EtherLite Looks to Bridge to More Blockchains
Ethereum might be one of the most popular blockchains in the world, but it’s far from being the only one. EtherLite is a recently launched Ethereum fork that seeks to address some of the issues plaguing its parent network’s performance, such as slow and pricey transactions. ETL is the newer blockchain’s native token, and the price has yet to reach its stride, having shaved 30% off its value in the last 30 days.
Meanwhile, the price of Ether, which is the native cryptocurrency of the Ethereum network, is currently hovering above USD 3K. This is a significant physiological milestone for the second-biggest cryptocurrency, today’s 5% declines notwithstanding. Ethereum bulls believe Ether is poised to go even higher given the declining supply and rising demand dynamics for the coin.
While Ethereum is transitioning from a proof-of-work (PoW) model to a proof-of-stake (PoS) consensus algorithm, EtherLite has adopted the staking approach from the getgo. Its users are already staking ETL rewards, which they can withdraw as frequently as weekly.
The newer project was built for interoperability and is compatible with the Ethereum network. EtherLite doesn’t want to stop there, however, and is also eyeing other blockchains to bridge to. Blockchains are generally built in an isolated manner, and a bridge allows different networks, say Ethereum and EtherLite, to interact with one another to move tokens or smart contracts, for example.
In a recent Bitcoin.com podcast, EtherLite head of communications, Jean Auditor, discussed the project’s roadmap. She said that EtherLite is “not trying to kill off other blockchains” and instead is interested in offering “alternative blockchains.”
The way that the EtherLite team sees it, more blockchains translates to less congestion on these networks. Besides, users tend to have biases toward their favorite blockchain anyway, Auditor said. She added that EtherLite will be able to bridge to more blockchains, making it easier for their users to use ETL on multiple blockchains.
— Etherlite (@EtherliteOrg) August 17, 2021
According to EtherLite’s Twitter account, the blockchain has supported more than 70,000 transactions so far. The project is also gaining more exposure slowly but surely. Most recently, cryptocurrency exchange Changelly Pro announced that its users now have access to EtherLite’s ETL and touted the platform for building decentralized applications (Dapps). If more developers flock to EtherLite to build, the ETL token could benefit.