Interlay Launches Trustless Stablecoin BTC Bridge on Polkadot
InterBTC operates as a BTC-backed stablecoin, secured by a decentralized network of oversized vaults, which Interlay claims resembles the DAI token by MakerDAO.< /p>
New
Interlay, a London-based blockchain company, has launched an inter-chain bridge based on Bitcoin (BTC) on Polkadot (DOT). Dubbed interBTC (iBTC), the bridge enables the use of Bitcoin on non-native blockchains for decentralized finance (DeFi), cross-chain transfers, and non-fungible tokens (NFT), among others.
interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of oversized vaults, which Interlay claims resembles MakerDAO's DAI token, a stablecoin on the Ethereum blockchain.
iBTC vaults use - asset collateral to secure BTC reserves, making iBTC redeemable 1:1 with BTC on the Bitcoin blockchain. As a preventative measure in the event of an unforeseen vault failure, the collateral is scheduled to roll back and reimburse BTC depositors. Sharing the thought process behind the initiative, Interlay Co-Founder and CEO Alexei Zamyatin said:
"Bitcoin is driving global crypto adoption, while Polkadot, Ethereum & co. This is where technological innovation happens. With interBTC, we combine the best of both worlds while preserving the trustless nature of Bitcoin."
Interlay's announcement also shed light on the vision of Ethereum co-founder and Polkadot inventor Gavin Wood to create a fully decentralized Bitcoin bridge on Polkadot, made possible by interBTC. Acala and Moonbeam will be the first DeFi hubs to host iBTC's debut, which will be backed by a $1 million liquidity program offered by Interlay Network Treasury and partner projects.
The roadmap for iBTC involves being available on other major DeFi networks, including Ethereum, Cosmos, Solana, and Avalanche.
Related:
InterBTC operates as a BTC-backed stablecoin, secured by a decentralized network of oversized vaults, which Interlay claims resembles the DAI token by MakerDAO.< /p>
New
Interlay, a London-based blockchain company, has launched an inter-chain bridge based on Bitcoin (BTC) on Polkadot (DOT). Dubbed interBTC (iBTC), the bridge enables the use of Bitcoin on non-native blockchains for decentralized finance (DeFi), cross-chain transfers, and non-fungible tokens (NFT), among others.
interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of oversized vaults, which Interlay claims resembles MakerDAO's DAI token, a stablecoin on the Ethereum blockchain.
iBTC vaults use - asset collateral to secure BTC reserves, making iBTC redeemable 1:1 with BTC on the Bitcoin blockchain. As a preventative measure in the event of an unforeseen vault failure, the collateral is scheduled to roll back and reimburse BTC depositors. Sharing the thought process behind the initiative, Interlay Co-Founder and CEO Alexei Zamyatin said:
"Bitcoin is driving global crypto adoption, while Polkadot, Ethereum & co. This is where technological innovation happens. With interBTC, we combine the best of both worlds while preserving the trustless nature of Bitcoin."
Interlay's announcement also shed light on the vision of Ethereum co-founder and Polkadot inventor Gavin Wood to create a fully decentralized Bitcoin bridge on Polkadot, made possible by interBTC. Acala and Moonbeam will be the first DeFi hubs to host iBTC's debut, which will be backed by a $1 million liquidity program offered by Interlay Network Treasury and partner projects.
The roadmap for iBTC involves being available on other major DeFi networks, including Ethereum, Cosmos, Solana, and Avalanche.
Related:
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