The LA Token crypto platform has become the latest exchange to launch its own blockchain with the LACHAIN network. It hopes to give its users access to decentralized financial products (DeFi) and a bridge between other networks.
The WebAssembly-compatible Ethereum (EVM) LACHAIN Virtual Machine (WASM) was launched on Thursday to help the LA token take advantage of the expected future growth in the demand for token bridges between networks. The LA token was launched in 2017 in the Cayman Islands, with a trading volume of $ 281.6 million in the last 24 hours, according to CoinGecko.
EVM compatibility allows LACHAIN’s Proof of Stake (PoS) tokens to be transferred seamlessly between other Ethereum-based networks such as Polygon and others, including BNB Chain (formerly Binance Smart Chain). WASM is a competitor to EVM for smart contract platforms.
The main workload of the new network is expected to be related to DeFi services, described on the website as “DeFi Hub”. Currently, the only decentralized application or DApp that exists on the network is the decentralized exchange LADEX (DEX) LA Token.
At the time of writing, LACHAIN has a total value locked (TVL) of approximately $ 23 million from six tokens including LA and encapsulated versions of LA, Tether (USDT), Polygon (MATIC), BNB and Ether (ETH). There are currently 678 wallet addresses and four validators on the network. Each validator looks like a private LA Token wallet. However, this could not be confirmed as the stock exchange did not respond to a request for comment. At the time of writing, there were 194,615 transactions online.
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LACHAIN is part of a highly competitive ecosystem of similar networks. Other key exchanges with blockchain networks include Cronos and Crypto.com’s KuCoin with KCC. Currently, BNB Smart Chain (formerly known as Binance Smart Chain) is the largest central stock exchange chain with a BNB market value of $ 8.3 billion. As with these exchanges, the LA Token LA exchange will be used to pay taxes and gas on LACHAIN.
Los Angeles prices have fallen 1.4% in the last 24 hours and are trading at around $ 0.10, according to CoinGecko. This is 94.2% down from the highest record of $ 1.82 in January 2018.