HomeCoinsICON (ICX)ICONFi now supports ERC20 ICX for the Ethereum DeFi Ecosystem | by...

ICONFi now supports ERC20 ICX for the Ethereum DeFi Ecosystem | by ICON Foundation | Hello ICON World | Oct, 2021

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ICON Foundation
ICONFi now supports ERC20 ICX for the Ethereum DeFi Ecosystem | by ICON Foundation | Hello ICON World | Oct, 2021

Dear ICONists,

We are very excited to announce that ICONFi now supports the wrapping of ICX to an ERC20 version of ICX (note: this is a separate service from the token swap service it currently supports).

To kick off this offering, the ICON Foundation has partnered with ICONFi to mint the first 50 million ERC20-based ICX tokens (which can be found here). This 50 million ERC20 ICX is fully collateralized by the same amount of ICX locked here. As part of this partnership, we will actively seek out more integrations with Ethereum-based DeFi projects and explore various synergies to expand the growth and adoption of ICX and ICE ecosystems. We expect this offering to launch publicly in the next few days. Stay tuned for more announcements from ICONFi.

We are also excited for bridging services that will complement other wrapping solutions for ICX, including Orbit Bridge and the much anticipated upcoming launch of Nexus (our BTP service).

To make the swap on ICONFi, follow these simple steps:

  1. Deposit ICX to ICONFi choosing ICON Network.
  2. Withdraw ICX from ICONFi choosing Ethereum Network. A certain amount of fees will be charged for the gas fee.

For a more detailed explanation, please check out the guide on the ICONFi Medium.

Wrapping native ICX to ERC20 ICX on ICONFi

For more information about ICON, visit our website & subscribe

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