Ecosystem Update #4: 8 July 2022
Our mission to unlock the full potential of Bitcoin is more important than ever
The past few months have been incredibly busy for the Interlay Team. While some see the Bear Market as a sign to prepare for hibernation, true DeFi continues to thrive with decentralization and transparency.
Regardless of the market conditions, we have been building . In light of recent events, in particular the predicted failure of “CeDeFi”, we are more committed than ever: our mission is to unlock the full potential of Bitcoin across decentralized use cases in a truly trustless manner.
Here’s a rundown on the updates we’ve rolled out.
Let’s start with the big news.
1. Interlay Launched on June 8th
On June 8th, Interlay went live, along with our crowdloan supporters claiming INTR. Our DApp went live on the same day. Read more about the launch here.
We’re especially proud of our community. The moment Interlay went live, we deactivated admin access, meaning the Interlay core team no longer has the ability to make changes to the codebase without community governance. Decentralization is the pillar of everything we do, and we’re pleased to launch what we’ve been working on in the truest form of decentralization through community governance.
2. IBTC Testnet is Live, kBTC is Running on Kintsugi
We’re still a few weeks away from launching iBTC, but you can get started by spinning up a Vault on our live iBTC Testnet, which is currently live here, or with real value on our canary network, Kintsugi.
The said canary, kBTC, continues to operate on Kusama, currently integrated with Moonriver and Karura, successfully withstanding extreme price fluctuations and helping to uncover bugs.
Read more about the next steps towards iBTC launch at the end of this blog.
3. INTR Listed on Exchanges
Disclaimer: This is not investment advice. Cryptocurrency investment is subject to high market risk. Please do your own research and make your investments cautiously.
1. INTR Claims Started and Staking was Activated by Community
The INTR crowdloan airdrop claim process has started. Please follow the steps described in the blog post.
In the Interlay community, the word decentralization is mentioned often. Even the spell-check plug-ins like to remind us. This only confirms the mission of Interlay: to use true decentralization to serve the purpose of connecting BTC to DeFi in a radically open manner.
One of the highlights of the Interlay launch was the community proposal to stake INTR. The proposal was written, fast-tracked, voted on, and executed within 24 hours — all by the community!
2. XCM Channels
The XCM channel with Acala was successfully opened via community governance. The next XCM channel opening with Moonbeam is currently being finalized. More are to come soon — following Interlay’s goal to bring BTC to all Dotsama parachains and beyond
1. Urgent Security Patches on Our Canary Network Fixed
Two critical bugs were reported via the recently launched Immunefi bug bounty program. Within 24 hours, the bug reports were confirmed, fixed, and emergency upgrades deployed via fast-tracked referenda. Read the full postmortem below and learn more about the Immunefi bug bounty here.
Kintsugi Released Urgent Security Patches
Because of Kintsugi, our mission to bring Bitcoin to DeFi is stronger than ever
Our team and community have been busy diving into IRL events to share our message with the crypto community.
Interlay was invited to pitch our vision of unlocking Bitcoin’s full potential in a global, decentralized ecosystem — as one of 5 “Rising Star” companies with world changing potential.
1. Founders Forum
Alexei Zamyatin, Co-founder and CEO of Interlay, spoke at Founders Forum in London, a gathering of over 600 of the leading tech entrepreneurs and venture funds, including 150 unicorn founders. Interlay was invited to pitch our vision of unlocking Bitcoin’s full potential in a global, decentralized ecosystem — as one of 5 “Rising Star” companies with world changing potential. Read more in this Forbes article about the event and speakers, featuring Interlay.
2. Dotsama Prague
Our Head of Operations, Caroline Mascarin, gave a talk about Interlay at Dotsama Prague. She also participated in panels with other leaders in the Dotsama space.
3. Polkadot Decoded
The Interlay team and Ambassador community attended Polkadot Decoded events all over the world, including Berlin, New York City, and Buenos Aires.
Our Developer Gregory Hill gave a talk on using Subxt to handle errors, process transaction nonces, and ensure data freshness. Interlay co-founder Alexei Zamyatin gave a talk on the main stage about how Interlay makes Radically Open Bitcoin for Polkadot’s DeFi possible. Watch the replay of Alexei’s talk here.
