Kava Labs’ New Plugin Makes Instant Swapping of Cryptos and ERC-20 Tokens a Lot Easier
- Kava Labs, the pioneering Interledger solutions provider, lauded for initiating interoperability and liquidity between different Blockchains, wallets, and exchanges, is here again.
- The open-source, Interledger protocol-built, crypto-oriented platform is launching a new plugin.
Enabling ERC-20 Tokens-based Transactions
According to an announcement made on their Medium page, Kava Labs said the new plugin would allow ERC-20 tokens-based transactions, besides the ordinary coins. It would basically enable transactions to happen between Interledger nodes.
An excerpt from the post stated that in the Interledger, peers would independently decide the amount of credit they’ll be ready to offer and the average periodical settlements. It further indicated that the amounts would vary from large amounts to just a couple of cents.
Some of the types of cryptocurrency transactions to be supported by the new Interledger nodes include MKR, DAI, and REP. It will also support the big cryptos; Bitcoin, Ethereum, Ripple and several other popular altcoins.
Enhancing Interoperability, Liquidity
According to the announcement, the new plugin extends Kava Lab’s quest to enhance interoperability and liquidity in the crypto industry. It states that the interledger already connects more digital tokens than the Ethereum-powered DEXs and Bitcoin’s popular Lightning Network.
Coil’s founder and CEO, who also is the co-creator of the Interledger Protocol, spoke with confidence about the new plugin. Stefan Thomas, who also served as the CTO of Ripple, stated that the Interledger’s immense potential is to merge different payments gateways, much like how the web has combined communication.
Facilitating Non-Custodial Trades Between Different Cryptocurrency Types
However, the level of significance that this creation of Kava Labs has in revolutionizing the industry even further couldn’t be underestimated. It will pave the way for different Blockchain-powered apps to interoperate with the ordinary payment avenues, besides being at hand to help emerging markets come of age.
Meanwhile, you should expect to place your hands on the soon-to-be-released Kava’s Switch App. The application will be the first version of the plugin to be made available for all and will be native to DAI.
Going forward, nobody will henceforth encounter problems making non-custodial trades between different cryptocurrency types. One major feature of the app is the fact that it is dedicated to non-custodial crypto-trading, and effectively allow sending of micropayments, until the entire chunk is completely sent.
The app will suit those who often swap cryptos as it will enable a direct, instant exchange. They will conveniently exchange DAI for ETH, XRP for BTC and any other combination, doing all that using streaming micropayments.
The whole arrangement, according to Rune Christensen, MakerDAO’s current CEO, opens a huge window of opportunity for traders to transact in openness. He said that the integration of DAI fortifies its role as a truly decentralized stablecoin.