Two peas in a pod — OpenDAO x pNetwork
In an ongoing effort to expand to faster and cheaper blockchains, we here at OpenDAO are excited to announce our collaboration with pNetwork, building on their BTC<>xDAI bridge!
This presents a first of its kind opportunity for Bitcoin purists, who will be able to use this bridge to wrap their cryptocurrency onto the xDAI network, and take advantage of quick, low cost transactions, and the fast growing DeFi ecosystem on xDAI .
Currently in live testing on the xDAI network, this new OpenDAO platform will allow users to stake BTC wrapped on xDAI, amongst a range of other cryptocurrencies.
Once deposited, users will be able to mint stablecoins against their position thus borrowing in a permissionless manner against their BTC. Given the high costs plaguing ETH, a bridge to EVM compatible XDAI gives BTC holders an opportunity to access DEFI in a cost effective manner.
Stay tuned as we reveal more information about OpenDAO on the xDAI Network in the coming weeks!
pTokens site: https://dapp.ptokens.io
pNetwork site (focused on the governance layer): https://p.network
More about pNetwork and their range of pTokens: https://medium.com/pnetwork/crossing-chains-how-ptokens-bring-greater-accessibility-to-the-crypto-space-8e1d353da579
Main site: https://OpenDAO.io
White Paper: https://opendao.gitbook.io/whitepaper-v2/
Transparency Document: https://opendao.gitbook.io/transparency/