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Many cryptocurrency projects have been working on financial inclusion and Ethereum Classic recently announced a step in this direction. On October 28, ETC labs and ChainSafe Systems announced the launch of a new bridge between Ethereum [ETH] and Ethereum Classic [ETC], with the aim of linking the Dai stabelcoin to ETC.
According to the announcement:
“This integration of MakerDAO’s Dai, the world’s first impartial currency and leading decentralized stablecoin, allows access to Dai on the Ethereum Classic network.”
The partnership’s goals were to ensure accessibility to Dai for the ETC community, while also increasing access to decentralized finance [DeFi]. The founder and president of ETC Labs, James Wo, noted that the main mission of the project was realized through this bridge and create a level playing field in terms of access to financial instruments.
The DAI-ETC Bridge, operated by ChainSafe, consisted of a verified set of smart contracts and a validation set. This facilitated the movement of arbitrary tokens and data between chains. While resources have been locked and unlocked in smart contracts, allowing for safe representation across chains.
The announcement added:
“With the Bridge, any individual or business that relies on ETC or ETH can access the leading decentralized stablecoin, Dai, and bring additional users to rely on a stable, decentralized currency. This integration will benefit users, customers and holders. of ETC tokens and will expand the overall ETC ecosystem.
Although Dai was built on Ethereum, many other blockchains have seen it as a bridge to DeFi. With ETC’s aim to include all those excluded from traditional finance, the decentralized stablecoin could also see its usefulness expand over time.
