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RSK integrates DAI stablecoin to boost Bitcoin DeFi and dapps services

C AE F B A E A security token

In what could be termed a big success for DeFi enthusiasts, DAI Stablecoin can now be accessed using the Bitcoin backed smart contracts RSK platform. This announcement came from the RSK infrastructural framework (RIF) team, which made it known that they had to rely on the RSK-Ethereum token bridge that got into use this year to make the integration possible.

RSK, which had been striving to break into the DeFi market in the previous months, finally was able to break the ice when it became known that its smart contract can now offer the DAI Stablecoin to its users.

Integrating DAI on RSK means so many things for enthusiasts and market players as the availability of the Stablecoin would enable users to enjoy different DeFi services like staking and lending while also being able to carry out other microtransactions via the smart contract.

Rune Christensen, the co-founder of Makerdao in his opinion on the recorded breakthrough made by the partnership of his organization and RSK, opined that the integration offers a whole lot of opportunities for bitcoin enthusiasts to trade in the DeFi market.

On the other hand, IOVlabs, the parent company of RSK and RIF, believe that the integration of DAI by the company is an indication of the growing steps towards the adoption of the BTC DeFi.

How DAI Stablecoin would work

RSK decentralized applications (dApps) are written in the same language used by Ethereum, Solidity, which means that the Bitcoin backed smart contract apps are also operable alongside their Ethereum counterparts.

The TOB had checked the interoperability of the “Bitcoin-Ethereum bridge,” which is used to facilitate the locking of genuine token like the Dai Stablecoin on the Ethereum platform I while a side token like “ERC777,” which can quickly move on the RSK platform without any hassles, is minted.

Presently, several dApps are already using the Bitcoin and Ethereum backed DeFi services on their platform; some are Aave, Avaldao, Chainlink, and Sovryn, etc.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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