First trustless Bitcoin — EVM bridge is finally here

If you have bitcoin in your wallet, now you can enjoy dapp experience in EVM. You are able to transfer your BTC from Bitcoin wallet to Harmony wallet or from Harmony wallet to Bitcoin wallet through Bitcoin Bridge.

This will encourage Bitcoin Hodler to stake their bitcoin on Harmony One to earn interest instead of just holding it in Bitcoin wallet.

Why Trustless Bridge is better and safer?

If you are in crypto space long enough, you can see a lot of Bridge dapp like wormhole, polynetwork and many more get exploited due to smart contract risk. They is using a burn and mint mechanism in a smart contract. The token is burn in chain A and minted in Chain B. If the smart contract are having code issue or hack behavior, the token can be minted out of thin air without any collateral.

With trustless bridge, using vault mechanism which the node is run by community. The vault is required to have over collateralized BTC with ONE token to increase security.

This mean it must have enough collateralized BTC in Bitcoin wallet and ONE in Harmony wallet registered in vault to be selected.

The selected vault will earn the bridge fee.

Oracle chainlink is used to make sure price Bitcoin in harmony chain (1BTC) stay the same.

What’s coming up?

Currently the BTC & ONE vault node are still run by Harmony team themself, there will be the vault run by community to fully decentralize the bridge. You can earn the bridge fee by running our own vault.