Ethereum Classic Labs and ChainSafe Systems Announce DAI-ETC Bridge, Integrating Dai to Expand DeFi on Ethereum Classic

Ethereum Classic Labs and ChainSafe Systems Announce DAI-ETC Bridge, Integrating Dai to Expand DeFi on Ethereum Classic

Ethereum Classic Labs (ETC Labs), the core development and accelerator organization for the Ethereum Classic (ETC) blockchain, and ChainSafe Systems launch a new bridge between Ethereum (ETH) and Ethereum Classic, with a focus of bridging the Dai stablecoin to ETC. This integration of MakerDAO’s Dai, the world’s first unbiased currency and leading decentralized stablecoin, enables access to Dai on the Ethereum Classic network. The goal of the partnership is twofold: ensure DeFi is accessible to the ETC community and to increase access to decentralized finance, especially in communities excluded by traditional finance.

“The bridge facilitating the use of MakerDAO’s Dai advances our core mission of creating a level playing field when it comes to access to financial tools, globally,” says James Wo, Founder and Chairman of Ethereum Classic Labs. “Our vision for a path forward is to use blockchain to increase said access to finance, making it easier for people to use cryptocurrencies with economic incentives.” Gregory Di Prisco, Head of Business Development at the Maker Foundation added, "Dai is a currency for everyone and every network. While Dai is generated on Ethereum, it's great to see other blockchains take advantage of the utility of a decentralized stablecoin."

The Bridge, operated by ChainSafe, consists of an audited set of smart contracts and a trusted validator set that facilitates tokens and arbitrary data to move between chains. The trusted validators in the Bridge relay assets between a source chain and destination chain. Assets are locked and unlocked in smart contracts allowing them to be safely represented across chains. The DAI-ETC Bridge represents a large step forward in connecting DAI with ETC and was developed in partnership with ChainSafe Systems, audited by ConsenSys Diligence. View links to the documentation here, code here, and the latest audit, here.

“We are proud to be working with ETC Labs using ChainBridge to connect DAI with ETC. This is a huge stride towards financial inclusion and to empowering people and organizations to build and innovate through blockchain and other distributed technologies,” said Gregory Markou, CTO of ChainSafe.

With the Bridge, any individual or business that relies on ETC or ETH can access the leading decentralized stablecoin, Dai, and bring in additional users to rely on a stable and decentralized currency. This integration will benefit users, customers, and token holders of ETC, and expand the overall ETC ecosystem. ETC’s recent hard fork has acted as a timely catalyst for this integration, as it is the culmination of active development and innovation taking place on ETC.

About Ethereum Classic Labs:
Ethereum Classic Labs (ETC Labs) is the leading supporter of the Ethereum Classic blockchain, a public blockchain with a market cap of $1.5B. Working with the ETC Core development team, ETC Labs builds and maintains key applications, solutions, and tools to ensure a secure and thriving Ethereum Classic ecosystem. Through its accelerator program, ETC Labs invests in projects and initiatives that further financial inclusion, women's participation in technology, and wildlife conservation. As part of these social impact efforts, ETC Labs issues grants to propel research and development in scalability, storage, interoperability, and adoption in the greater blockchain economy. For more information visit, http://www.etclabs.org.

About MakerDAO:
MakerDAO enables the generation of Dai, the world’s first unbiased currency and leading decentralized stablecoin. Dai mitigates volatility through an autonomous system of smart contracts called the Maker Protocol, as well as through decentralized community governance. Dai extends the power of traditional currency with the benefits of the blockchain: It can be freely sent to others, used as payments for goods and services, or locked in a smart contract to earn savings. that does not discriminate. Any individual or business can realize the advantages of digital money. For more information, visit: https://makerdao.com/en/

About ChainSafe Systems:
ChainSafe Systems is a blockchain R&D firm whose mission is to realize the potential of Web3 through sustainable open-source development. Our vision is to create a world with organizations that empower people to create & innovate through blockchain and other distributed technologies. To this end, we are working actively in the Ethereum, Ethereum Classic, Cosmos, Polkadot and Filecoin ecosystems. We are working to advance eth2.0 with Lodestar, an implementation of the Beacon Chain in typescript. ChainSafe is working towards the release of Gossamer, a Golang implementation of the Polkadot Host. ChainSafe is also proud to be working on Ethermint to deliver scalable, PoS Ethereum within the Cosmos ecosystem. We are also working closely within the Ethereum Classic ecosystem on several initiatives. These include adding ETC support to Hyperledger Besu as well as the ChainBridge integration outlined above. Finally, ChainSafe is working with Aragon One to create Aragon Chain, a custom implementation of the Aragon ecosystem built as a Cosmos SDK module based on Ethermint.

Publication date: 
10/29/2020 - 12:15
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