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ChainSafe enables Ethereum Classic owners to access Ethereum’s DeFi

  • Ethereum Classic Labs has revealed that it will support ChainSafe in developing ChainBridge to increase its interoperability with Ethereum.
  • Through ChainBridge, Ethereum Classic users will be able to access Ethereum’s DeFi sector . 

In a Medium post, Ethereum Classic Labs has announced its support for the blockchain research firm ChainSafe. The research firm is developing a modular multi-directional bridge called ChainBridge. The technology will enable data and value transfer across different blockchains.

ChainBridge will allow access to Ethereum’s DeFi

ChainBridge in consultation with Ethereum Classic Labs will offer Ethereum Classic users the possibility to transfer values to Ethereum using “synthetic” ETC. This asset can interact with Ethereum’s decentralized finance (DeFi) protocols. In addition, ChainBridge will enable ETC users with profits in the DeFi sector to transfer their value back to the Ethereum Classic network, according to the publication:

ChainBridge is chain agnostic and can eventually be extended to any blockchain network. The bridge offers the ability to transfer arbitrary data from one blockchain to another. A relayer runs software that monitors the different blockchains and signs transactions to execute the transfer of data between blockchains.

Ethereum could be just one of the blockchain networks that will be interoperable with Ethereum Classic. ChainBridge also provides support for the Cosmos SDK. The cooperation between ETC Labs and ChainSafe opens up many opportunities for collaboration and development that will enable interoperability between two blockchains. The CEO of ChainSafe Systems, Aidan Hyman, commented on the collaboration as follows:

The future of interoperability relies on projects forming consortiums around open source software that can solve their problems while being economically sustainable. We are proud that ETC Labs agrees with this vision and is supporting ChainBridge along with our other valued partners.

ETC Labs founder James Wo added that he is pleased with the cooperation. Wo hopes that the partners will be able to continue contributing to the chain interoperability. The founder of ETC Labs said:

Chainsafe has been a great partner in helping ETC continue to grow while working in tandem with other blockchain technologies to provide seamless integration and value to the developers.

Ethereum Classic has been increasing its interoperability with Ethereum for some time. Recently, ETC Labs announced that it will use Chainlink’s oracle technology. Using Chainlink, the Ethereum Classic and Ethereum blockchains will be able to exchange data. On the other hand, the Saturn protocol was also implemented which will allow users to make atomic swaps between the Ethereum blockchain, Ethereum Classic, Bitcoin, among others. Both announcements are important steps that have been taken to strengthen the compatibility between the Ethereum Classic and Ethereum networks.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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