On Monday (July 19), Singapore-headquartered cryptocurrency exchange Bitrue announced that before the end of this month it intends to become the first exchange to offer support for native assets on the Cardano blockchain.
Unlike with Ethereum, which requires smart contracts (i.e. custom code) for creation of user-defined tokens, Cardani offers native support for user-defined tokens. This support was introduced with the “Mary” protocol upgrade, which went live on Cardano’s mainnet on March 1.
As IOHK explained in a blog post published on February 18, “native support grants distinct advantages for developers as there is no need to create smart contracts to handle custom token creation or transactions,” which means that “the accounting ledger will track the ownership and transfer of assets instead, removing extra complexity and potential for manual errors, while ensuring significant cost efficiency.”
In an article posted earlier today on its website, Bitrue said that the first user-defined Cardano token to be supported would be $OCC, the utility token of OccamFi, which is “a suite of DeFi solutions tailored for Cardano.” This support will be added by Bitrue “before the end of July 2021.”
According to the OccamFi team, $OCC token holders may “participate in liquidity mining through OccamRazer pools” and stake $OCC tokens to gain access to private OccamRazer pools.
Bitrue went on to say:
“Users will be able to deposit and withdraw both the ERC20 and Cardano forms of OCC to Bitrue as they wish, and trade them in a unified market for OCC. In this way Bitrue will also be acting as the pioneering location for users worldwide to trade for and hold a Cardano native asset.“
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