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

Luke Zhang
Sep 19, 2019 · 3 min read
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Today, I would like to announce that Maker will be the first third-party project to make use of Loom’s cross-chain gateways.

Just in case you weren’t aware… Maker is the creator of the number one decentralized stablecoin: Dai.

Together, Loom and Maker will turn Dai into a multichain token by bringing it onto other major chains — starting with Tron.

Maker is a household name in the Ethereum community, but if you haven’t been following the news, it is the largest decentralized finance (DeFi) product in existence — Almost 350 million dollars worth of assets are collateralized in Maker today. Those assets are used to generate Dai, a decentralized stablecoin that is battle-tested and trusted in the community. However, because Dai is an ERC20 token, it has always been inaccessible to anyone who isn’t a user of Ethereum. More than that, DeFi products that make use of Dai like Compound or dYdX (which together hold roughly $150M in assets) are also restricted to just Ethereum.

Needless to say, it will significantly open up the number of users and developers if Dai were able to exist on other Layer 1 chains as well — and that is exactly what is happening today. Using Loom Network gateways, Dai will now be able to exist on other popular Layer 1 blockchains natively.

How Does it Work?

You also have a ton of options during each transaction. For example, if you want to deposit 10 DAI from ETH and transfer 5 to Tron and 5 to Binance Chain — that’s totally doable. Or you can use the DAI on Loom Basechain to play some games (gas-free, of course), and then withdraw it along with your winnings to the chain of your choice.

Why Tron First?

Is it Secure?

The Bigger Picture — Decentralized Money Everywhere

To Sum Up

Dai being supported on Tron, Binance Chain, and other major chains means we’re one step closer to creating a multichain DeFi system — with more and more developers using Loom Network to scale their dapps and projects.

What will you be building on Loom?

Loom Network is the multichain interop platform for scaling high-performance dapps — already live in production, audited, and battle-tested.

Deploy your dapp to Loom’s Basechain once and reach the widest possible user base across all major blockchains today.

New to Loom? Start here.

Want to stake your LOOM tokens and help secure Basechain? Find out how.

Like what we’re doing here? Stay in the loop by signing up for our private mailing list.

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