Interlay Dev & Ecosystem Update #3
It is a jam-packed summer here at Interlay. We announced our rebranding just a few weeks ago, and now we have another big news to share with you!
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Funding round closed
We closed a USD 3mm funding round, led by IOSG Ventures, with participation from Blockchain.com, Launchub Ventures, CMS Holdings, KR1, Hypersphere and Zeeprime. Angel investors include Bitmain co-founder Jihan Wu and Blockchain.com CEO Peter Smith.
Cointelegraph article: Bitcoin interoperability platform Interlay raises $3M in seed funding.
King of the Hill & Lottery Challenges completed
We had fantastic participation from Vaults and Relayers during the 4-weeks Challenges. Directly in the first week, our Relayers were tested to withstand Bitcoin block storms. Bitcoin block storms occur on a regular basis and refer to thousands of blocks being mined within a few minutes. An excellent overview is provided in this post: https://medium.com/radartech/bitcoin-testnet3-epoch-723-blockstorm-bebb70b9501f. Our
- Our Relayers managed to submit more than 19.000 Bitcoin blocks within that blockstorm.
- Our Vaults also keep extraordinarily busy by helping our interBTC users process over 1300 issue transactions, and more than 1200 redeem transactions. This amounted to a volume of more than 50 testnet BTC being processed.
- Over the two weeks, we had 36 Vaults and 23 Relayers registered and running the clients. With the help of these participants, we made 11 releases to fix bugs and improve the stability of the clients (https://github.com/interlay/interbtc-clients/releases?after=0.7.12).
Polkadot Meetup at EthCC
We finally met with many of the Polkadot teams in person at EthCC in Paris, under strict COVID testing measures/requirements.
2nd audit by Informal Systems continuing
Phase 2 out of 3 of the audit is about to be completed. In this round, we audited the Vault client, fee and reward distribution, issue, redeem and replace modules — making sure interBTC code is robust and well tested.
New Tech
- We have completed a major testnet upgrade (04/08/2021). The Vault client was also upgraded to version 0.8.5.
https://github.com/interlay/interbtc/releases/tag/0.8.5
https://github.com/interlay/interbtc-clients/releases/download/0.8.5/vault
https://github.com/interlay/interbtc-js/releases/tag/0.21.1
- Multi-collateral support: https://github.com/interlay/interbtc/pull/208 (WIP, but almost done in the parachain). We added the possibility to use different backing collaterals for vaults, similar to MakerDAO’s multi-collateral design Each vault account uses a single currency, but vault clients can generate different accounts for each currency using a single master account. This allows us to integrate various collaterals, such as stablecoins to improve price stability or liquid staking assets which allow Vaults to earn additional APY.
- We improved the interBTC technical specification and added parachain integration tests checking pre-and post-conditions (issue, redeem, nomination).
- Vaults can now self-redeem without fees (https://github.com/interlay/interbtc/pull/211). Previously, the only way Vaults could exit the system was via the Replace protocol — where another Vault would take over the backing of interBTC. Now Vaults can burn interBTC directly to unlock their collateral, which will provide some exciting mechanics when integrating with Automated Market Maker (AMM) protocols via XCM.
- Misbehaving Vault will now reward correct theft reports (https://github.com/interlay/interbtc/pull/211).
- Few display bugs across dashboards have been fixed as well.
If you are interested in all the changes, please check our release notes:
- interbtc-js: https://github.com/interlay/interbtc-js/releases (0.21.2)
- interbtc: https://github.com/interlay/interbtc/releases (0.8.5)
- interbtc-clients: https://github.com/interlay/interbtc-clients/releases (0.8.5)
We are hiring!
Part-Time Freelancer Graphic Designer
For more details, check our website https://interlay.recruitee.com/
