What Are Some Cool Multichain Asset Use Cases?

MakerDAO

MakerDAO has one of the most popular stable coins out there — DAI. And many don’t realize it’s actually a complex stabilization system based on loans and collateralized ETH. In the future, they’ll be coming out with a system of multi-token collateralized debt, so you could see other tokens like BNB, LOOM, or others with ETH. It would be really interesting if someone built a multichain collateralized stable coin, so you could collateralize with Bitcoin, EOS, TRON, ETH, etc.

Uniswap

Uniswap is one of the most popular DEXs on Ethereum. Its simple-to-use interface is winning the hearts and minds of everyone. What would be cool is if people could also use BNB, TRX, or ATOM tokens on Uniswap — to swap with ETH and other ERC20 assets.

Compound Finance and Dharma

Compound Finance and Dharma are leading the pack in offering loans and interest on the blockchain. They do this by letting users lock up their tokens for interest so that other people can use the tokens in leveraged trades. Let’s say I’m a BNB user and I want to go long (or short) on DAI or ETH. I can now use my assets on Binance Chain to do this.

dYdX

dYdX is probably one of the coolest new projects for doing cross-chain asset-pool-based lending, leveraged trading, and algorithmic interest rates. Once again, just like above, we now have hundreds of new BEP2 Binance tokens, TRX tokens, and potentially a lot more from other chains. And this just keeps improving the liquidity between assets.

How Do Assets Stay Safe?

Loom Network is a Delegated Proof of Stake (DPoS) blockchain where there is a large distributed set of validators, similar to Cosmos and EOS. The validators must stake their assets to secure the chain, and someone would have to gain over ⅔ of the assets to actually be able to manipulate the chain. Because of this, your assets stay secure while being transferred between blockchains.

Loom Network allows pegged assets to different chains via our Transfer Gateway. It maintains smart contract wallets on Ethereum and Tron, and threshold-based multisig wallets on Binance, Cosmos, and soon Bitcoin.

This means we have a diverse validator set that secures the chain and signs for assets on different blockchains. And in order to unlock a transaction, ¾ + 1 of the validator power must sign it. Thus, there are millions of dollars in secured assets protecting every transaction.

To learn more about our Transfer Gateway, try out our demo here.

What Will YOU Be Building on Loom?

With the tools available to create multi-token collateralized assets, we can’t wait to see what kinds of dapps you build around this.

What’s more, in the coming weeks, you’ll learn about what DeFi stuff we’ll be building into the Loom Wallet. So let us know what you want.