DAI is now ready to be used on the Bitcoin smart contract platform. As per the official announcement, in order to integrate DAI, developers worked with the features offered by the RSK-Ethereum token bridge. The new integration is expected to have a positive impact on decentralized finance (DeFi) and the entire crypto ecosystem.
With the new integration of the DAI cryptocurrency into the RIF ecosystem, developers will be able to improve decentralized finance services that are currently offered on top of the Bitcoin network. Interested users will have the possibility to create decentralized apps using RSK and connect them to the Ethereum ecosystem.
By leveraging MakerDAO, RSK, the RIF token and the entire Bitcoin environment, it will be possible for developers to increase the demand for a wide range of assets and applications without having to be dependent on the fees of the Ethereum network. In the last few months, with the expansion of the DeFi market, Ethereum fees have been growing, damaging the entire usage of the ETH digital asset and Ethereum ecosystem.
This collateralized digital asset will be offering users with a connection to the Ethereum network, developers and the entire community while having a scalable and useful network leveraging Bitcoin’s security and usability.
That means that the DAI stablecoin with the new integration with RSK will be accessible to all the Bitcoin-backed decentralized finance products such as the RIF token and a wide range of other protocols. By using the scalability provided by RSK, DAI users will be able to send microtransactions and have a smooth integration with other tools and services such as staking, borrowing and lending.
It is worth taking into consideration that there are several companies that have already provided integration to the DAI collateralized stablecoin. Some of these networks include Aave, AvalDAO, Chainlink and many others.
The CEO of IOVlabs, Diego Gutierrez Zaldivar, mentioned about the DAI integration:
“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.”
Furthermore, with the new bridge, the DAI token will be locked and immediately after it will mint an ERC777 token that can be used on the RSK network. In this way, it is possible to maintain a stable number of coins and allow users to freely use the RSK network.
In the last years, the RSK network has been offering one of the most advanced and unique secure smart contract platforms that leverage Bitcoin’s hash power and capabilities. Additionally, it has been complemented with a wide range of RIF protocols and services developed by IOVlabs.
At the same time, MakerDAO has been working on the development and generation of the DAI digital asset. This was the first-ever decentralized and asset-backed stablecoin in the market. Users can leverage the stable price of this virtual currency and its decentralized features.