DAI stablecoin added to the Allbridge in collaboration with Saber

Users can now utilize the Allbridge that bridges Ethereum and Solana to transfer DAI stablecoins on the DEX.

By
Anirudh Tiwari
on
October 8, 2021
Category:
Blockchain News

DAI tokens transfer through Saber now

Allbridge extended its asset portfolio by adding the stablecoin, DAI, to the bridge In collaboration with the leading decentralized exchange (DEX) in the Solana ecosystem on Oct. 7.

The bridge enables the cross-chain transactions from Ethereum to Solana by wrapping it into an aeDAI token. This token can also be used to provide liquidity on the DEX's aeDAI - USD Coin (USDC) stablecoin pool.

"We are always eager to add an additional bridge avenue for new assets and work together with Saber to bring more liquidity over to Solana," mentioned Allbridge on their official Medium blog.

Source


This collaboration is the latest in Allbridge's ever-expanding token bridge that uses an on-chain consensus model. In an endeavor to facilitate the free movement of assets across blockchain networks, the project will transition into a decentralized autonomous organization (DAO) style multi-chain hub that EVM and non EVM networks seamlessly. 

About Saber

Saber is the leading DEX on the Solana ecosystem, it is a cross-chain automated market maker for pegged assets on the Solana blockchain. Being an integral part of the network's cross-chain liquidity network, Saber is utilized to transfer crypto tokens between Solana and other blockchain networks. The DEX currently has a total value locked (TVL) of $2.46 billion, accounting for nearly 23% of the TVL in DeFi protocols on Solana. In the latest, the native token of the DEX, SBR is now live on the CeloOrg blockchain.

For more information about the project:

Website | Twitter | Medium | Linkedin | Discord

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums. His largest holdings in crypto are Ethereum, Cardano, and Polkadot.

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