Dai, the stablecoin issued by the Ethereum-based decentralized autonomous organization MakerDAO has officially entered the beta testing phase on the Wanchain network, an integration that makes it the first ever cross-chain ERC20 token. This collaboration enables Dai to be exchanged for Bitcoin using Wanchain’s cross-chain functionality in a completely decentralized manner. Not only does this provide more stability to Dai but also adds Bitcoin to its debt position after having previously acquired Ethereum.
The announcement was made via Wanchain on Medium, shared in a Twitter post that said:
Introducing MakerDAO’s Dai on Wanchain, the First Ever Cross-Chain ERC20 ! Beta Testnet is Now Open. Read our Medium post for more details on this groundbreaking integration.
The founder and CEO of MakerDAO, Rune Christensen shared the enthusiasm surrounding the first cross-chain token. He said:
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.
The announcement comes to accompany the ongoing Wanchain integration with Bitcoin which is currently in open beta and is to be termed Wanchain 3.0. Wanchain 3.0 will serve as a platform to bridge the gap between Bitcoin and Ethereum and is expected to launch in the coming few months. This is tipped to be another milestone for the crypto industry and will be of specific interest to the developers in the Ethereum community.
With Wanchain 3.0, DApps and other projects on Ethereum blockchain will be able to be used by the Bitcoin community. The WBTC (Wanchain’s BTC token) will allow for Bitcoin trading in a large capacity, also including cross-chain crypto loans and bringing other Ether specific applications into the BTC circle.