{"id":25626,"date":"2022-08-11T14:37:25","date_gmt":"2022-08-11T14:37:25","guid":{"rendered":"http:\/\/egrowonline.com\/?p=25626"},"modified":"2022-08-11T14:37:25","modified_gmt":"2022-08-11T14:37:25","slug":"interlay-launches-trustless-btc-stablecoin-bridge-on-polkadot","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=25626","title":{"rendered":"Interlay launches trustless BTC stablecoin bridge on Polkadot"},"content":{"rendered":"


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Interlay, a London-based blockchain firm, launched a Bitcoin (BTC<\/a>)-based cross-chain bridge on Polkadot (DOT<\/a>). Named interBTC (iBTC), the bridge allows the use of Bitcoin on non-native blockchains for decentralized finance (DeFi)<\/a>, cross-chain transfers and nonfungible tokens (NFTs)<\/a>, among others.<\/p>\n

interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according to Interlay, resembles MakerDAO\u2019s DAI<\/a> token, a stablecoin on the Ethereum blockchain. <\/p>\n

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The iBTC vaults use mixed-asset collateral to insure BTC reserves, making iBTC redeemable 1:1 with BTC over the Bitcoin blockchain. As a preventive measure during unforeseen vault failure, the collateral is programmed to get slashed and reimburse the BTC depositors. Sharing the thought process behind the initiative, Interlay co-founder and CEO Alexei Zamyatin stated:<\/p>\n

\u201cBitcoin 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.\u201d<\/p><\/blockquote>\n

Interlay’s announcement also highlighted Ethereum co-founder and Polkadot inventor Gavin Wood\u2019s vision of creating a fully decentralized Bitcoin bridge on Polkadot, which was made possible by interBTC. Acala and Moonbeam will be the first DeFi hubs to host iBTC\u2019s debut, which will be supported by a $1 million liquidity program offered by the Interlay network treasury and partner projects. <\/p>\n

The roadmap for iBTC involves being available on other major DeFi networks, including Ethereum, Cosmos, Solana, and Avalanche. <\/p>\n

Related: <\/em><\/strong>DeFi market has room for growth in Korea: 1inch co-founder \u2014 KBW 2022<\/em><\/strong><\/a><\/p>\n

Echoing Interlay’s interest in serving the DeFi and other crypto markets,\u00a0DeFi aggregator 1inch Network eyes geographical expansion in newer jurisdictions.\u00a0Speaking to Cointelegraph, DeFi aggregator 1inch Network co-founder Sergej Kunz revealed plans to expand its reach in Asia.<\/p>\n

Kunz disclosed that 1inch is actively looking to partner with Asia-based Web3 companies despite the small DeFi market in Korea and Asia, adding that:<\/p>\n

\u201cHere, there are a lot of people who like gaming and a lot of things like that, so I think the DeFi market can grow a lot in South Korea.\u201d<\/p><\/blockquote>\n

1inch\u2019s primary use case as a decentralized exchange (DEX) aggregator involves identifying pools with the largest liquidity, lowest slippage and cheapest cryptocurrency exchange rates. <\/p>\n<\/div>\n


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Interlay, a London-based blockchain firm, launched a Bitcoin (BTC)-based cross-chain bridge on Polkadot (DOT). Named interBTC (iBTC), the bridge allows the use of Bitcoin on non-native blockchains for decentralized finance (DeFi), cross-chain transfers and nonfungible tokens (NFTs), among others. interBTC operates as a BTC-backed stablecoin, secured by a decentralized network of overcollateralized vaults, which according […]<\/p>\n","protected":false},"author":1,"featured_media":25627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[4438,194,10385,288,269,319,6284],"class_list":["post-25626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bridge","tag-btc","tag-interlay","tag-launches","tag-polkadot","tag-stablecoin","tag-trustless"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvYzRmMzE2NDktNzlkNy00MzA3LTliZDUtZDA1MDc1YWNmYjQ0LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25626"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25626\/revisions"}],"predecessor-version":[{"id":25628,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25626\/revisions\/25628"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/25627"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25626"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}