• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Bitcoin

Expanding Bitcoin’s DeFi: RSK & RIF integrate DAI

by admin
October 7, 2020
in Bitcoin
0
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter


The RSK Infrastructure Framework (RIF) development team has now successfully used the RSK-Ethereum token interoperability bridge to expand DeFi capability on the RSK network. The bridge was launched early this year.

Related Posts

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

The TOB-audited interoperability bridge works by locking DAI in Ethereum and simultaneously minting an interoperable ERC-777 token that can “move freely” in the RSK network. In this arrangement, there is token interoperability. At the same time, the supply of DAI remains unaffected in the base layer.

Through the link—reviewed by the Maker Foundation integrations team, financial applications can be launched on RSK but deployed on Ethereum. Therefore, creators can concurrently access deep liquidity in the pioneer smart contracting network while enjoying low transaction fees and high scalability on the RSK side chain.

Per the release, the two projects expect to increase decentralized finance services based on Bitcoin’s network. 

DApp developers will be capable of creating applications on RSK that connect to the Ethereum ecosystem while tapping into its network liquidity and effect.

RSK and MakerDAO, together with the RIF token community, work closer to bring tools and assets that power DeFi to a Bitcoin environment. This would help fuel the growing demand for DeFi-based assets and apps without them being hampered by the high fees on Ethereum’s network.

As DAI is now available on RSK, this will bring the crypto-collateralized stablecoin to a scalable smart contract network while also maintaining a connection with Ethereum and its valuable users and developers. As a result of the work, DAI is now accessible to BTC-backed DeFi products that include the RIF token and its many protocols.

Speaking on the matter was Diego Gutierrez Zaldivar, CEO, and co-founder at IOVlabs, who said:

“The DAI integration is another key step towards Bitcoin DeFi’s adoption. We are confident the growth of the Bitcoin ecosystem and its DeFi opportunities has only just begun, with much more to come.”

Disclaimer: This is a sponsored post brought to you by IOV Labs. For more information about sponsored posts, see here.

Like what you see? Subscribe for daily updates.



Source link

Tags: BitcoinsDAIDeFiExpandingintegrateRIFRSK

Popular

Press Release

A Multi-Currency Wallet For All Your Crypto Needs

by admin
June 29, 2022
0

CCTIP: A Multi-Currency Wallet For All Your Crypto Needs KOWLOON CITY, HONG KONG Tue Jun 28 2022 03:45:00 GMT-0400 (EDT)...

Read more

Fat Cat Killer ($KILLER) is now listed on Bitmart!

June 28, 2022

DeFi Skeptic Aspires to Make the Decentralized World Better Through Increased Transparency and Information.

June 28, 2022

Anchorage Digital to Introduce Ether Staking for Institutions as Move to PoS Approaches

June 29, 2022

Will emergence of this unique young Crypto star bring new hope for the Crypto world.

June 28, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%