ETC Labs Is Developing A Bridge Between Ethereum Classic And DeFi Industry

ETC Labs collaborates with ChainSafe Systems, To add to the Ethereum Classic blockchain support to DAI stablecoins, used in many Defi applications.

ETC Labs, Group of users and developers, Ethereum Classic blockchain, announced plans to create a new "Bridge" between blockchains Ethereum Classic and Ethereum, which will allow conducting Steabelcoin DAI stableco.

The DAI bridge, running Chainsafe Systems, will potentially give an impetus to Defi development by adding more users, acquaintances with the intricacies of Ethereum infrastructure, but who do not necessarily use ETH.

“The DAI-ETC bridge is planned to be launched 18 November, And this will be the first of many attempts, which will open the ETC community direct access to Defi projects ", – Said the Director General of ETC Labs Terry Kalver (CEO Terry Culver). “Now we are working on listing on various platforms and cooperate with several projects, which will be developed directly on etc, And we also invite other projects to join us ".

ChainSafe bridge will use technology, Similar to RenbTC and other solutions to transmit data between blockchains, Blocking DAI in one chain and creating an equivalent token in another chain. DAI transfer to the Ethereum Classic blockchain will provide users with ETC access to the third most popular stabelcoin with binding to the dollar, used in Defi applications.

“We are proud of that, that we work with etc labs, Using Chainbridge to connect DAI with ETC ", – Said the technical director of Chainsafe Gregory Mark (Gregory Markou) In a press release. “This is a huge step towards expanding access to financial services and large -scale implementation of innovation using blockchain and other distributed technologies”.

Defi development developments are engaged in more and more projects. Recently, the audit company Openzeppelin introduced
Open Defender platform for automated creation of decentralized financing applications (DeFi).