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DAI, MKR, REP and other ERC-20 tokens can now be sent, received by interledger nodes via Kava Labs’ new plugin




DAI, MKR, REP, and other ERC-20 tokens can be sent and received by interledger nodes via Kava Labs' new plugin
Source: Unsplash

Kava Labs has announced the release of their new plugin that will allow the transaction of ERC-20 tokens, as well as other cryptocurrencies between interledger nodes.

The post stated,

“In Interledger, peers can choose how much credit they’re willing to extend, and how often they settle. This can scale from large credit limits to counterparty risk of merely a few cents.”

In addition to MKR, DAI, REP, cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], XRP can also be transacted between the interledger nodes. This addition expands the support for massive and diverse coins and according to the post, the interledger now connects more assets than “Ethereum-based DEXs or the Bitcoin Lightning Network alone.”

Stefan Thomas, Founder and CEO of Coil, Co-creator of the Interledger Protocol and former CTO of Ripple stated,

“The massive potential for Interledger is to unify payments methods the same way the internet has unified communication… This significant development by Kava paves the way for a wave of blockchain-based applications to interoperate with more traditional payment methods and emerging markets via the Interledger network.”

Kava’s Switch App will be the first implementation of this plugin and it will natively support DAI traders. Switch App is a wallet for non-custodial crypto-trading, which works just like the internet does i.e. by streaming micropayments – sending small bits of value piece-by-piece, until an entire payment or trade is complete. This method is used to swap cryptocurrencies like BTC to ETH and others vice-versa, instantly.

With the implementation of the new plugin, users can now make instant non-custodial trades between DAI, BTC, ETH, and XRP using streaming micropayments on Interledger.

CEO of MakerDAO, Rune Christensen, said,

“Dai integration with Interledger creates a massive opportunity for people to benefit from the transparency, security and efficiency of a decentralized stablecoin — regardless of blockchain or currency.”

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ErisX goes all hands on deck to launch a Bitcoin Futures market




ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

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