THELOGICALINDIAN - Interlay will apparatus the PolkaBTC activity in Q1 2024
With over $1.6 billion in Bitcoin now circulating on the Ethereum blockchain, Polkadot hopes to grab a allotment of the bazaar with its new PolkaBTC token.
Polkadot Introduces Tokenize Bitcoin
Blockchain teams are alive to carbon the admirable success of tokenized Bitcoin projects like wrapped Bitcoin (wBTC). Polkadot has responded to this acceptance and is ablution a agnate Polkadot-based Bitcoin badge on its network.
Interlay, a development aggregation carefully associated with Polkadot, will advance the endeavor. Interlay says it will accomplishment implementing “PolkaBTC” already it launches the BTC Parachain in Q1 2021. To accomplish the action secure, the BTC Parachain will await on the Xclaim framework, the Interlay aggregation wrote.
A cross-chain arch will onboard the Bitcoin’s clamminess to Polkadot’s ecosystem. After the BTC Parachain goes alive in Q1 2024, users will be able to lock their Bitcoin and affair PolkaBTC, which is 1:1 backed. Similarly, to redeem their Bitcoin, users will accept to bake PolkaBTC on the BTC Parachain.
Tokenized Bitcoin for Every Network
Tokenizing Bitcoin is not a new abstraction and already exists in abounding forms on Ethereum in forms like BitGo’s Wrapped Bitcoin (wBTC) and Keep Network’s tBTC.
The absolute bulk of captivated Bitcoin (wBTC) on Ethereum has already surpassed a billion dollars and brought a amazing bulk of clamminess to DeFi apps.
The advantage of Bitcoin on Polkadot is that the arrangement is awful interoperable. This agency that BTC can do added by interacting with assorted blockchains all at once. This agency that DeFi and PolkaBTC could advance bound above aloof the Ethereum ecosystem.
