Many cryptocurrency projects have been working on financial inclusion and Ethereum Classic recently announced a step towards it. On 28 October, ETC labs and ChainSafe Systems announced the launch of a new bridge between Ethereum [ETH] and Ethereum Classic [ETC], with a focus on bridging the Dai stabelcoin to ETC.
According to the announcement:
“This integration of MakerDAO’s Dai, the world’s first unbiased currency and leading decentralized stablecoin, enables access to Dai on the Ethereum Classic network.”
The goals of the partnership were to ensure accessibility to Dai for the ETC community, while also increasing access to decentralized finance [DeFi]. The founder and Chairman of ETC labs, James Wo noted the core mission of the project being realized through this bridge and creating a level playing field in terms of access to financial tools.
The DAI-ETC Bridge which is operated by ChainSafe consisted of an audited set of smart contracts and a validator set. This facilitated tokens and arbitrary data to move between chains. Whereas the assets were locked and unlocked in smart contracts allowing safe representation across chains.
The announcement added :
“With the Bridge, any individual or business that relies on ETC or ETH can access the leading decentralized stablecoin, Dai, and bring in additional users to rely on a stable and decentralized currency. This integration will benefit users, customers, and token holders of ETC, and expand the overall ETC ecosystem.”
Although Dai has been created on Ethereum, many other blockchains have been looking at it as a bridge for DeFi. With ETC’s aim to include everyone excluded by traditional finance, the decentralized stablecoin could also see its utility expand in time.
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