/ethereum_bitcoin2-5bfc2f5c4cedfd0026c1c81e.jpg "LACHAIN launched by LA Token")
LA Token, a cryptocurrency platform, has become the latest exchange to launch its blockchain using the LACHAIN network. It aspires to provide its users with access to decentralized finance (DeFi) products as well as a link between other networks.
Layer-1 Ethereum Virtual Machine (EVM) and WebAssembly (WASM) compatibility On Thursday, LACHAIN went live to assist LA Token to capitalize on anticipated future growth in demand for token bridges between networks. According to CoinGecko, LA Token was launched in the Cayman Islands in 2017 and has had $281.6 million in trading volume in the last 24 hours.
Tokens on the proof-of-stake (PoS) LACHAIN can now transfer seamlessly between other Ethereum-based networks like Polygon and others, including BNB Chain (formerly Binance Smart Chain), thanks to EVM compatibility WASM is a smart contract platform competitor to EVM.
The new network’s primary workload is anticipated to be handling DeFi services, as it is touted on its website as “The DeFi Hub.” The only decentralized application, or DApp, that appears to be on the network at the moment is LA Token’s LADEX decentralized exchange (DEX).
As of this writing, LACHAIN has approximately $23 million in total value locked (TVL) from six tokens, which includes LA and wrapped versions of LA, Tether (USDT), Polygon (MATIC), BNB, and Ether (ETH). The network currently has 678 total wallet addresses and four validators. Each validator appears to be one of LA Token’s wallets. This could not be confirmed, however, because the exchange did not respond to a request for comment. On-chain transactions had totaled 194,615 as of the time of writing.
LACHAIN is about to enter a highly competitive ecosystem of identical networks. Crypto.com’s Cronos and KuCoin’s KCC are two other centralized exchanges with their blockchain networks. BNB Smart Chain (formerly Binance Smart Chain) is currently the largest centralized exchange blockchain, with a market capitalization of $8.3 billion in BNB. LA Token’s exchange token LA, like with those exchanges, will be utilized for paying fees and gas on LACHAIN.
According to CoinGecko, LA is down 1.4 percent in the last 24 hours and is currently trading at around $0.10. It has dropped 94.2 percent from its all-time high of $1.82 in January 2018.
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