June 3, 2023

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A blockchain company based in London, Interlay, has utilized Polkadot to release a cross-chain bridge based on Bitcoin. The bridge is named interBTC (iBTC) and permits Bitcoin’s use on the other blockchains for non-fungible tokens (NFTs), cross-chain transactions, and decentralized finance (DeFi), along with others.

Interlay to Release Bitcoin-Based Stablecoin Bridge

interBTC runs as a stablecoin that is supported by Bitcoin and secured by overcollateralized vaults’ decentralized network, which is categorized by Interlay as having a resemblance with the DAI token of MakerDAO on the blockchain of Ethereum. Mixed-asset collateral is utilized by iBTC vaults for the insurance of reserves in Bitcoin, creating a resemblance of 1:1 with Bitcoin. In a pre-emptive move during the unexpected vault failure, the programming of the collateral is done in such a way that it gets reduced and compensates the Bitcoin depositors.

While discussing the thought procedure at the back of the respective endeavor, Alexei Zamyatin (the CEO and co-founder of Interlay) mentioned that BTC plays a key role in backing the worldwide adoption of cryptocurrency, whereas the innovation is taking place on Ethereum and Polkadot. He added that they intend to combine the finest of the respective spaces with interBTC while keeping Bitcoin’s trustless nature.

The declaration of Interlay also indicated the vision of Gavin Wood (the Polkadot investor as well as the co-founder of Ethereum) to establish a Bitcoin bridge, that would be completely decentralized, on Polkadot, which was enabled with interBTC. Moonbeam and Acala will be the initial DeFi centers to host the debut of iBTC, which will have support from a liquidity program of up to $1M by the network treasury as well as the collaborator projects of Interlay.

Also Read:  Is Surging US Dollar Posing a Threat to Bitcoin?

1inch Network Wishes to Expand in Asia and Korea

The iBTC’s roadmap takes into account being accessible on the rest of the prominent networks in the sphere of decentralized finance, including Avalanche, Solana, Cosmos, and Ethereum. Resonating the interest of Interlay in serving decentralized finance as well as the rest of the crypto markets, 1inch Network (a DeFi aggregator) pursues geographical expansion within the exclusive jurisdictions.

Sergej Kunz, the co-founder of 1inch Network, disclosed the strategy of the platform to spread its boundaries in Asia. The co-founder brought to the front that the venue is keeping an eye on collaborating with Web3 firms operating within Asia notwithstanding the little DeFi market running in Asia and Korea.

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