The ETC Core developer team at the Ethereum Classic Labs recently announced the new Ethereum Classic network upgrade with the upcoming “Thanos” hard fork on November 29. The decision arrived after a community consensus as the ETC network continues to bring new innovations for existing and old miners.
Recently, the Ethereum Classic network implemented the finality algorithm MESS that offers protection against 51% attacks. Speaking about the upcoming upgrade, James Wo, Founder and Chairman of Ethereum Classic Labs said:
“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing for miners to continue mining ETC and for new miners to join the ecosystem.”
Note that the ETC Mordor Testnet already implemented the Thanos upgrade at block 2,520,000 and successfully activated it last month of October. Now, the ETC Core development team is working for the Ethereum Classic Mainnet activation at block 11,700,000 on the coming Sunday.
Venturing Into the DeFi Waters With Wrapped ETC (WETC)
Last week, the Ethereum Classic Labs also launched its new ERC20 token wrapped ETC (WETC) to make an entry in the massive evolving DeFi space. The ultimate goal behind this launch is allowing ETC holders to actively participate in different Ethereum-based DeFi services of lending and borrowing. Speaking about this launch, Wo said:
“Access to financial services like trading, savings, lending, and borrowing are inaccessible due to distance or inability to set up a bank account, DeFi will be an increasingly important force for positive change. We are very pleased to facilitate access to DeFi for ETC users with the launch of WETC.”
All of the ETC users using WETC will get access to all of the Ethereum protocols along with the decentralized apps (DApps) and smart contracts on the platform. “Basically, it’s a bridge for all the ETC token holders to use different services on top, to make sure their tokens are more valuable,” Wo said. “It’s actually about improving the efficiency of the products by improving all the value of the tokens.”
Holders of the WETC will soon get larger market liquidity as the WETC can be stored and transferred on any ERC-20 compatible wallet. ETC Labs will be listing WETC on exchanges and other DeFi governance applications. It has already announced the launch of DAI-ETC bridge, giving ETC users access to the very popular DAI DeFi tokens from MakerDAO.