Maker Partners With Loom Network to Bring Dai (DAI) to Additional Blockchains


Loom Network (LOOM), a blockchain ecosystem for games and social apps, has partnered with Maker (MKR) to bring its stablecoin, DAI, to new blockchains, starting with TRON (TRX) and Binance Chain (BNB).

According to the announcement, Loom Network plans to leverage its gateway technology that functions to create multi-chain bridges. With this, Loom Network will enable the ERC-20 token DAI to transfer into TRC-20 tokens. Notably, these transactions also allow for sending tokens to multiple different networks at the same time.

Loom Network notes that while it aims to expand DAI to as many major blockchains as possible, it currently plans to bring it to TRON and Binance Chain first.

“Right now, the largest stablecoin on TRON is USDT, and we believe a decentralized collateralized coin would serve the users of that chain greatly,” states the Loom Network team. “There is a huge market opportunity for all the games on the Tron chain to accept payments using DAI. And in doing so, we may even start to see some DeFi apps pop up on Tron.”

As we previously reported, Loom Network is now interoperable with TRON (TRX) via PlasmaChain, a high-performance DPoS sidechain that acts as a bridge between multiple chains and Ethereum (ETH).

Any TRON user can now interact with all dapps built on PlasmaChain while TRON dapp developers can access the Loom Network software development kit (SDK).

More: Making a Multichain Dai: Maker and Loom Network to Build Dai Gateways to Tron, Binance, and Other Chains

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.

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