ETC labs announced that DAI Stabelcoins are coming to the Ethereum Classic blockchain as they are mostly used in DeFi applications. In today’s Ethereum Classic news, we are reading more about the announcement.
DAI stablecoins are used in many Defi applications while ETC has recently suffered several high profile hacks. ETC labs announced the coming of the DAI stablecoins to the blockchain. ETC and ETH split long before DeFi even became a thing. Labs actually represent a group of users and developers that help maintain the original Ethereum blockchain and now they want to rectify that. It announced plans today for a new bridge between the classic blockchain and the Ethereum blockchain allowing DAI stablecoins to be swapped between the two.
The DAI bridge, which is operated by Chainsafe Systems will give DeFi a major boost with the addition of more users that are familiar with the ETH infrastructure but who don’t actually use the ETH token. Terry Culver From ETC Labs said:
“The DAI-ETC bridge is scheduled to launch on November 18, and it will be the first of many efforts that will give the ETC community direct access to DeFi projects. We are currently working on listing on various platforms and are working with several projects to build directly on ETC, and we invite other projects to join us.”
DeFi, or decentralized finance represents a group of applications that are controlled by automatically executed smart contracts which allow users to receive loans or earn interest on deposits of crypto like they would from a bank but that they don’t need a centralized institution. The chainsafe bridge will use the technology that is similar to RenBTC. Moving DAI onto the Ethereum Classic blockchain will provide the users will access stablecoins such as Tetehr and USDC. Chainsafe CTO Greogry Markou said:
“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.”
Ethereum classic blockchain holds a fraction of the value of the prevailing ETH blockchain with a market cap of $631 million compared to the ethereum’s $45 billion. The low hash rate of the network made the project vulnerable to 51% attacks in which a user that has enough rented mining power and can even rewrite the ETC blockchain on multiple occasions to inflate the holdings and to steal coins from exchanges.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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