LA Token, a crypto-based platform, has launched its own blockchain network. The LACHAIN network is a platform that will allow users to access products in decentralized finance (DeFi) and be a bridge between other networks.
LA token unveils LACHAIN bridge
LACHAIN was officially launched on March 10. It is a layer-one network compatible with the Ethereum Virtual Machine (EVM) and WebAssembly (WASM). LA Token is now the most recent exchange to launch its own blockchain network.
Through this launch, the platform will now have a way to fill the anticipated demand for token bridges in the future. The future of blockchain is believed to be multichain, where different blockchains work together and complement each other’s needs. Bridging networks have become increasingly popular over the past year.
LA Token is a crypto platform that was officially launched in 2017. It is based in the Cayman Islands, and during the past 24 hours, it has recorded more than $281 million worth of trading volumes.
By being EVM-compatible, tokens based on the LACHAIN network can be transferred easily between other blockchains based on Ethereum. LACHAIN is a proof-of-stake network, just like Ethereum and other competing networks. The network will now be compatible with Polygon, BNB Chain and others. The network will also be compatible with WASM, with the latter being a major competitor to EVM.
LACHAIN pursuing the DeFi sector
The LACHAIN network will now have the ability to support DeFi projects. The network’s website has already shown optimism towards being a major player in the DeFi sector, as it has described itself as a “DeFi Hub” on its website.
The network currently only supports the LADEX decentralized exchange, which is currently the only decentralized application (DAPP) on the network. It has around $23 million in total value locked (TVL). This TVL has been generated by the LA tokens and the wrapped version of LA, USDT, Polygon, MATIC, BNB and Ether.
Currently, there are only 678 wallet addresses on the network and four validators. Each validator seems to have wallets from LA Token. The exchange is yet to confirm whether this is the case in the network. The network is already picking pace, and so far, 194,615 transactions have now been completed.
Despite recording a peak just one day after launch, the DeFi sector is highly competitive. Many networks in the space compete to become leading DeFi networks, and LACHAIN might have a hard time climbing up the ranks as it records growing adoption.
Centralized exchanges have been developing their own blockchain networks. BNB Chain, affiliated with the Binance centralized exchange, is the third-largest blockchain network by TVL. Other exchanges such as KuCoin and CryptoCom also have their own blockchain networks. LACHAIN will work like these other networks, and the LA token will be used to pay fees and gas.
LA has dipped by 1.8% during the past 24 hours, and it was trading at $0.108 at the time of writing. LA is 94.3% below its all-time high of $1.82 created in January 2018.
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