Ethereum Classic (ETC) unveiled this last Wednesday the key that may soon expose its users to the still-surging decentralized finance (DeFi) market – the Wrapped Ethereum Classic (WETC). It is an ERC-20 token that enables ETC users to take part in the many interesting and enticing services found exclusively on DeFi, such as lending, borrowing, and staking.
As per the chairman of ETC Labs, James Wo, Ethereum Classic aims to explore other ecosystems and then use a multitude of different applications on top of said ecosystem. He adds that the firm expects nothing less than 10% of the total ETC holders to participate in the coming WETC.
Clearly, WETC serves as ETC’s most apparent entry point to the rapidly growing DeFi sector. Users possessing WETC can use said tokens to take advantage of the fact that they may transact and trade on decentralized exchanges while also borrowing and creating loans on various lending platforms. Wo pointed out that WETC tokens are supported entirely by a centralized entity, particularly BitGo. According to him, ETC utilized smart contracts so users may easily trade ETC for WETC tokens through decentralized smart contracts.
ETC Labs’ chairman then exclaimed that the 10% of the total ETC supply already committed to the project would most likely increase to 15% as they see a bright future for the WETC. On top of that, Wo states that ETC expects its value to grow further due to the launch of Wrapped Ethereum Classic.