Ethereum Classic Users Have a New Way to Access The $13 Billion DeFi Market


Ethereum Classic users will now have the option of a new $13 billion Bridge to the DeFi market with the launch of Wrapped Ethereum Classic (WETC) tokens.

ETC users, who were previously unable to access the full range of non-custoy financial services available to ETH users, will now be able to bet their stakes in ETC to gain entry into the world of decentralized finance, which currently exists predominantly in Ethereum.

The launch of WETC aims to provide another entry point into the rapidly expanding DeFi space. Users who own WETC can also take advantage of WETC's transactions and sale on decentralized exchanges and loan platforms to lend assets or create loans with WETC as collateral, James Wo, founder and CEO of ETC Labs, told Decrypt.

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Ethereum Classic’s Price Stumbles Amid Suspected 51% Attack

The price of ethereum classic (ETC) is pulling back as a result of a recently reported attack that resulted in a series of blockchain history rewrites. At press time, ETC is trading at an average price of $5.01 where down more than 7.5 percent in the past 24 hours, according to data from CoinMarketCap. ETC had fallen hard, which at the time registered a near 10 percent daily depreciation. Ethereum Classic Price Chart As can be seen in the above chart, the price of ETC began to see a sell-off after it reached $5.51 at 17:00 UTC (2 days ago) – its highest price since Dec. 26. Initial reports of the suspected 51 percent attack – by which an entity controls a majority of a network’s processing power and can then attempt to rewrite its history – appeared at roughly 5:00 UTC, at which time price was trading at $5.30 and remained stable until 9:00 UTC, when the sell-off began to accelerate. The price would ultimately drop more than 12 percent at 20:00 UTC from its 24-hour high. While ETC, the 18th largest cryptocurrency in the world by market cap, is not the worst performing cryptocurrency of the day, it is noticeably under-performing the other major cryptocurrencies. At the time of writing, ETC is the only cryptocurrency out of the world’s 20 largest to report a 24-hour loss above 5 percent. For reference, bitcoin is reporting a minor loss of less than 1 percent today. Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing. Source: