{"id":421129,"date":"2022-03-24T17:00:00","date_gmt":"2022-03-24T14:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/interlay-aims-to-advance-bitcoins-defi-potential-with-new-interoperable-bridge\/"},"modified":"2022-03-24T17:00:00","modified_gmt":"2022-03-24T14:00:00","slug":"interlay-aims-to-advance-bitcoins-defi-potential-with-new-interoperable-bridge","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/interlay-aims-to-advance-bitcoins-defi-potential-with-new-interoperable-bridge\/","title":{"rendered":"# Interlay aims to advance Bitcoin\u2019s DeFi potential with new interoperable bridge"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d2a9ace9b2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d2a9ace9b2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/interlay-aims-to-advance-bitcoins-defi-potential-with-new-interoperable-bridge\/#%E2%80%9D_Interlay_aims_to_advance_Bitcoins_DeFi_potential_with_new_interoperable_bridge_%E2%80%9C\" >&#8221; Interlay aims to advance Bitcoin\u2019s DeFi potential with new interoperable bridge &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Interlay_aims_to_advance_Bitcoins_DeFi_potential_with_new_interoperable_bridge_%E2%80%9C\"><\/span>&#8221; Interlay aims to advance Bitcoin\u2019s DeFi potential with new interoperable bridge &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNzFkNTcxZTUtNDMyZi00N2Y0LWIwYjYtZGM3ZTcwM2U1ZmUyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Interlay, a newly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed Polkadot (DOT) parachain network, is nearing the completion of a two-year Bitcoin (BTC) bridge development project on Polkadot, with the launch announcement on its sandbox platform Kusama.<\/p>\n<p>Additionally, Interlay has  integrated a Wrapped Bitcoin (wBTC) digital asset, known as kBTC, on their Canary parachain Kintsugi. The asset is already available for trading\u00a0on two other Polkadot parachains \u2014 Karura, governed by Acala, and Moonriver, governed by Moonbeam.<\/p>\n<p>It is expected that Interlay will seek to deploy its <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> across both Cosmos and Ethereum during the coming year to enhance interoperability between chains.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As many of you know, kBTC is our flagship product on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/kusamanetwork?ref_src=twsrc%5Etfw\">@kusamanetwork<\/a>. kBTC is a 1:1 BTC-backed asset on Kusama, maintained by a decentralized network of collateralized vaults. KSM will be the first of many collateral to secure kBTC\u2757\ufe0f<\/p>\n<p>Detailed analysis <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/AT8yC4iQqC\">https:\/\/t.co\/AT8yC4iQqC<\/a><\/p>\n<p>\u2014 Interlay #interBTC (@InterlayHQ) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/InterlayHQ\/status\/1506935245798625280?ref_src=twsrc%5Etfw\">March 24, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nAlexei Zamyatin, the co-founder and CEO of Interlay, stated:<\/p>\n<blockquote><p>\u201cThere is 14 billion USD worth of Bitcoin \u2018DeFi\u2019 on Ethereum, controlled by a handful of centralized custodians, behind KYC, with no remedy for users or DApps if something goes wrong. Even big players like Maker, Compound and Aave implicitly trust a few tradiFi institutions.&#8221;<\/p><\/blockquote>\n<p>The initial development of this project was financially supported by an undisclosed-sum Web3 Foundation grant issued in March 2020.<\/p>\n<p><strong><em>Related: How Polkadot\u2019s parachain auctions make a decentralized Web3 possible<\/em><\/strong><\/p>\n<p>Following this, the interoperability project was the subject of two capital raises, both a $3 million seed round in July 2021 and a pre-<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">Series<\/a> A $6.5 million round in December 2021. At the time of the latter, the founder of CEO of lead contributor DFG Capital, James Wo, stated that Interlay&#8217;s solution will &#8220;expand the cross-chain possibilities for Bitcoin.&#8221;<\/p>\n<p>In February, Interlay was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/crowdloan.interlay.io\/\">announced<\/a> as one of the\u00a0winners of Polkadot&#8217;s tenth parachain auction slot, securing in excess of 2.7 million DOT tokens from nearly 20,000 participants.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/interlay-aims-to-advance-bitcoin-s-defi-potential-with-new-interoperable-bridge\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Interlay aims to advance Bitcoin\u2019s DeFi potential with new interoperable bridge &#8220; Interlay, a newly appointed Polkadot (DOT) parachain network, is nearing the completion of a two-year Bitcoin (BTC) bridge development project on Polkadot, with the launch announcement on its sandbox platform Kusama. Additionally, Interlay has integrated a Wrapped Bitcoin (wBTC) digital asset, known&#8230;<\/p>\n","protected":false},"author":1,"featured_media":421130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNzFkNTcxZTUtNDMyZi00N2Y0LWIwYjYtZGM3ZTcwM2U1ZmUyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74894,74868,75168],"class_list":["post-421129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-blockchain","tag-defi","tag-polkadot"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/421129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=421129"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/421129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/421130"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=421129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=421129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=421129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}