Bitlayer, starting the Defi Infrastructure Infrastructure With the support of Franklin TempletonThe smart contract bridge launched Mainnet, with the aim of making Bitcoin more operating via multicul Blockchain networks.
The company described the bridge, which is called Bitvm, as “a bitcoin confidence -flyer.” It enables users to deposit bitcoin (BTCIn a smart contract, where it is kept in the guarantee and converted to PEG-BTC (YBTC), a symbolic version of Bitcoin that can interact with smart contract platforms.
According to Bitlayer, the PEG-BTC is designed to facilitate the compatibility and compatibility between Crosschain. The company has already secured partnerships to integrate the bridge with networks including Sui, Base, and Irvi.
“The new bridge aims to” complete the Bitcoin ecosystem by making the local BTC liquidity available on networks that support smart contracts and the most complex applications, without asking for changes to the Bitcoin basic layer. “
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Security was a source of concern for Crosschain bridges, which are often targeted by infiltrators due to exploitable weaknesses. In 2022, pirates He stole 321 million dollars from the worm bridgeAlthough more than $ 225 million was later recovered.
According to Bitlayer, its bridge was built on the assumptions of confidence in the previous models to enhance security. While many bridges depend on the Trust Multisig model, Bitvm uses one location.
Related to: Beginner Guide to upgrade Taproot Bitcoin
Bitcoin Defi rises after Taproot, inscriptions
While other ingredients such as ETHEREUM and Solana are more famous for decentralized financing, the world’s general oldest Blockchain in the world attracts more Defi protocols recently. For many Bitcoin investors, a confusing possibility to gain the return on their giant currencies has sparked appetite for these services.
BitLayer’s competitors in Bitcoin Defi Babylonchain include a creativity protocol that allows investors to share Bitcoin and Stacks, which is equivalent to Bitcoin and Boundit miners, a restoration protocol where users can delegate BTC attached to knot clients.
As of Tuesday, Bitlayer Protocol He has $ 384 million of the closed value on ONSAIN, generating $ 1.7 million of fees in June. Babylon protocol He has TVL is much larger, with $ 5.2 billion closed on the network.
There are currently about 30 Defi projects within the Bitcoin ecosystem, which is a trend to the main development: Taproot upgrade and the introduction of inscriptions.
Taproot, which was implemented in November 2021, enhance Bitcoin’s textual programming capabilities, which paves the way for more developed and focused applications.
The inscriptions, which were circulated with the launch of the Ordinals Protocol in early 2023, allowed users to include arbitrary data, including pictures and symbol, directly on the BTC network, and cancel the new Bitcoin usage modes.
magazine: Bilal Bin Sakb says that Pakistan will publish the Bitcoin Reserve in Devi.
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