MakerDAO’s Dai on Wanchain Becomes First Ever Cross-Chain ERC20 — Beta Testnet Now Open
MakerDAO’s stablecoin, Dai, has entered Beta testing on Wanchain (see testing instructions below). This integration makes Dai the first ever cross-chain ERC20 token. The Dai token will utilize Wanchain’s cross-chain functionality allowing for Bitcoin to be exchanged for Dai in a fully decentralized manner and to potentially add Bitcoin to its collateralized debt position in addition to Ether (MakerDAO is working on multi-collateral Dai). This announcement comes in parallel to the ongoing Bitcoin Integration on Wanchain (Wanchain’s 3.0 release), which will go live before the end of 2018.
The MakerDAO has also been busy recently! Their team just recently announced a deal with the Andreessen Horowitz crypo fund, a16z crypto, entailing a $15 million USD investment for 6% of the total MKR token supply.
Quote from Rune Christensen, CEO and Co-Founder of MakerDAO
“With Dai integrated onto the Wanchain platform, we are excited to share that cross-chain Dai is officially in Beta, making Dai the first ever cross-chain ERC20 token,” said Rune Christensen, CEO and co-founder of MakerDAO. “We believe the integration of Dai on Wanchain plus the launch of Bitcoin Integration on Wanchain could unlock a plethora of use cases, extending to virtually any use case for digital payments leveraging cross-chain functionality.”
What is Dai?
Dai is the stablecoin from MakerDAO backed by collateralized debt positions in Ether.
What is MKR?
MKR is the second token in the MakerDAO ecosystem that serves multiple purposes. MKR helps stabilize the price of Dai as the system can generate or burn MKR to keep the price of Dai as close as possible to $1 USD. MKR is also used in MakerDAO’s governance model. Holding MKR token offers MakerDAO’s community the right to vote in Maker’s decentralized voting system. Last, MKR is used to pay transaction fees on the MakerDAO platform. The MKR token will also be live in Wanchain following the mainnet release of this ERC20 integration later in Q4.
Wanchain 3.0 — Bridging Bitcoin to Ethereum
Wanchain 3.0 integration with Bitcoin is currently in Open Beta. This upcoming launch, expected in Q4 2018, will be a major milestone for the cryptocurrency industry, and will also be of major significance to leaders of Ethereum-based projects. Upon launch of Wanchain 3.0, any dApp, protocol, DEX, or other project built on Ethereum will be able to break down the wall between their network and the community of Bitcoin users. For example, decentralized exchanges will now be able to offer Bitcoin trading pairs. New pairs on decentralized exchanges in WBTC (Wanchain’s BTC token) will allow for drastic increases in trades and liquidity for the space at large. Other use cases for this cross-chain capability could include cross-chain crypto loans, bringing Bitcoin to any application currently limited to Ethereum, cross-chain security tokens, or a cross-chain stable coin. The opportunities cross-chain with Bitcoin will bring for Wanchain and the industry are quite exciting.
How to Participate in the Cross-Chain Dai Open Beta Test
Please sign up using this form in order to receive your testnet tokens.
Wanchain is a blockchain ecosystem that enables the exchange of digital assets between blockchains with privacy protection and cross-chain smart contracts. The Wanchain infrastructure simplifies the creation of distributed financial applications for individuals and organizations to access financial services such as loans, asset exchange, multi-asset ICOs, and other asset management capabilities. Wanchain 2.0 enables the cross-chain functionalities with Ethereum. Wanchain 3.0, which will launch before the close of 2018, will enable the same functionalities with Bitcoin.