RATE Group | Bitcoiners Are Building a Sidechain Version of Ethereum’s MakerDAO
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Bitcoiners Are Building a Sidechain Version of Ethereum’s MakerDAO

12 Dec Bitcoiners Are Building a Sidechain Version of Ethereum’s MakerDAO

Posted at 17:09h in Ethereum News by

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The bitcoin community may soon have its own version of ethereum’s flagship decentralized finance (DeFi) platform.

Money on Chain, a startup currently in the process of moving to Uruguay and converting into a nonprofit trust, just launched a DeFi platform based on the bitcoin sidechain Rootstock (RSK). The transition to a trust mimics MakerDAO’s Maker Foundation, which oversees the governance of a loan system with $330 million worth of “locked-in” crypto collateral.

While other projects like the Cross-Chain Working Group are exploring ways to wrap bitcoin in ethereum-based tokens for DeFi use, or offer centralized services for taking DAI loans with bitcoin collateral, this RSK model wants to use an open-source protocol inspired by bitcoin. 

Related: Bitcoin Eyes Minor Price Bounce After Hitting Two-Week Low

“We are going to allow other projects to build the DeFi ecosystem on top of bitcoin,” said Money on Chain co-founder Max Cajurzaa. “We are going to launch lending…

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