Holders of the privacy-focused cryptocurrency Zcash (ZEC) will be able to use it in the Ethereum ecosystem in the form of Wrapped Zcash (WZEC), an ERC-1404 wrapped token. This opportunity appeared thanks to the cooperation of the custodian Anchorage and the TokenSoft platform.
https://twitter.com/TokensoftInc/status/1318964845690093569?s=20
Tokensoft took over the task of technical development of the service, Anchorage will be responsible for the storage of the assets that serve as collateral.
Zcash on Ether, like other similar tokens, is pegged to the underlying asset in a 1: 1 ratio.
WZEC has the following properties:
Access shielded Zcash addresses on Ethereum without compromising privacy.
Zcash compatibility with decentralized applications like Maker, Uniswap, and Compound.
Optimized integration with Ethereum-integrated wallets and exchanges.
“WZEC will add liquidity to DeFi and capitalize on the properties that make Layer 1 protocols unique,” said Nathan McCauley, Co-Founder and CEO of Anchorage.
"Exchanges will now be able to store Zcash in compliance with regulatory requirements," added another benefit of the new Tokensoft CEO Mason Borda.
As part of the launched project Wrapped, the company plans to expand the list of "wrapped" tokens in the future. Among the considered are Handshake (HNS), Avalanche (AVAX) and Celo (CELO).
As a reminder, the CoinList token sale platform recently updated the record for the daily emission of the Wrapped Bitcoin token (WBTC) backed by bitcoin.
According to the BTC on Ethereum service, the total value of WBTC has reached almost $ 1.39 billion, followed by renBTC ($ 339.1 million), HBTC ($ 78.0 million) and sBTC ($ 29.7 million).
The total capitalization of Ethereum tokens tied to the first cryptocurrency is $ 1.86 billion.
In this market segment, WBTC's share is 74.2%. RenBTC - 18.2%, third HBTC - 4.16%.