Bitpie, a leading multi-blockchain wallet, revealed it has built a cross-chain pegged stablecoin bridge between Ethereum and CKB, the Layer 1 of Nervos Network. The integration brings stablecoins, one of the most important infrastructures for DeFi, payments, and other applications, to CKB for the first time.
Stablecoins are made to minimize the volatility often associated with cryptocurrencies. They are pegged to a “stable” asset, such as fiat money, a cryptocurrency, or an exchange-traded commodity. With the new bridge, Bitpie is providing a one-to-one cross-chain transfer service of stablecoin assets on Ethereum to Nervos CKB.
The integration also marks the first use of Nervos’ Simple User Defined Token (sUDT), a simple token standard with minimal interface and logic and compatible with all lock scripts. User Defined Tokens (UDT) on CKB are similar to ERC 20 tokens on Ethereum.
Bitpie is devoted to providing secure crypto-asset management and various blockchain applications and financial services. Bitpie serves millions of users worldwide and has stored more than US$10 billion worth of cryptocurrencies in the past six years without a single security breach.
According to Bitpie, the goal of this project is to enrich the diversity of assets in the Nervos ecosystem while bringing more stablecoin holders on board.
We look forward to seeing how the community uses the stablecoin bridge for their own #DeFi projects in the Nervos ecosystem.
For more updates from Bitpie, follow the project on Twitter.
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