Aug 19, 2020
EVERYDAI: A Decentralized Bridge for Dai
Today, we present to you EVERYDAI, the very forefront of possibilities offered by the Orbit interconnectivity technology.
Orbit Chain, as a cross-chain platform, has continued its expansion in the direction of connecting protocols, assets and Dapps existing on various chains. As such, Orbit Chain’s interconnectivity is not limited to a few functions but is applicable to many fields. This has been proven through our multi-asset DEX/DeFi services, as well as Klaytnswap (https://klaytnswap.com/), a service that allows swapping of ERC20-based KCT.
The interconnectivity offered by Orbit Chain can provide a flexible, seamless user experience not limited by a singular solution or service, and can be expanded upon in terms of its reach.
Today, we present to you EVERYDAI, the very forefront of possibilities offered by the Orbit interconnectivity technology. Up until now, through Orbit Chain, assets of different chains served as tokens of economic activities within the Orbit Chain ecosystem. But we aim to expand the role of Orbit Chain, by enabling the said tokens to move freely across different ecosystems.
EVERYDAI is the first of such projects, and its aim is to enable Dai to be sent to various chain ecosystems. Dai is the stable coin project of MakerDAO, a leader in the DeFi ecosystem. And the first chain to be supported by EVERYDAI is Klaytn.
Through this newly minted project, ERC20-based Dai can now be sent to the Klaytn ecosystem as KDai, a token based on KCT (Klaytn Compatible Token). We hope that this will prove to be a fruitful experiment, that will yield for Dai an expansion as a multi-chain and additional value generated as a result. We can also expect this project to yield results for Klaytn. Dai, as a stable coin, has proven itself on the Ethereum network, and Klaytn can benefit by welcoming Dai into its ecosystem, by utilizing the stability only stable coins can offer. This also affords Klaytn opportunities to secure additional services that require stable assets.
EVERYDAI Project Overview
EVERYDAI Project works as a proxy, working to ensure Dai can be utilized in various multi-chain protocols on the Ethereum network, through Orbit Chain. And unlike simple movement of tokens, all Dai that is brought into Orbit Chain is subject to the DSR (Dai Savings Rate) to receive rewards, all the while maintaining functionality in different forms of Dai.
Learn more about DSR: https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/dsr
Korean documentation on DSR: https://blog.makerdao.com/ko/%eb%8b%a4%ec%9d%b4-%ec%98%88%ec%b9%98-%eb%b3%b4%ec%83%81dsr%ec%9d%b4-%eb%aa%b0%ea%b3%a0%ec%98%ac-%eb%94%94%ed%8c%8c%ec%9d%b4-%ec%83%9d%ed%83%9c%ea%b3%84%ec%9d%98-%eb%b3%80%ed%99%94/
There are two types of users who may wish to utilize Dai in the Orbit ecosystem.
- Users who want liquidity from stable-coin worth 1 USD.
- Users who want liquidity yet still desire revenue through interest system such as DSR
To fulfill the needs of the aforementioned users, EVERYDAI issues two tokens, o-Dai and e-Dai in ERC20 format, derived from the Dai balance on Ethereum network.
- e-Dai is suitable for fulfilling stable-coin purposes.
- o-Dai is suitable for the application of DSR.
e-Dai that are issued out can be sent in forms of tokens of all the chains connected to the bridge chain, Orbit Chain. However, as mentioned above, EVERYDAI plans to support delivery to Klaytn in its initial stages. When e-Dai is converted into KDai, 1 KDai is imbued with a value equivalent to 1 Dai.
o-Dai, on the other hand, is planned to be supported by the DeFi service layer operating on Orbit Chain, once Dai’s DSR is configured to a significant reward rate. Through this, holders can expect to receive a reward comparatively higher than other platforms, from locking up their Dai.
In addition, the Dai used to issue e-Dai is also stored in DSR, and users can reap the rewards created from e-Dai, which will be reflected in their o-Dai balances. Therefore, o-Dai reward rate can be even higher than previous e-Dai rates.
More details regarding the systematic architecture of EVERYDAI can be found at the GitHub link below.
Orbit Dai Project: https://github.com/orbit-chain/ethereum-orbit-dai
Final Goal of EVERYDAI
What Orbit Chain ultimately aims to achieve through EVERYDAI is not only the connectivity of different chains, or simple sending of Dai, but the formation of an ecosystem that is connected to the token economy Dai has. To do so, two objectives must be achieved prior.
1) development of an accessible channel through which users can get Dai in a multi-chain ecosystem
2) an environment where Dai holders can be compensated through DSR in a multi-chain ecosystem.
For the first objective, we plan on supporting development of Klay.Exchange (https://klay.exchange), a DEX that allows instantaneous swapping of KDai to KCT (Klaytn Compatible Token). Klay.Exchange will allow KLAY holders to easily convert their KLAY into KDai.
For the first objective, KDAI will be listed on Klay.Exchange (https://klay.exchange), a DEX that allows instantaneous swapping of KDai to KCT (Klaytn Compatible Token). Klay.Exchange will allow KLAY holders to easily convert their KLAY into KDai.
As for the second objective, we plan to develop additional systems that will support movement of o-Dai/e-Dai tokens into multi-chain ecosystems, whilst maintaining the core individual purposes the tokens serve.
While we have already released numerous services to the market after much research and development, we are now focused on realizing the aforementioned objectives, in order to connect Dai and its token economy to multi-chain ecosystems including, but not limited to Klaytn.
We hope the swap service of MakerDAO’s Dai is the first of many to assert the virtue of Orbit Chain to the global market, and Orbit Team will continue to offer scalability and interconnectivity to all projects that wish to expand into new ecosystems.
Lastly, we hope this newly forged bond between Ethereum’s MakerDAO to Klaytn through Orbit Chain to be the beginning of cooperative efforts between various ecosystems and communities, that will lead to an expansion in different fields of decentralization, such as DeFi.
Orbit Chain : https://orbitchain.io
Orbit Chain Voting & Governance : https://voting.orbitchain.io
Orbit Chain Explorer : https://explorer.orbitchain.io
Orbit Chain Telegram: https://t.me/Orbit_Chain
Orbit Chain Twitter: https://twitter.com/Orbit_Chain
Orbit Chain Discord: https://discordapp.com/invite/PJzE63A
