between WAX and EOS.
"This will also greatly help traders and collectors as all the GPK cards and all other upcoming NFTs can now be listed in terms of EOSDT. Removing the volatility of WAX price will simplify the decision making process as everyone can understand what they are paying for the NFTs in terms of a stablecoin. But of course, we are just scratching the surface of this immense opportunity."