Litecoin is on the rise and now has a wrapped token WLTC

The former alternative cryptocurrency is positioned at the center of the DeFi ecosystem while accumulating gains of 79.54% in the year.

The price of Litecoin (LTC) closed this Tuesday at USD 125.63, registering a remarkable increase of 6.48%. With an impressive annual return of 79.54%, LTC is in an upward trend in the medium term. In addition, the Litecoin Foundation recently announced the launch of Wrapped Litecoin (WLTC). This is an ERC-20 token that promises to revolutionize its integration into the decentralized finance (DeFi) ecosystem.

With an impressive 79.54% annual return, LTC is on a medium-term uptrend / TradingView

Litecoin on the rise

The Litecoin cryptocurrency broke the resistance barrier at $113, consolidating above this mark and now looking to reach a new resistance at $140. After a period of sideways trading that had been maintained since January 2022, in a range between $48 and $113, LTC's recent rally is driven by a significant increase in trading volume, which tripled in recent weeks. This shows that there is a strong demand for this cryptocurrency. In the last month, Litecoin achieved gains of 45.89%, reflecting its growing popularity.

Wrapped Litecoin: A bridge to DeFi

Recently, the Litecoin Foundation announced the launch of Wrapped Litecoin (WLTC) on November 12. This innovative ERC-20 token acts as a bridge between the Litecoin and Ethereum ecosystems. This allows users to take advantage of the robust world of DeFi without having to sell their LTC. Each WLTC is backed 1:1 by Litecoin, ensuring that its value remains constant. By wrapping their Litecoin, users can explore various decentralized exchange (DEX) platforms and increase the liquidity of their assets.

Advantages of WLTC

Among the main advantages of Wrapped Litecoin are the possibility of earning interest, borrowing funds, and leveraging assets on multiple DeFi protocols. In addition, WLTC allows staking on Ethereum-based DeFi platforms, which also opens the door to the use of smart contracts. This standardization of Litecoin in ERC-20 format simplifies the development of decentralized applications (DApps) and allows for more efficient execution of complex transactions involving LTC.

With the growing interest in alternative cryptocurrencies and the remarkable performance of Litecoin, the future looks promising. The integration of Wrapped Litecoin into the DeFi ecosystem not only expands the opportunities for investors. It also reinforces LTC's position as one of the most reliable and active cryptocurrencies on the market.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves risk and thorough research is recommended before making investment decisions.