Tuesday, September 27, 2022
HomeDeFiLA Token introduces blockchain to serve as medium between other network

LA Token introduces blockchain to serve as medium between other network

With the LACHAIN network, crypto trading platform LA Token has become the latest to introduce its own blockchain, which it believes will provide its customers access to decentralised finance (DeFi) products and serve as a bridge between other networks.

The Ethereum Virtual Machine (EVM) and WebAssembly (WASM) compatible layer-1 LACHAIN launched on March 10 to assist LA Token in capitalising on anticipated future demand for token bridges between networks. The Cayman Islands’ LA Token was introduced in 2017. 

The main workload for the new network, approved as  “The DeFi Hub” on its website,is intended for managing the DeFi services. The only dApp that appears to be on the network right now is LA Token’s own decentralised exchange, LADEX.

LACHAIN has around $23 million in total value locked (TVL) from 6 tokens, including LA and wrapped versions of LA, Tether (USDT), MATIC, BNB, and Ether (ETH). On the network, there are now jus678 wallet addresses and four validators. Each validator looks to be one of LA Token’s own wallets, but this cannot be confirmed because the exchange has yet to respond to a request for comment. 

LACHAIN is joining a highly competitive ecology of networks that are identical to each other. Crypto.com’s Cronos and KuCoin’s KCC are two more centralised exchanges with their own blockchain networks. With a market value of $8.3 billion in BNB tokens, BNB Chain (previously BSC) is now the largest controlled exchange blockchain. LA Token’s exchange token LA will be utilised to pay fees and gas on LACHAIN, just like it is on those exchanges.

As per the report, LA has down 1.4 percent in the last 24 hours and is currently trading at around $0.10. It has dropped 94.2 percent since hitting an all-time high of $1.82 in January 2018.

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