Interlay has launched the long-awaited fully trustless wrapped BTC asset on Polkadot: interBTC (ticker: iBTC).
Interlay is a decentralized network dedicated to connecting crypto-currencies like Bitcoin with DeFi platforms like Polkadot and Ethereum. The Interlay network is hosted as a Polkadot parachain and will be connected to Cosmos, Ethereum and other major DeFi networks.
interBTC (iBTC), Interlay’s flagship product, is Bitcoin on any blockchain. iBTC provides a secure way to use Bitcoin on other blockchains for DeFi, cross-chain transfers, NFTs, and more.
Dr Alexei Zamyatin, Interlay co-founder & CEO, said:
“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.”
The design of interBTC resembles MakerDAO’s DAI: a Bitcoin-backed stablecoin, secured by a decentralized network of overcollateralized Vaults.
It’s a Bitcoin-backed stablecoin, maintained by a decentralized network of collateralized Vaults, redeemable 1:1 for BTC. It can already be used in DeFi via Acala and Moonbeam.
The trustless model sets iBTC apart from all other cross-chain bridges. The only trust required is in Bitcoin and the security of the target blockchain, Polkadot. There is no single point of failure, and any loss of BTC is automatically reimbursed from the collateral insurance.
interBTC can already be used in DeFi via Acala and Moonbeam. The Interlay network treasury has launched a $1 million incentive program to help bootstrap Polkadot’s DeFi growth with Bitcoin liquidity.
Following Polkadot, Interlay’s goal is to make iBTC available on other major DeFi networks, including Ethereum, Cosmos, Solana, and Avalanche.