The Bitvm Bridge of Bitlayer debuted it to the main, offering trust-minimized BTC Defi
Bitvm Bridge of Bitlayer launched Mainnet this Wednesday, activating Bitcoin
Milk for decentralized finances through a trusted plot.
The bridge retains safe BTC users by locking it with the BITVM Smart Contract operating under the assumption that at least one loyal market participant exists, ready to expose malicious attempts to move funds.
This confident minimized setup differs from traditional caregivers that involve centralized precautions or distributed custodianship.
“Last year, we have dedicated significant resources to the development of the Bitvm Bridge, and we are pleased to finally deliver this milestone to the community,” Bitlayer’s co-founder, Kevin said in a press release shared with CoinDesk.
“Post-Mainnet deployment, our focus is moving to scaling asset compatibility and deepening integration with additional blockchain networks,” he added.
Ybtc, a gateway to btc defi
The central to Bitlayer is YBTC, a token that directly represents the user’s locked bitcoin. Its value is peg 1: 1 with the BTC, and it opens decentralized finances to BTC holders seeking to produce additional produce by allowing them to stake, lend, borrow, trade and provide liquidity throughout the multi-chain decentralized exchange.
Token security comes directly from transparent and proven bitvm smart contract – unlike BTC wrapped (such as WBTC)relying on a trusted central creature to handle the actual BTC.
Note that the YBTC differs from the folk token of Bitlayer, BTR, used for management, fees and stake within the ecosystem and is finished listed in major centralized exchanges.
Front-and-reclaim model
Usually, the removal of centralized custodians indicates longer wait time, especially in the case of fraud-proof-proof systems such as Bitlayer. Here, while transactions are assumed to be honest, anyone watching can step to prove if something is wrong.
To allow enough time for these important security checks, there is a built-in waiting period, usually seven days, where a fraudulent transaction may be challenged. This can lead to longer periods of removal.
However, the Bitlayer uses an innovative model of “front-and-reclaim”, shifts the waiting period to specialized brokers or third-party liquidity providers. These creatures provide BTC withdrawn from their own funds to users for about an hour. Meanwhile, they are waiting for their original seven -day security to end before getting their funds from the wise contract.
This method offers both unbelievable security and a quick, convenient user experience.
“There is a mechanism in front of the BITVM bridge design, the pegout user will return to their BTC at the time of Bitcoin’s block,” he told CoinDesk. “The wait time will be left with the broker(Operator). “
Extensive ecosystems
Bitlayer appreciates integration with Ethereum Mainnet and major solutions to layer 2, as well as exploration of Solana and Bitcoin-native layer 2S, such as Lightning Network applications. It has been securing the integration of other top ecosystems, including SUI, Base, Starknet, and Arbitrum, Sonic, Plume Network and Sundial.
“Our goal is to make YBTC accessible worldwide where significant defi liquidity exists, enabling Bitcoin to flow safely and seamlessly with different ecosystems,” the Bitlayer team told Coindesk.
The team added that it plans to establish a security committee, release audit reports and conduct bug bounties and open their code resource, creating a roadmap positioning the Bitlayer’s Bitvm Bridge as an important piece of infrastructure for the BTC’s future in Defi.
Read more: Bitlayer forces join Antpool, F2Pool, and Spiderpool at Supercharge Bitcoin Defi
