Introducing Bitcoin Intents

Spicenet is the Composability Middleware that allows developers to build omni-composable apps, assets and chains. With access to liquidity and states of multiple blockchain networks at the same time, omni-composable products offer higher expressivity to end users.

Spicenet allows developers to write standard EVM and SVM contracts, and safely offload transactions to a swarm of off-chain AI agents, that process and execute the transaction against liquidity and states of multiple blockchain networks at the same time, and safely deliver results back to user-controlled smart wallets, allowing users to express complex DeFi outcomes in just one single click.

The Problem — Bitcoin is fragmented.

At Spicenet, we believe that Bitcoin will be one of the biggest economies in the world, and the market to serve Bitcoin holders is in its infancy, presenting immense opportunity. However, Bitcoin liquidity today is fragmented between hundreds of incompatible BTC standards, and dozens of Sidechains, Rollups, L2s, and alt-L1s. Have a look at our recent blog post for more context.

Developers in the Bitcoin ecosystem are constrained by liquidity and userbase within their blockchain network, be it an L2, Rollup or a Sidechain. Moreover, bridging between blockchain networks in the Bitcoin ecosystem introduces additional trust assumptions such as Smart Contract(SC) risk, Multisig Risks, and more, that Bitcoin holders are not comfortable with.

Bitcoin Intents

Bitcoin Intents is a strategic initiative by Spicenet aiming to make the Bitcoin ecosystem more composable, by allowing developers to access users and liquidity from any blockchain network in the Bitcoin ecosystem. Users can access a unified balance aggregated across multiple blockchain networks and spend them on any app in the Bitcoin ecosystem.

Bitcoin Intents allows developers to write and deploy smart contracts on any Bitcoin blockchain network of their choice, while tapping into users, liquidity, and states from any blockchain network in the Bitcoin ecosystem. It is to be noted that developers do not have to deploy their contracts on multiple blockchains to tap into their liquidity and userbase, instead they can do so while maintaining just one smart contract on any Bitcoin blockchain network of their choice.

Under the hood, Bitcoin Intents is a product built on Spicenet, allowing

1. Users to access any app in the Bitcoin ecosystem without having to bridge their funds to a separate network that they do not trust, and while maintaining one single keypair on a blockchain that they’re already using.
2. Developers to tap into the userbase and liquidity for any asset from the Bitcoin ecosystem as a whole, unleashing new capabilities, primitives and use-cases that were previously not possible to be built on a single blockchain network.
3. Assets in the bitcoin ecosystem, such as wrapped tokens, LSTs, BitVM-based tokens, and more to enhance their adoption across multiple Bitcoin blockchain networks using a single deployment.

How It Works

Spicenet allows developers to build natively multichain apps without having to maintain smart contract deployments on multiple blockchain networks. It provides a suite of smart contract libraries and primitives that developers can use to access native and omnichain liquidity for assets that were previously unavailable on their chain, and offer deep liquidity to their users.

The Spicenet blockchain acts as an orchestrator between applications on source chains and liquidity and users on destination chains. Orders, created as intents on the source chain are relayed to Spicenet, where the Spicenet Execution Network determines the most profitable omnichain liquidity route to execute the order on. The order is then forwarded to solvers that execute the order against the specified omnichain liquidity routes. The resulting outcome is delivered directly to a smart contract wallet on the destination chain that can be controlled by the user’s keypair on the source chain.

This gives the user a unified balance across chains that he can spend with on any application in the Bitcoin ecosystem. Bitcoin Intents is a close-ended product built on top of Spicenet enabling composability across Bitcoin blockchains networks, such as Sidechains, Rollups, and L2s, and across BTC standards, such as wrapped tokens, LSTs, and more.

Rollout of Bitcoin Intents

Spicenet will be rolling out Bitcoin Intents in 3 phases as follows:

1. Phase I: During Phase I Spicenet will focus on onboarding the first set of blockchain networks in the Bitcoin ecosystem, such as Sidechains, Rollups and L2s.
2. Phase II: Phase II will entail adding support for the first set of BTC standards, including wrapper tokens, LSTs and trust-minimized versions of BTC.
3. Phase III: After we have establish support for necessary blockchain networks and asset standards, Bitcoin Intents will enter an alpha stage, opening gates to it’s cohort of developers in the Bitcoin ecosystem to develop applications and use-cases utilizing Bitcoin Intents.

Become Omni-composable With Spicenet

We’re thrilled to be working with some of the most promising blockchain networks in the Bitcoin ecosystem by deploying Bitcoin Intents to their blockchain platform.

@citrea_xyz

@ArchNtwrk

@BSquaredNetwork

@hemi_xyz

@strata

@BitlayerLabs

If you’re a Bitcoin Sidechain, Rollup, or L2, and are interested in enabling Bitcoin Intents to your application developers, please reach out here.