Today we’re excited to announce we’ve partnered with ETHLend and will officially be adding POA20 (an ERC20 representation of a POA token) to its infamous lending platform. ETHLend offers its users the ability to earn rewards for people who are interested in holding and loaning out their digital assets. It provides a great solution for liquidity as users are able to take loans using tokens in the form of collaterals.
It’s important to note the POA20 token operates in the exact same fashion as a standard ERC20 token would. Think of it as the official POA token on the Ethereum network. The POA20 token can only be minted with the use of the official POA Bridge. This bridge serves as an interoperability solution allowing POA tokens to transfer over from POA Network to the Ethereum network… And back! This is how it works:
POA Core to Ethereum Mainnet
- POA token is locked on the POA Network and the equivalent amount of POA20 tokens are minted on the Ethereum network
Ethereum Mainnet to POA Core
- POA token is unlocked on the POA Network and the equivalent amount of POA20 tokens are destroyed forever on the Ethereum network
With this partnership, our community now has the ability to take POA native tokens, bridge them over to serve as POA20 tokens and then use it as collateral on the ETHLend platform.
This is what Igor Barinov - Tech Lead at POA Network had to add, “The goal is to build out more and more use cases for POA20 as this industry begins to grow in size. Before mass adoption takes place, we must first put the necessary pieces in place to build a strong infrastructure. This is why we’re excited to partner with ETHLend on this initiative and are looking forward to working on some exciting collaborations in the future as well.”
Here’s what Stani Kulechov CEO from ETHLend had to say, "We are proud to integrate the POA20 token on ETHLend platform. Together we are all working towards interoperability and integration, which we believe can help and boost user adoption of decentralized technologies."
The POA Bridge has been live for just under a year now, and there has been over 14,411,814 POA tokens transformed to POA20 on the Ethereum network. As we become increasingly more interoperable, POA and other coins can easily be bridged over to any other blockchain network. POA Network continues to prove its a customizable blockchain that offers a wide assortment of DApps covering areas such as on-chain governance, interoperability, network management, and much more.
Be sure to follow us on our social media for all of our project updates and check out the instructions below for how to use POA20 with ETHLend: