This article was first published on Loom Network - Medium
For those of you who knew me before I was into blockchain, you know that I wrote software on Wall Street. So it’s only natural that I’d be excited to learn about the latest decentralized finance products out there. It’s been interesting to watch all of these concepts be brought into the modern area.
However, there’s one area we haven’t heard much about: multichain collateralized assets. Imagine you wanted to offer financial loans out of a combination of cryptocurrencies — utilizing an effective stable coin from collateralized assets such as ETH, BTC, BNB, EOS, and TRX.
This isn’t possible yet, since all of your assets have to exist on the Ethereum blockchain.
But we want to change that.
As we’ve written before about Loom Network becoming interoperable with major blockchains such as EOS and Tron, we now have interchain asset transfers between Tron and Ethereum enabled — and we will soon be adding Binance, Cosmos, and Bitcoin.
We’ve also enabled universal transaction signing for seamless Layer 2 dapp scaling. That means Loom Network now has the ability to verify and accept transactions signed by native Ethereum wallets.
It’s the perfect storm of features that will enable the next generation of DeFi developers to build dapps around multichain collateralized assets.
What Are Some Cool Multichain Asset Use Cases?
MakerDAO has one of the most popular stable coins out there — DAI. And many don’t realize it’s actually a complex stabilization system based on loans and collateralized ETH. In the future, they’ll be coming out with a system of multi-token collateralized debt, so you could see other tokens like BNB, LOOM, or others with ETH. It would be really interesting if someone built ...
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Loom Network - Medium