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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

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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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Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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