The DeFi space continues to expand as the total value locked in protocols has recently almost hit $11 billion. More interestingly, BTC value locked in DeFi is also on the rise as there are currently around 141,000 bitcoins locked in various lending protocols.
RSK’s infrastructure framework (RIF) has recently integrated Maker’s DAI stablecoin into its ecosystem.
The RSK infrastructure framework (RIF) has integrated the DAI stablecoin on its Bitcoin-powered smart contract platform.
To do this, the development team used the RSK-Ethereum token bridge, launched earlier in the year. Per the release, the two projects expect to increase decentralized finance services based on Bitcoin’s network.
DApp developers will be capable of creating applications on RSK that connect to the Ethereum ecosystem while tapping into its network liquidity and effect.
RSK and MakerDAO, together with the RIF token community, work closer to bring tools and assets that power DeFi to a Bitcoin environment. This would help fuel the growing demand for DeFi-based assets and apps without them being hampered by the high fees on Ethereum’s network.
As DAI is now available on RSK, this will bring the crypto-collateralized stablecoin to a scalable smart contract network while also maintaining a connection with Ethereum and its valuable users and developers. As a result of the work, DAI is now accessible to BTC-backed DeFi products that include the RIF token and its many protocols.
Numerous BTC-adjacent decentralized applications have managed to integrated DAI already. These include Aave, AvalDAO, and Chainlink. Moreover, there are liquidity pools available for RBTC-DAI and RIF-DAI on RSKSwap.
This allows the stablecoin to be swapped for much lower fees than on Ethereum’s network. The Bitcoin-Ethereum bridge, developed by the RSK team, has been audited by ToB and has also been reviewed by the Maker Foundation Integration Team.
Speaking on the matter was Diego Gutierrez Zaldivar, CEO, and co-founder at IOVlabs, who said:
“The DAI integration is another key step towards Bitcoin DeFi’s adoption. We are confident the growth of the Bitcoin ecosystem and its DeFi opportunities has only just begun, with much more to come.”