“RIF integrating DAI creates a new world of opportunity for the bitcoin community to participate in defi,” Christensen said during the announcement.
According to the RIF development team, a slew of dapps are already leveraging the stablecoin via BTC-backed and ETH-backed defi services. This includes projects like Rskswap, Aave, Sovryn, Avaldao, and Chainlink. The Rskswap creators have invoked liquidity pools for RIF-DAI and RBTC-DAI and claim people can transact with the stablecoin for 1000x less than using the Ethereum chain. Rskswap is a fork of the popular Ethereum-based decentralized exchange (dex) Uniswap.
Iovlabs, the parent company of Bitcoin smart contract platform RSK and its Infrastructure Framework (RIF), thinks the DAI integration will bolster defi growth on the BTC chain. Iovlabs cofounder and CEO, Diego Gutierrez Zaldivar, stressed that “DAI integration is another key step towards Bitcoin defi adoption.”
“We are confident the growth of the Bitcoin ecosystem and its defi opportunities has only just begun, with much more to come,” Zaldivar added.
According to the RIF team, the Bitcoin-Ethereum bridge has been reviewed by the Maker Foundation Integrations Team.
“The interoperability bridge locks the original token such as DAI on the Ethereum blockchain while minting an ERC777 ‘side token’ that can move freely on the RSK network,” the RIF software engineers conclude. “This maintains the existing supply of tokens while allowing them to be distributed between chains.”
What do you think about RSK integrating the stablecoin DAI? Let us know what you think in the comments section below.
The post Bitcoin Defi: Smart Contract Platform RSK Integrates ETH-Based Stablecoin DAI appeared first on Bitcoin News.
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