Interlay Launches Bitcoin Cross-Chain Bridge On Polkadot
Interlay, a London-based blockchain company, has launched a Bitcoin-based cross-chain bridge on the Polkadot ecosystem.
Dubbed interBTC (iBTC), the bridge allows the circulation of Bitcoin usage across multiple blockchains. Users can easily exchange coins/tokens and NFTs between networks.
InterBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according to Interlay, resembles MakerDAO’s DAI token.
iBTC vaults use “overcollateralized” assets to secure BTC reserves, from which it is possible to exchange 1:1 between iBTC and BTC via the Bitcoin blockchain. As a precaution, the collateral is programmed to repay the sender of BTC.
Over-collateralized here means that the stablecoin will be backed by several crypto assets that are worth more than the total of the stablecoin minted. DAI is the most typical example of this stablecoin.
Sharing the thought process behind the initiative, Interlay co-founder and CEO Alexei Zamyatin stated:
“Bitcoin is the driving force behind global crypto adoption, while Polkadot, Ethereum & co. is where technological innovation is happening. With interBTC, we combine the best of both worlds while preserving the trustless nature of Bitcoin.”
Interlay’s announcement also highlights the vision of Ethereum co-founder Vitalik Buterin and Polkadot inventor Gavin Wood to create a fully decentralized Bitcoin bridge on Polkadot. Acala and Moonbeam will be the first DeFi hubs to launch iBTC.
This program will be supported by a $1 million liquidity package provided by Interlay treasury and partner projects. The iBTC integration roadmap also includes other major DeFi networks such as Ethereum, Cosmos, Solana, and Avalanche.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Author
Blockchain
Interlay Launches Bitcoin Cross-Chain Bridge On Polkadot
Interlay, a London-based blockchain company, has launched a Bitcoin-based cross-chain bridge on the Polkadot ecosystem.
Dubbed interBTC (iBTC), the bridge allows the circulation of Bitcoin usage across multiple blockchains. Users can easily exchange coins/tokens and NFTs between networks.
InterBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according to Interlay, resembles MakerDAO’s DAI token.
iBTC vaults use “overcollateralized” assets to secure BTC reserves, from which it is possible to exchange 1:1 between iBTC and BTC via the Bitcoin blockchain. As a precaution, the collateral is programmed to repay the sender of BTC.
Over-collateralized here means that the stablecoin will be backed by several crypto assets that are worth more than the total of the stablecoin minted. DAI is the most typical example of this stablecoin.
Sharing the thought process behind the initiative, Interlay co-founder and CEO Alexei Zamyatin stated:
“Bitcoin is the driving force behind global crypto adoption, while Polkadot, Ethereum & co. is where technological innovation is happening. With interBTC, we combine the best of both worlds while preserving the trustless nature of Bitcoin.”
Interlay’s announcement also highlights the vision of Ethereum co-founder Vitalik Buterin and Polkadot inventor Gavin Wood to create a fully decentralized Bitcoin bridge on Polkadot. Acala and Moonbeam will be the first DeFi hubs to launch iBTC.
This program will be supported by a $1 million liquidity package provided by Interlay treasury and partner projects. The iBTC integration roadmap also includes other major DeFi networks such as Ethereum, Cosmos, Solana, and Avalanche.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Other Posts
Related Posts
Latest
5 Best Crypto Coins for November 2024: Experts Picks for Early Investors
From $0.0212 to $0.25: Why This Is the Best Crypto to Buy This Week Amid Bhutan’s $33M BTC Sale and 31% Surge in LTC Holdings
CoinList to develop the DePIN Market with the First DePIN Collaboration with U2U Network this Q4
Press Release
5 Best Crypto Coins for November 2024: Experts Picks for Early Investors
From $0.0212 to $0.25: Why This Is the Best Crypto to Buy This Week Amid Bhutan’s $33M BTC Sale and 31% Surge in LTC Holdings
