0
0
Cryptocurrencies: 12,866
Markets: 940
Marketcap: $ 2.05 T(0.79%)
24h Vol: $ 87.19 B
BTC Dominance: 48.87%

Bitcoin’s integration into DeFi heightens as Sushi teams up with ZetaChain

Bitcoin’s integration into DeFi heightens as Sushi teams up with ZetaChain

New Opportunities for Bitcoin Users in DeFi

Believers in the decentralized future would nod with approval. Sushi, a decentralized finance (DeFi) protocol, has announced an expansion to ZetaChain to include native Bitcoin (BTC) support. This progression carries the potential to transform decentralized finance as early adapters of this new development gain the ability to swap BTC across a whopping 30 different networks. More excitingly, this transactional ease comes without the need for wrapping the coin as an ERC-20 token.

Easing Transactions with ZetaChain’s Layer 1 Blockchain

ZetaChain, the facilitator in this arrangement, is a layer 1 blockchain and robust developer platform. The primary strength of ZetaChain is its provision for secure, efficient, and cost-effective transfers of digital assets across a broad canvas of blockchain networks. The seamless integration of Bitcoin into this plan paves the way for a next-generation DeFi ecosystem.

Introducing ZRC-20 Token Standard

The game-changer from ZetaChain is the introduction of their ZRC-20 token standard. This new technical standard paves the path for future cross-chain apps that can perform transactions with various tokens. As such, Bitcoin and Ethereum-based ERC-20 coins have come into the selection bucket, opening up a new array of alternatives for their holder’s investment preferences.

Trading native BTC in DeFi space: The Future

One herculean aim of the Sushi and ZetaChain collaboration is to unroll the red carpet to welcome DeFi 3.0. Their perspective offers a fresh, decentralized and permissionless approach to trading native BTC in the DeFi ecosystem. In essence, the new development bridges the gap between DeFi potential and Bitcoin enthusiasts, who previously had limited options for participation.

Sushi Integration Offers: Broadening Possibilities

The collaboration includes the popular offerings from Sushi. This roster covers Sushi v2 automated market maker (AMM), v3 AMM, and SushiXSwap, known for its cross-chain swap solutions. As a result of this integration, users will be able to navigate BTC swaps across 30 networks, thereby capitalizing on previously untapped liquidity within the Bitcoin network itself.

Ethereum Virtual Machine (EVM) Compatibility: A Key Advantage

ZetaChain’s compatibility with the Ethereum Virtual Machine (EVM) aids in the deck’s integration process. It ensures a smoother transactional experience, making integration with leading chains easier and widening the new possibilities for cross-chain transactions between leading cryptocurrencies.

Next Development: A ZetaChain-based DEX

Moving along the road, the team is preparing to roll out a decentralized exchange (DEX) housed on the ZetaChain testnet. If successful, this will be succeeded by the introduction of a complete functionality platform for Bitcoin interoperability on the mainnet. It’s an ambitious goal, but one whose success could significantly shake up the cryptocurrency ecosystem as it stands today.

In summary, this unprecedented collaboration between Sushi, a leading DeFi protocol, and ZetaChain, a revolutionary layer 1 blockchain platform, paves the way for a new era in decentralized finance. Offering users the ability to securely, cost-effectively and seamlessly swap BTC across multiple networks, the integration not only ushers in DeFi 3.0, but also represents a momentous leap towards the future of the cryptocurrency ecosystem.

Advertisementspot_img

Latest News