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Binance recently issued a new token ONT-33D backed by the crypto asset Ontology (ONT)

Binance recently issued ONT-33D, a token backed 1:1 with ONT and hosted on the Binance Chain. Built on Binance Chain and governed by a series of parameters known as BEP2, the new token goes by the name ONT-33D.

Binance recently issued a new token ONT-33D backed by the crypto asset Ontology

Each ONT-33D token holds a backing of one ONT. In theory, this should keep the token’s price the same as the ONT tokens traded on the open crypto market. By nature, ONT travel on Ontology’s own main blockchain, making them incompatible with Binance’s decentralized exchange, or DEX, as the two operate on different blockchains.

The spokesperson said:

“It will allow ONT holders to have a decentralized exchange service.”

Under the same parameters, Binance announced Bitcoin BEP2 (BTCB) in June 2017, with each token backed by Bitcoin (BTC).

The spokesperson added:

“Many more DEX services will launch in the future. For example, Ontology will add a node staking feature soon, expecting to integrate it with the Binance DEX and enabling ONT holders to have full control over their assets while participating in ecosystem governance.”

The concept appears similar to wrapped Bitcoin (WBTC) — a token issued on Ethereum’s blockchain, backed by Bitcoin, allowing for BTC trading on ERC-20-based decentralized exchanges.

The article is referenced from Cointelegraph.

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