Bitcoin undoubtedly stands as a unique pillar in the world of crypto. It is both a network that facilitates unparalleled decentralization and security, and an asset that has captivated millions with its potential to store wealth, make speech immutable, and carry out transactions without needing permission.
Acknowledging Bitcoin’s extraordinary and unassailable status as the most decentralized system in crypto, Core is constructed to elevate Bitcoin’s worth beyond its primary function. Aiming for a harmonious alliance, Core extends its support not only to Bitcoin miners but now, also to Bitcoin as an asset — directly on-chain.
Powered by LayerZero and created by Avalanche, BTC.b is a token directly bridged from the Bitcoin network to represent Bitcoin on smart contract platforms including Avalanche, Ethereum, Polygon, Arbitrum, Aptos, and now Core.
“We’re thrilled to see the expansion of BTC.b onto the Core Blockchain. Utilizing the Omnichain Fungible Token (OFT) Standard, BTC.b can now easily move to and from Core’s bitcoin hash powered blockchain.” - Max Power, Special Projects, LayerZero
Bitcoin is in High Demand
Bitcoin’s block space has become a high-demand digital real estate. On May 1, 2023, a record 685,000 transactions were made, partly due to banking crises, but largely from new phenomena: Ordinals and BRC-20. Ordinals are digital assets linked to a Satoshi (Bitcoin’s smallest unit), similar to NFTs, while BRC-20 introduced meme coins and other tokens to the Bitcoin Network. While the actual utility of Ordinals and BRC-20 has been called into question, these innovations undoubtedly demonstrate growing demand for building on top of Bitcoin. However, Bitcoin isn’t designed to handle the recent increased volume and use-cases. This was evident when transaction fees spiked from an average of $1.50 to about $31 amidst around 500k unconfirmed transactions. If Bitcoin is to scale, solutions must emerge from outside of the base chain.
A Synergistic Solution: BTC.b, Layer Zero, and Avalanche
In our ongoing quest to amplify Bitcoin’s value and reach, Core DAO is teaming up with Layer Zero and Avalanche to introduce BTC.b to the Core network. BTC.b is a multi-chain, non-custodial representation of Bitcoin that is seamlessly bridged directly from the Bitcoin blockchain.
The distinguishing feature of BTC.b, setting it apart from other bridged Bitcoin assets, is the unencumbered transfer of native Bitcoin without the need for custodians. With BTC.b, users can promptly utilize their native Bitcoin on dApps in the form of BTC.b and rapidly convert their BTC.b back into native Bitcoin.
LayerZero’s Omnichain Fungible Token (OFT) enables BTC.b to be adaptable across multiple blockchains, largely eliminating liquidity fragmentation. The beauty of BTC.b is that users can maintain their existing workflows and interact directly with the BTC.b token contract. All that’s required is to use LayerZero’s Bitcoin Bridge to transfer BTC.b to any of the supported LayerZero blockchains.
BTC.b on Core: New Avenues for Bitcoin
Core introduces Bitcoin’s security model to the world of smart contracts. Now, with BTC.b representing Bitcoin on Core, Bitcoin the asset enters a world of smart contracts that are ultimately secured by Bitcoin miners. The integration of BTC.b means that Bitcoin holders can leverage the continuous wave of innovative applications, exploring digital asset use-cases previously inaccessible on the Bitcoin Network.
Here are a few potential applications for BTC.b on Core:
- Decentralized Finance (DeFi): BTC.b enables users to engage in DeFi applications on the Core network. This includes participating in lending, borrowing, and yield farming, providing opportunities to earn interest on BTC holdings and access novel financial products and services.
- NFTs: BTC.b can be used to buy and trade NFTs within the Core network. This creates a new medium for Bitcoin holders looking to delve into digital art and other unique digital assets.
- Gaming: BTC.b can be utilized to purchase in-game items and assets within Core-based gaming platforms. Game developers on Core can also build around BTC.b inside their games.
- Cross-Chain Transacting: With BTC.b, users can send and receive Bitcoin on other Layer Zero supported blockchains, such as Avalanche, Ethereum, Polygon, Arbitrum, and Aptos. This allows access to liquidity and trading opportunities on other networks without the need to sell Bitcoin holdings.
These use-cases are only the beginning. With Bitcoin now natively on Core, developers can get to work building applications specially designed to scale Bitcoin utility. Given its uniqueness as an asset and Core’s existing relationship with the Bitcoin Network, builders on Core are sure to give special attention to this upgrade. Stay tuned for more developments as Bitcoin grows on Core.
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About LayerZero Labs
LayerZero Labs is the team that launched the leading blockchain messaging protocol LayerZero. LayerZero’s advanced messaging infrastructure seamlessly connects over 40 blockchains and facilitates transparent and secure cross-chain messaging from one easy-to-use interface. Since going live in March 2022, the LayerZero protocol has processed more than 70 million messages with thousands of mainnet contracts being deployed by thousands of developer teams. Backed by leading venture capital firms including a16z, Sequoia, Binance Labs, Christie’s, Lightspeed, Opensea, Bond, Samsung Next, and GBV, LayerZero was recently valued at $3 billion. Developers building on LayerZero can create interoperable, omnichain dApps, which will lead to the establishment of a unified digital asset ecosystem.
