Crypto platform LA Token has reportedly been the most recent exchange to introduce its self-developed blockchain – the LACHAIN network, allowing its users to tap into DeFi offerings and a bridge between other networks.

Specifically, the layer-1 Ethereum Virtual Machine (EVM)-compatible and WebAssembly (WASM)-compatible LACHAIN were officially introduced on March 10th, to assist LA Token take profit from expected future development, in demand for token bridges between networks. 

LA Token was previously established 5 years ago, in the Cayman Islands, amassing an overall figure of $281.6 million in trading volume over the last 24 hours, per insights from CoinGecko. 

EVM compatibility reportedly makes it possible for the proof-of-stake (PoS) LACHAIN, supporting the seamless transfer between other Ethereum-powered networks, nominally Polygon, and others including BNB Chain. 

WASM reportedly rivals EVM in terms of being a smart contract platform.

The primary target of the new network is to work with DeFi services, since it is advertised as “The DeFi Hub” on its website.As of now, the sole DApp that exists on the network is LA Token’s own LADEX decentralized exchange (DEX).

LACHAIN currently possesses approximately $23 million in total value locked (TVL) as of the time of writing from six tokens including LA and wrapped versions of LA, Tether (USDT), Polygon (MATIC), BNB and Ether (ETH).

At the moment, only 678 total wallet addresses and four validators on the network are present on the network, with each validator appearing to be LA Token’s own wallets.