StableTech Launches Packaged ETH (ETHtz) on Tezos Blockchain

IN BRIEF

  • StableTech has launched „wrapped ETH“ (ETHtz) on Tezos.
  • Wrapped ETH is targeted at users of decentralized finance (DeFi) applications.
  • The Tezos Finance application is also planned for Q1 2021.

On December 12, StableTech launched the „wrapped ETH“ (ETHtz) allowing Ether transfer directly to the Tezos blockchain.

Launch of ETHtz

ETHtz tokens have been uploaded to the Tezos mainnet, allowing Tezos users to exchange native tokens indexed to the ETH price. The Tezos packaged ETH was created by Stabletech.

StableTech, a Tezos development group that mirrors the Nomadic Labs research laboratory. The group is composed of several companies such as Bitcoin Revival.

Packaged ETH targets users of Decentralized Finance Applications (DeFi) who incur high costs on the Ethereum network. We can read in the press release :

„A transaction on Tezos is 99% cheaper than a transaction on Ethereum.“

The price of ETHtz will always be equal to that of Ether since it is issued in a 1:1 ratio.

Tezos embraces DeFi

In early May 2020, StableTech launched the dollar-based stablecoin USDtz.

In the coming weeks, StableTech is also expected to launch „TEZEX: Bridge“, a token packaging service that will facilitate the issuance of ETHtz from ETH tokens, soon to be followed by Packaged Bitcoin (BTCtz).

The Tezos Finance application is also planned for the first quarter of 2021, offering automated lending services to Tezos users, similar to the Compound or Aave services on Ethereum.