Tokenizing assets from blockchains such as Bitcoin, Bitcoin Cash, and ZCash to be used on the Ethereum blockchain is super fascinating to me and I think it has a huge use case especially when used in the defi space for liquidity or lending!
My favorite protocol doing this is the RenProject using the RenVM protocol which is live in its first stage. If everything goes good with their upgrades this will be a completely decentralized way of handing over your valuable Crypto coins to a custodian whom tokenizes them for you to be used as you wish.
I think that Monero, XMR, would be a great blockchain to add to the available coins to be tokenized on Ethereum. This would be great as it is difficult for many people to access a way to get XMR due to many exchanges not listing them because of its privacy nature. Yet XMR has retained a very underrated use case and continues to stay within the top 20 Coins by Market Cap throughout the years.
Being able to trade/ lend a tokenized XMR in the DeFi space could be great!
Any thoughts or concerns about this idea would be appreciated!
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* This article was originally published here
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