From the Team
1. Welcome Our New Team Members
Our new Frontend Engineer Rui will be joining us next week. Danilo, the new Head of Growth will be joining us in early August.
We continue to build and grow, not just our product, but our talent. The Interlay team has more than doubled in size in the past year, going from 11 to 24 team members. Keep an eye out for a new introductions thread coming soon on Twitter.
We continue to build and grow, not just our product, but our talent. The Interlay team has more than doubled in size in the past year, going from 11 to 24 team members.
2. We’re Hiring!
We currently have 1 position listed: Treasury Manager. If you’re interested in applying, here’s our workable page. You can also submit your resume at any time.
Call to Action
Jump into the Interlay ecosystem. We’re seeking responses from our community on the following.
1. We’re Looking for Vault Operators
As we get closer to the launch of iBTC, we’re continuing to reach out to our community members who are interested in operating a vault. If you would like to operate an iBTC vault, we want to hear from you! Please fill out this quick questionnaire so we can get to know you better and reach out with all the information you need to get started.
2. BTC DeFi Survey: Win Bitcoin Amsterdam Tickets
Fill out our BTC in DeFi Survey for a chance to win tickets to the Bitcoin Conference in Amsterdam this October.
3. Join Our New and Improved Innovator Programme
Our Innovators are an Integral part of our community, so with the launch of the Interlay mainnet, we’ve also launched our reimagined, redesigned, and revitalized Innovator programme.
We’ve reached out to the OGs of the community to invite them to be the first to take part in our Dework trial and the first Innovators to get the space suits on and be the pioneers of the programme
Solve & unlock bounties based on your role & level, and claim rewards from the treasury for good work. The higher the level, the better the bounties, and the higher the potential rewards.
Announcing: The Innovator Programme
Following in the footsteps of innovation, the community takes the next step into the galaxy
Next steps — Roadmap Update
1. iBTC is ready for launch — from the technical side
There are a few things on the integrations and operational side that still should be finalized to make sure iBTC goes live with a bang.
2. iBTC testnet is live. All vault operators — please onboard
Whether you are a new Vault operator or have been already running on Kintsugi — please onboard to the Interlay testnet to make sure all is working as expected. We are planning to go live big right away this time (as opposed to the cautious launch of kBTC) and want to ensure all Vaults are ready when the community hits the “Launch” button. Fill out this questionnaire if you’re interested in running a vault. We want to hear from you!
3. More XCM channels
After Moonbeam, more XCM channels are being opened. While we cannot yet reveal with whom, you can assume these will bring new, interesting use cases for iBTC at launch.
4. DeFi integrations
- Acala: integrating INTR to allow DEX swaps. Exploring how to use aUSD as collateral for iBTC and viceversa.
- Moonbeam: opening XCM channel to enable iBTC and INTR liquid pools on DEXs. Exploring lending integrations.
- Others being actively explored: iBTC for Astar dapp staking, RWA synergies via Centriguge, pools and liquid staking via Parallel… and how to bring iBTC to other ecosystems such as Ethereum, Avalanche, and Solana and make Polkadot the BTC interoperability hub.
Want to suggest more use cases? Tell us via the BTC DeFi survey and get the chance to win tickets to Bitcoin Amsterdam!
5. More collateral assets
We are finalizing the modeling & simulations for aUSD as collateral and are already testing aUSD Vaults. First, aUSD Vaults will go live on Kintsugi and after testing and successful integration, it will deploy to Interlay.
After aUSD, the next collateral assets on our radar are LKSM for Kintsugi and LDOT for Interlay.
Thank you to our strong and supportive community as we continue to grow. We have a busy month ahead, and we’re so happy to have you on board.
We envision a future where blockchains seamlessly connect and interact: anyone can use any digital asset on any blockchain, trustless and without limitations. Interlay works with Bitcoin, Ethereum, Polkadot, Cosmos, and others to expand interoperability, capital efficiency, and openness.
Our flagship product is interBTC — Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant, realizing the true free nature of BTC and decentralized finance.