Finance / Banking, Decentralized Finance (DeFi), Asset-backed Tokens, Compound Tokens, cToken, Ethereum Ecosystem
cETH is a crypto project that was created to bring Ethereum-based DeFi (Decentralized Finance) to the Cardano blockchain.
It is a decentralized asset that is pegged 1:1 with Ethereum’s native token, Ether (ETH). cETH is an ERC-20 token built on the Ethereum blockchain and it can be used to access DeFi protocols and applications on the Cardano blockchain. The project was created by IOHK, the company behind Cardano, in order to bridge the gap between Ethereum and Cardano.
By allowing users to use cETH as a bridge asset, they can access DeFi protocols and applications on both blockchains. This will enable users to take advantage of the best features of both blockchains while still maintaining full control over their funds. cETH also provides users with a secure way to store their funds as it is backed by an audited smart contract that ensures its value remains pegged 1:1 with ETH.