Interlay, a company based in London, launched the bridge cross-chain based on the ecosystem Polkadot.

Interlay launches cross-chain bridge above

Named interBTC (iBTC), this bridge allows the circulation of use Bitcoin on many . From there, users can easily convert coins/tokens and between networks.

interBTC acts as a supported by and secured by a decentralized network. According to Interlay, interBTC works similarly MakerDAO's DAI, one above .

iBTC vaults use “overcollateralized” assets to secure reserves , from which it is possible to exchange 1:1 between iBTC and 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 a certain amount of assets has a value greater than the total amount of that stablecoin minted. DAI is the most typical example of this stablecoin.

Simulate how users interact with Interlay

Talking about this initiative, Interlay Co-Founder and CEO Alexei Zamyatin said:

“Bitcoin is the driving force behind adoption” globally, while Polkadot, where the focus is on technological innovation. With interBTC, we combine the best of the two while preserving the essence of Bitcoin.”

Interlay's announcement also underscores the co-founder's vision Ethereum Vitalik Buterin and inventor Polkadot about creating a fully decentralized Bitcoin bridge on Polkadot. and will be the centers first launched 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 networks other big like Ethereum, Cosmos, Solana and Avalanche.

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Regarding the progress of 10th project win parachain slot above Polkadot in promoting the DeFi market, Network also recently revealed plans to expand operations in Asia and is actively partnering with Web3 companies.

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