Tezos (XTZ) Eyes Ethereum DeFi Wrapped ETH Market Share

StableTech, a Tezos group, is now trying to get the attention of DeFi users as they move to wrap ETH tokens and run on the Tezos blockchain. The organization is targeting DeFi users who are unhappy with the high fees and slow transactions on the Ethereum network.

Tezos aims to provide an Alternative Low Cost DeFi to Ethereum

According to a post publishing by StableTech Founder and CEO of Wealthchain, Kevin Mehrabi, ETHtz tickets are now active and live on the Tezos mainnet, with the campaign launching on December 12. This will enable Tezos users to purchase native ticket tighten or peg them to ETH price. Wealthchain is one of the companies supporting StableTech, a group of developers committed to developing DeFi on the Tezos blockchain. The launch of the ETHtz contract was first announced on Twitter by the CEO of Wealthchain.

Kevin Mehrabi further explained that DeFi trading that is dependent on the Ethereum market will move to the Tezos DeFi environment for very solid financial goals and that ETHtz will be a central way for this. It seems that. together with wallets a exchanges, ETHtz content is Tezos’ newest effort to take DeFi’s operation from the Ethereum network and on its own blockchain as an alternative for a lower fee.

“It’s a solution for Etheruem holders to be able to trade ETH without depletion in scandalous gas fees. It also shows that we are in it to win it. ”

Over the next few days, it is anticipated that StableTech will launch TEZEX: Bridge, a token wrap set that will allow ETHtz bathing of ETH tokens. And after that, they plan to release Bitcoin wrapped with Tezos as well.

Mehrabi: Ethereum Required Element Deficiency

Mehrabi also noted that despite Ethereum’s achievements and its ongoing upgrade of Ethereum 2.0, the platform still needs basic elements that would make it a satisfying platform for traders and investors to participate in a much more balanced DeFi view.

The Tezos blockchain has been improving on every aspect required of a platform suitable for DeFi. As part of its development program, the Tezos platform has reduced the price of gas fees in its Delzi Tezos upgrade. According to the post, the transaction on the Tezos platform now takes less than 1% of the price of a similar transaction on Ethereum. This could mean that the network could steal DeFi’s market share, especially when the Ethereum spike has gas fees.

The blogpost further noted that the Tezos team has developed a solution to begin the method of moving billions of dollars of profit from the Ethereum market.

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