[PoC] ERC20 – Polkadot Bridge

[apeir99n]

Grant Application

This application is (select one):

• Speculative (use this by default)
• an RFP response

This application is (select one):

• Public (fully)
• Public with private finances

Abstract

In order to implement an ERC20 bridge we created a special Substrate-based chain (SubstrateDAI). The bridge validator nodes are launched together with the oracles of the token bridge and are separate software modules. The oracles listen to one of the chains (Ethereum or SubstrateDAI) and register bridge-related events, perform actions to approve relay requests from validators by collecting signatures, and send confirmation of approval to the other side of the bridge. The Ethereum to SubstrateDAI transfer will result in the creation of a newly minted token on SubstrateDAI chain known as sDAI.

SubstrateDAI which will work independently for now, and aims to participate in the auction after the Polkadot launch to become a parachain in the network. Therefore SubstrateDAI (sDAI for short) has the possibility of being one of the first (if not the only) stablecoin chain on Polkadot, and could be leveraged by other parachains for DeFi or other applications.

Read the Full Proposal →

Checklist

• The grants document has been read and understood.
• The Google Form will be completed accurately. Note that the Google Form requires the pull request URL.
• Abstract (above) is succinct and complete.
• The application is being included into the correct directory: either 'targeted' or 'speculative'.
• The application includes a project description.
• The application includes all names of team members.
• The application includes a description of the team's experience.
• The application includes all necessary links (e.g. GitHub and LinkedIn)
• The "Development Roadmap" section in the application has a timeline of development ("milestones").
• The "Development Roadmap" section in the application has an estimate of funds required.
• The "Development Roadmap" section gives an indication of the team's long term plans.
• The "Development Roadmap" section includes documentation as a deliverable for at least one milestone.