Beamswap partners with Interlay and introduces iBTC Farm
We’re proud to announce a new strategic partnership that will bring new opportunities to our DeFi users, including new Yield Farms with high-APR rewards.
In the latest round of updates on Beamswap, we focused on introducing new assets to the platform and providing users with wider DeFi opportunities to grow their portfolio.
With Interlay, we are opening the path for you to earn from BTC, or rather, Interlay’s iBTC that works across chains.
What is Interlay?
Interlay is a decentralized network that gives users the freedom to use cryptocurrencies, such as Bitcoin, on DeFi platforms based on other networks, like Polkadot and Ethereum. Thanks to the high interoperability provided by the Polkadot network, Interlay has established a way to transfer any digital asset to any blockchain, which makes digital asset ownership much more flexible and, with DeFi, potentially more lucrative.
Structurally, Interlay works on a dual network. Primarily, it’s based on Polkadot, where the already confirmed features and functions provide value to end-users. Polkadot’s highly interoperable infrastructure allows Interlay to connect easily to Cosmos, Ethereum, and other major DeFi networks. On the other hand, the canary network of Interlay called Kintsugi is deployed on Kusama and is used to experiment with real economic value as the team tests new, innovative features before they are released on the main network.
Interlay’s work is based on the research done by the project’s founders, Alexei Zamyatin and Dominik Harz, and the “XCLAIM Framework”, a paper which, back in 2018, described the first-ever protocol to move crypto assets like Bitcoin across chains in an economically trustless and decentralized manner.
What is interBTC (iBTC)?
Simply put, iBTC is BTC usable on any blockchain, not just its native Bitcoin network. Thanks to Polkadot’s high interoperability, iBTC is easily transmittable and usable on Ethereum, Cosmos, Kusama, and other networks.
Interlay empowers users to invest, earn and pay with BTC on any blockchain, which makes it radically open. This permissionless, decentralized, and more democratic approach also supports Interlay’s Vault structure, where any user can become a Vault and help secure iBTC.
iBTC is a 1:1 BTC-backed asset. It’s fully collateralized, interoperable, and censorship-resistant, and thus embodies the true free nature of BTC and DeFi, regardless of the hosting network. The BTC backing is also an insurance mechanism, which guarantees that iBTC holders get automatic reimbursement of their BTC in collateral in case of failure.
In a nutshell, iBTC is made to bring value to every crypto holder across chains, but especially to DeFi users building their portfolio through staking, trading, and yield farming.
Learn more about iBTC 👉 https://docs.interlay.io/#/
How does iBTC work in DeFi
Gone are the days when BTC was only used for hodling and trading. With DeFi-oriented Interlay’s iBTC, anyone can put their BTC to better use and start earning.
Here is how you can use iBTC in DeFi.
- Lock in Vault. First, lock your BTC in a Vault — your own or Interlay’s — to safeguard and insure it. The collateralized Vaults on Bitcoin are individuals or service providers who act as custodians and guards of BTC, and lock the collateral to protect against thefts and losses.
- Mint iBTC. Receive iBTC at a 1:1 ratio to your locked BTC.
- Use iBTC in DeFi. Move iBTC to DeFi platforms on Polkadot, Ethereum, Cosmos, and other major platforms. Use it as collateral and earn rewards for lending, yield farming, and more.
- Redeem BTC. Once you are ready to unlock your iBTC and harvest rewards, redeem it for actual BTC on the Bitcoin network.
iBTC Yield Farm on Beamswap
In this strategic partnership with Interlay, we aim to streamline the way Beamswap users harness new DeFi possibilities and earn rewards on their BTC.
To kick it off, we’re launching a new Farm pool where you’ll be able to stake iBTC for triple rewards (in $GLINT, $rTIDE and $xcINTR):
- $xcIBTC — $USDC: 465% APR (at the time of writing)
Go to https://app.beamswap.io/farm and start earning with your Bitcoin.🚜
Follow our channels for the guide on how to deposit iBTC to Beamswap and earn rewards from it.
Beamswap is a DeFi Hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.