Hashtag
Men's Weekly

Wrapped Litecoin ($WLTC) Unlocks DeFi for Litecoin ($LTC) Holders

SINGAPORE - Media OutReach Newswire - 12 November 2024 - Leading digital asset exchange, Coinut, is proud to announce the launch of Wrapped Litecoin ($WLTC) today, November 12. This groundbreaking development integrates Litecoin into the vibrant world of decentralized finance (DeFi) via the Ethereum network.



An ERC-20 token, $WLTC acts as a simple bridge between the Litecoin and Ethereum ecosystems. As the oldest surviving altcoin, Litecoin’s 13 years of uninterrupted network activity has earned it a reputation as one of the most trusted and active digital assets globally. Wrapped Litecoin (WLTC) is a token that is pegged 1:1 with Litecoin, meaning each WLTC is backed by an equivalent amount of Litecoin, ensuring its value remains consistent with LTC. By wrapping Litecoin, users can now take advantage of Ethereum's extensive DeFi ecosystem without selling their LTC. This opens up a variety of decentralized exchanges (DEXs) and thus unlocks greater liquidity for user assets. The main advantages for most will be earning interest, borrowing funds, and leveraging assets in numerous DeFi protocols. WLTC can be staked, and thus earn rewards, on various Ethereum-based DeFi platforms that support staking. WLTC also opens the door to smart contracts. By standardizing Litecoin into the ERC20 format, WLTC facilitates the integration of Litecoin transfers into smart contracts. This simplifies the development of decentralized applications (DApps) and enables more efficient execution of complex transactions involving Litecoin.

"Litecoin is trusted by millions. Now, with Wrapped Litecoin, these users can access Ethereum's ecosystem seamlessly and confidently" - Xinxi Wang, Coinut

Wrapped Litecoin benefits include:

Cross-Chain Interoperability: allowing Litecoin users to engage with Ethereum-based applications and services. In bridging between the two blockchains, Wrapped Litecoin plays an important role in enhancing Litecoin's utility;

Access to DeFi Applications & Services: giving Litecoin holders the ability to leverage their assets in ways not native to the Litecoin blockchain, like staking, lending/borrowing and yield farming;

Enhanced Liquidity: by allowing access to 'Litecoin' on ETH-based decentralized exchanges (DEXs).

Coinut has partnered with Fireblocks and Coinbase to utilize third-party services for safeguarding of crypto assets, with cold wallet storage (Coinbase) for enhanced security and hot wallet storage (Fireblocks) for efficient transactions. Throughout WLTC's development, Coinut consulted with the Litecoin Foundation - a nonprofit organization dedicated to the adoption and development of Litecoin. The Foundation is supportive of projects that bring utility to the Litecoin ecosystem and is excited about what WLTC could bring to the future of Litecoin. Learn more about the Wrapped Litecoin project at www.WrappedLitecoin.org


Hashtag: #crypto #wrappedlitecoin #wltc #litecoin #ltc #coinut





The issuer is solely responsible for the content of this announcement.

About Coinut:

Founded in 2013, Coinut was one of the earliest cryptocurrency exchanges in Singapore. Coinut is recognized as an exempt financial entity under Singapore's Payment Services Act and is also regulated as a Money Services Business in Canada and maintains VQF membership in Switzerland, ensuring compliance and security across its global operations.

Business News

The Ultimate Guide to Choosing the Right IT Consulting Partner in 2025

In today's fast-paced business environment, technology is no longer just a support function; it's a strategic enabler. For many businesses in Perth, navigating the complexities of IT can be a daunti...

Hashtag.net.au - avatar Hashtag.net.au

Headless WordPress for Australian SMEs: Unlocking Flexibility and Speed

Taking a look at the Australian small and medium-sized enterprise landscape and their web presence, the period of WordPress domination has been almost a few decades. Its ease of use, the price, and an...

Hashtag.net.au - avatar Hashtag.net.au

Shopify Plus for Enterprise: Scaling Your Business for Global Markets

In today's ever-faster digital environment, Australian enterprises are entering international markets rapidly. Since eCommerce is the actual engine for global trade, it needs to be able to select the ...

Hashtag.net.au - avatar Hashtag.net.au

5 Vital Advantages of Using Seamless Tubes in Engineering

In the world of engineering, the selection of materials is paramount. The right choice can mean the difference between a structure that stands the test of time and one that crumbles under pressure. Am...

Hashtag.net.au - avatar Hashtag.net.au

How to Find the Right Lawyers in Melbourne for Your Legal Matter

When faced with a legal issue, finding the right lawyers in Melbourne can be the difference between a smooth resolution and a stressful ordeal. Whether you’re a business owner, a family in transitio...

Hashtag.net.au - avatar Hashtag.net.au

The Role of Mining Equipment Suppliers in Driving the Industry Forward

Mining is one of the most essential sectors for global economic growth, providing raw materials for construction, energy production, manufacturing, and technology. Behind the scenes, mining equipmen...

Hashtag.net.au - avatar Hashtag.net.au

Health & Wellness

How to Choose the Right Earplugs for Sleeping: A Comprehensive Guide

Hashtag.net.au - avatar Hashtag.net.au

Getting a restful night's sleep is essential for overall health and well-being. For many, external noises—be it a snoring partner, traffic, or noisy neighbors—can disrupt sleep patterns. One effective...

How Teen Depression Differs from Normal Adolescent Mood Swings

Hashtag.net.au - avatar Hashtag.net.au

Adolescence is often described as a turbulent period of life. Hormonal changes, social pressures, academic stress, and the search for identity all combine to make the teenage years emotionally inten...

Why Regular Visits to a Trusted Dentist Matter More Than You Think

Hashtag.net.au - avatar Hashtag.net.au

Seeing a dentist is often associated with pain or emergency situations. However, routine dental visits play a much larger role in maintaining not only oral health but your overall wellbeing. Whether...