In recent developments, Enjin Blockchain announced it has added testnet support for stablecoins USD Coin and Tether, enabling their utility in the Enjin NFT and gaming ecosystem via Hyperbridge. This momentous integration unlocks potential cross-chain utility, marking a significant stride for the Enjin network.
Stablecoins Make Their Way to Enjin Blockchain
The recent addition of USD Coin (USDC) and Tether (USDT) to the Hyperbridge testnet on the Enjin Blockchain has created a thrill in the crypto sphere. This has been perceived as a massive advancement, primarily as it opens up array of possibilities for cross-chain utility.
The integration of stablecoins is backed by Enjin’s MultiToken Pallet. Notably, the MultiToken Pallet endorses the creation and transfer of an array of tokens, that includes stablecoins. Worth mentioning, this upgrade is a piece of the overall Substrate-based blockchain architecture of Enjin, which enables exciting features such as the on-chain marketplace, NFT minting, and access to SDK/API.
Hyperbridge: The Bridge to Blockchain
Leveraging the new testnet setup, users can lock their USDC or USDT on Ethereum or BNB Chain. Subsequently, Hyperbridge validates and certifies the operation and supports the creation of a matching stablecoin version on the Enjin Blockchain, referred to as the multitoken.
It’s worth noting that locking the original token occurs in a decentralized, user-guided mode via a Hyperbridge vault. This process bears no direct connection with Enjin’s apps or platforms and is entirely managed by Hyperbridge smart contracts and relayers.
The Revolutionary Multitoken
Once minted, multitokens operate just like any other tokens within the Enjin ecosystem. The team at Enjin has pointed out that games and platforms on Enjin Matrixchain already support NFTs and similar features.
The system is engineered to uphold a 1:1 relationship between the original stablecoin and its multitoken version on Enjin. Both the locking and minting steps are publicly verifiable and can be audited. To reclaim their original token, users merely need to burn their multitokens on Enjin, triggering a reverse process to unlock the original asset.
Building the future of Blockchain
The novel testnet support by Enjin is a part of Enjin’s larger scheme to boost the adoption of their blockchain. Enjin’s blockchain was launched in September 2023 as a custom network built on the Polkadot’s Substrate framework reflecting its commitment to bring innovation in the blockchain world.
Concluding 2023, Enjin made another mammoth stride by completing a significant migration of 200 million NFTs to its mainnet. This move was intended to stimulate the usage of the Enjin network and allowed users to claim their assets on the Enjin Blockchain using an enhanced Enjin Wallet.
To summarize, these recent developments are a testament to Enjin’s commitment to pushing the boundaries of blockchain capabilities, revolutionizing the gaming and NFT ecosystem across the globe.
