When it comes to the DeFi ecosystem at large, there seems to be a lot of eagerness with regard to the growth of Bitcoin’s DeFi space and on those lines, another startup has taken up the expansion of BTC-backed DeFi products. RSK Infrastructure Framework (RIF), a Bitcoin-powered smart contract platform will make MakerDAO’s ERC-20 DAI stablecoin accessible for all BTC-backed DeFi products, according to a release shared with AMBCrypto today.
As a result of the integration of the Ethereum based token onto the RSK network, the firm planned to attract developers who would otherwise rely on the Ethereum network to build DeFi applications. The RSK network also believed they could tap into the DeFi developer community by taking advantage of the fact that Ethereum’s gas fees were on the rise, which has lately been seen as a limitation that seems to hinder progress in the DeFi space.
On the technical front, the network planned to leverage the ‘RSK-Ethereum token bridge,’ a cross-chain functionality that allows developers to use their tokens on the network of their preference without being restricted to scalability and costs of Ethereum, in particular. This would even allow users to send microtransactions and interact with smart contracts for services such as staking and lending.
So far, there have been several BTC-adjacent Dapps that have already integrated DAI, such as Sovryn, Aave, AvalDAO, and even Chainlink.
