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Bitcoin BTC is coming to Cosmos! Inter_BTC is building an IBC bridge to enable any IBC compatible chain to access trustless Bitcoin. This exciting step will help Cosmos grow the DeFi sector and improve inter-blockchain collaboration.
Defi cannot be just within the boundaries of the Ethereum Ecosystem. This became very obvious when the price of ETH touched a record high, eventually pushing transaction fees, creating network congestion, and scaling issues.
Several DeFi Dapps and protocols are now making it possible by way of side chains or layer 2 solutions that provide a better user experience. However, the user experience continues to be fragmented, complex, and not so comfortable for a wider audience.
The Interchain Blockchain Communication Protocol (IBC) is the Cosmos standard meant to permit two chains to communicate, share liquidity, functionality, transfer tokens, and other data within the Cosmos ecosystem.
Noteworthy, Cosmos has always been ahead in the game of foreseeing the necessity of blockchain interoperability right from the beginning. Thus, blockchain maximalism is not sustainable and not in the interest of developers, end-users, or the more expansive blockchain space.
By using IBC, the first cross-chain decentralized exchanges like Coinswap, the Gravity DEX protocol, and Osmosis, have been made possible, making it possible for token transfers, swaps, and liquidity pools across multiple chains in the Cosmos ecosystem.
The launch of Emeris Beta supporting the Gravity DEX protocol, as a cross-chain portal to all crypto apps, irrespective of the blockchain they run on, made all of this possible.
Thus, users will be able to manage their crypto assets and balances from cross-chain by using a straightforward and intuitive interface. Eventually, more of IBC Chains are added, and the popularity of Cosmos Defi is growing.
The Cosmos vision of bringing in interoperability among different chains in collaboration with Interlay will make it possible to bring Bitcoin to all Defi Ecosystems. Thus, permitting users to be able to invest trustlessly, pay, and earn using their BTC anywhere.
Through interBTC, Interlay will be able to eventually bring Bitcoin to all the DeFi Platforms, making it possible for users to trustlessly invest, earn and pay using their BTC anywhere.
Medium publication: “Through its lock-up and vault technology, which you can read about on the interlay website, users can secure their Bitcoin and mint fully collateralized interBTC that can be used in any DeFi project on any blockchain.”
InterBTC is already hosted in Polkadot Parachain. With time it will be coming to Cosmos and will also support any Blockchain with IBC Standard.
