Maker’s Dai Stablecoin Becomes the First Cross-Chain ERC-20 Token
Stablecoin Dai (DAI), created by Maker (MKR), has officially become the first ever cross-chain ERC-20 token after entering beta testing on Wanchain (WAN), a blockchain platform that connects and exchanges value between different blockchain ledgers.
Introducing MakerDAO's Dai on Wanchain, the First Ever Cross-Chain ERC20 ! Beta Testnet is Now Open. Read our Medium post for more details on this groundbreaking integration. https://t.co/zB0UY1MeyH
— Wanchain (@wanchain_org) October 11, 2018
According to the announcement, the Dai token will leverage Wanchain’s cross-chain functionality, which saw its v2.0 go live with full Ethereum interoperability earlier this year, to allow for Bitcoin to be exchanged for Dai in a fully decentralized manner. Additionally, this functionality could ultimately allow Bitcoin to be added as a form of collateral for the Dai stablecoin.
“We believe the integration of Dai on Wanchain plus the launch of Bitcoin Integration on Wanchain could unlock a plethora of use cases, extending to virtually any use case for digital payments leveraging cross-chain functionality,” said Rune Christensen, CEO and co-founder of MakerDAO.
This news adds to Maker’s bullish momentum, which has been growing since the project sold 6% of the total MKR supply to Andreessen Horowitz for $15 million.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.