Rollup layer Bitcoinos has integrated with arbitrum one, in which the road is released for trustless bridges between Bitcoin and Ethereum, the company said.
Abritrum’s connection to Bitcoinos means that transactions on Ethereum can ultimately be arranged with the help of BitcoinWhile the other way around Bitcoin owners will be able to make their BTC work within the Ethereum ecosystem.
This opens the door to substantial growth in Bitcoin-based Defi, whereby core contributioner Edan Yago suggests that the Bitcoinos solution offers the first ‘real’ example of Bitcoin Defi.
He tells Decode, “All existing forms of bridged Bitcoin, such as packed Bitcoin (WBTC), require users a multisig trust that is checked by a handful of companies that can work and steal your money at any time.”
Because the BTC that is protected via the Bitcoinos Grail Bridge, will be non-freight and therefore under the full control of owners, Yago suggests that the new integration “is likely to be trusted by much more people and capital than all previous Bitcoin solutions. “
And what is particularly exciting about the integration for Yago is that, because Arbitrum is already the largest low-two-network-based network (according to L2Beat), it becomes the largest Bitcoin L2 network ” ” at night.
The Arbitrum Foundation also has great ambitions for integration, with head of partnerships Nina Rong that suggests that a significant part of the circulating value of Bitcoin could be connected to the ecosystem -based ecosystem.
“We are delighted to see that Bitcoinos uses our network to unlock the huge Bitcoin -Liquidity pool of $ 2 trillion for Defi and smart contract applications,” she said in a press release.
So far, everyone who wants to use Bitcoin for Defi -Evenes would convert their ownership into WrappedBTC, who currently has a limit of $ 12.6 billion, or approximately 0.65% of the current value of BTC.
But such as Bitcoinos contributions such as Yago Alloude To, receiving WBTC includes entrusting your BTC to an external custodian, who is in the case of WrappedBTC Bitgo.
And Bitgo has entered into a certain degree of controversy in recent months, first with his announcement in August of a partnership with the Justin Sun-Lied Bit Global, and then with his legal challenge against Coinbase’s turning or WBTC in December.
Now it can therefore be a suitable time to launch a non-counseling alternative, with Bitcoinos and the Abitrum Foundation who believe that their integration is that alternative.
Edan Yago-Die also co-founder and CEO is from Bitcoinos developer BTC OS go even further, telling Decrypt That he believes that Bitcoin-based Defi ‘will burst out in the next two years’ will burst out like a hockey stick’, in which the based defi-ecosystems on Ethereum and Arbitrum are likely to witness comparable growth spurts.
According to him, this is because Bitcoin holders finally have access to the decentralized apps and the ecosystem “They have spent 15 years hunger.”
Published by Stacy Elliott.