Loom Network Looks to Take Decentralized Finance #DeFi to Binance Chains and Tron
Plans have been announced to implement MarkerDAOs dai stable coin on the bitcoin and Tron chains via Loom Network in the coming days. According to a blog posted on the company website on Monday, the stable coin is a second layer scaling solution for use in Ethereum blockchain.
The ERC-20 token forms part of the ethereum blockchain. Being the largest Defi token that currently has more than $337 million that has been locked away in contracts, Loom aims to move the dai onto new chains in order to help the token to continue growing.
Mathew Campbell, the Noom Network Co-Founder, and current CEO spoke to CoinDesk where he stated that interoperability with other readily available chains has always been an important vision for the Loom Network.
Campbell added that by using inter-chain asset transfers, it will become possible for the network to come up with new products and services such as the launch of a multi-chain Defi. Given that Maker is the current and outstanding leader in this industry, it made a lot of sense for the two to come together and ensure that a multi-chain dai would become a reality.
The introduction of this dai would be a huge step towards ensuring that more developers and users around the world got access to dai. It would also help to showcase the potential that can be achieved by using and implementing cross-chain assets.
It is expected that dai will join the Tron blockchain after testing has been completed. This particular token will get to join stablecoin tether which has already been integrated into the Tron network. The tether is also hosted on ethereum and bitcoin blockchains.
Loom holds the belief that adding dai to the Tron network will help to spur the integration and development of other Defi protocols.
Dai will be ported to Binance chain via Loom, even though the timing for the porting has yet to be disclosed. Loom has also not released information on the other blockchains that intends to create dai into.
Loom says that its network will be operating as a Layer 1 transit hub used to shuffle funds between different protocols like binance, Tron, or Ethereum.