Welcome to Interlay’s Ecosystem Update for May 2023!
We are thrilled to share the exciting progress at Interlay last month. As a key player in the decentralized ecosystem, our mission has always been to foster innovation, scalability, and interoperability on Bitcoin.
iBTC On Pulsar
Interlay’s iBTC went live on the iBTC — DOT pool on Stellaswap’s new Pulsar pool based on Uniswap’s V3 AMM model with a concentrated liquidity feature.
The iBTC — DOT pool was a successful launch with the TVL reaching 320k making it possible to swap 1 iBTC with less than 1% slippage.
iBTC on HydraDX
iBTC is also gaining a lot of traction on HydraDX omnipool with TVL increasing to $460k.
There’s an ongoing discussion on HydraDX’s governance forum to Initiate DCA (Dollar Cost Average) orders to gradually swap a total of 500,000 DAI for iBTC & Deploy the accumulated iBTC into the Omnipool.
iBTC adoption on the rise!
BRC-21
Interlay proposed the new BRC-21 standard which enables the minting of fully decentralized, cross-chain tokens onto Bitcoin. This allows minting L1 assets like ETH, SOL, DOT and decentralized stablecoins like DAI, LUSD… onto Bitcoin & use them on lightning network.
To read more on BRC-21, check out here
BRC-21 found a mention in the Defiant’s coverage on BRC 20.
BRC-42
Interlay also proposed the new BRC-42 standard which outlines an extension to the BRC-20 standard that allows bridging BRC-20 tokens to chains with smart contract support, such as Ethereum, Interlay, Solana, Polkadot, etc. The proposed method does not require trust in any 3rd party.
While the proposed protocol is specified for BRC-20 tokens, it can be extended to support any other token standard that is built on top of Bitcoin, including inscriptions, colored coins, and Taro.
To read more on BRC-42, check out here
Integrations
Banxa
The highly anticipated Banxa Fiat onramp went live for KINT on Kintsugi Hub under the Fund Wallet option.
Users can now buy KINT directly through this integration thereby improving the user experience & simplifying onboarding by making it easier for users to mint KBTC & explore the Kintsugi DeFi Hub.
A big WIN for not only Kintsugi but also for the wider ecosystem
Livetree
Interlay integrated with livetree network by fusing Interlay’s expertise in bridging Bitcoin and Polkadot with Livetree’s revolutionary approach to user control and content monetization.
Events
Interlay was represented well at the Polka Defiance events this year.
Interlay’s Co-Founder Alexei Zamyatin spoke alongside Polkadot Co-founder Rob Habermeier about !ink smart contracts & bitcoin innovation.
Zhixi Zhang from Interlay’s BD team spoke on Accelerating dedollarisation with Trustless Bitcoin DeFi.
Community
Interlay Community Call
We had our Community Call on 10th May with co-founders Alexei Zamyatin & Dominik Harz joining as they discussed the upcoming Interlay V2 launch, the Bitcoin BRC standards & other interesting ecosystem updates with out community.
Bitcoin Pizza Day
We celebrated 2023 Bitcoin Pizza Day at Interlay with a fun challenge for our community.
We received some great submissions as to why iBTC is better than other Bitcoin bridge solutions.
Governance
Interlay
Referendum #53 was proposed to request 85,500 INTR tokens (~2,000 USD) in treasury funds to incentivize content creators in the Interlay and Kintsugi networks to produce and distribute high-quality and informative content through WagMedia.
We’re searching for talent for 2 roles!
Do you want to build the future of Bitcoin with us? Here’s your chance -
About Interlay
Interlay is building a one-stop-shop for all things Bitcoin finance. BTC trading, lending, staking, and a way to deploy into other DeFi products. Trustless bridge at the core, AMM and money market on top, wrapped in a simple one-click interface with on/off-ramps and multi-chain support.
Follow both Interlay and Kintsugi on Twitter, join our Telegram, and hop in our Discord to keep up to date with daily updates from the team.
