Welcome to Interlay’s Ecosystem Update for July 2023!
We are thrilled to share the exciting progress at Interlay last month. As a key player in the decentralized ecosystem, our mission has always been to foster innovation, scalability, and interoperability on Bitcoin.
General updates
KSM & qUSDT live on Kintsugi
Following the passing of Referendum #118 on Kintsugi, qKSM & qUSDT are now available on the Kintsugi DeFi Hub allowing vaults to earn interest from lending and vault operation at the same time. This marks a big step forward in our mission to scale DeFi for Bitcoin and will be soon launched on Interlay.
iBTC x HydraDX
While we were heads down building the Bitcoin DeFi Hub, iBTC has been slowly gaining widespread adoption among institutions, retails users & treasuries. The HydraDX community chose the only trustless & decentralized Bitcoin bridged asset — iBTC, as part of their treasury diversification program.
The HydraDX treasury currently holds around 18 iBTC (~ $530k) and is continuing to accumulate more through the Omnipool DCA feature.
Interlay DeFi Hub Tutorial by Nova Wallet
Our friends at Nova Wallet made a simple & informative tutorial of the Bitcoin DeFi Hub on Interlay via Nova Wallet.
Check it out below.
Integrations
INTR Banxa Onramp Integration
We implemented another major UX improvement by successfully integrating with Banxa, the leading global Web3 on-and-off ramp solution for Interlay’s native fee token INTR.
Check out this tweet below to know more :
https://twitter.com/InterlayHQ/status/1681881982131658752?s=20
Community
“Use Bitcoin, Win Bitcoin” Campaign
To celebrate the launch of Bitcoin DeFi Hub on Interlay, we announced the “Use Bitcoin, Win Bitcoin” Campaign on Zealy for our community.
A total of $1500 worth of iBTC rewards were distributed for the best educational content.
Here are some of the best ones -
“NOVA x Interlay campaign”
We also partnered up with Dotsama’s own Nova Wallet for an exciting joint campaign on Zealy. Some exciting quests await, with a chance to win up to 100$ of BTC rewards.
Click below to know more:
Knowledge sharing
We posted a discussion thread on the topic of solving capital efficiency on the Interlay Bridge with solutions such as (a) L1 PoS (re)staking, (b) lending protocols, © and other yield-bearing positions for vault collateral.
Check it out through the link below.
Governance
It was a busy month of governance with some important referendums & discussions.
➡️ Interlay Referendum #64
This referendum adds support for qDOT and qUSDT vaults. This will allow vaults to use qTokens as collateral enabling them to earn interest from lending and vault operation at the same time.
Find more details here: https://interlay.subsquare.io/democracy/referendum/64
➡️ Kintsugi Referendum #118
This referendum proposed to add support for qKSM and qUSDT vaults. This will allow vaults to earn interest from lending and vault operation at the same time.
Find more details here: https://kintsugi.subsquare.io/democracy/referendum/118
That’s it from July, see you next month!
About Interlay
Interlay is the global layer for all things Bitcoin finance. BTC trading, lending, staking, and a way to deploy into other DeFi products. Trustless bridge at the core, AMM and money market on top, wrapped in a simple one-click interface with on/off-ramps and multi-chain support.
Follow both Interlay and Kintsugi on Twitter, join our Telegram, and hop in our Discord to keep up to date with daily updates from the team.
