Cosmos Network

ChainSafe enables Ethereum Classic owners to access Ethereum’s DeFi – Crypto News Flash

  • 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