Launch of the Kintsugi Bitcoin DeFi Hub
Interlay has launched the Kintsugi Bitcoin DeFi Hub, a decentralized platform optimized for Bitcoin which combines safety, decentralization, and a user-friendly experience to empower Bitcoin holders in the DeFi space.
Kintsugi offers unparalleled safety through its decentralized design, allowing operators to secure kBTC, a 1:1 Bitcoin-backed asset, and eliminating single points of failure.
The Kintsugi Bitcoin DeFi Hub simplifies borrowing, lending, and swapping, allowing users to trade Bitcoin for assets like KSM, USDT, or KINT, and combine swaps with borrowing and lending for optimal asset management. Watch the demo:
Chaotic Kintsugi Bitcoin Inscriptions
Interlay has introduced the Chaotic Kintsugi collection, a unique limited-edition series of Bitcoin inscriptions. These gems are minted as rare digital artifacts, akin to NFTs, and reside on the Bitcoin blockchain.
The collection features 2100 Bitcoin inscriptions, each reflecting a Chinese Zodiac sign. The first inscription, inspired by the Year of the Rabbit, is now available.
In addition, Interlay is organizing a raffle of 10 Bitcoin inscriptions from the Chaotic Kintsugi collection. To participate, just try out Kintsugi platform and submit proof before April 4th here. Don’t miss this fantastic opportunity!
https://www.interlay.io/chaotic-kintsugi-collection
[Upcoming] Kintsugi Banxa Integration
The Kintsugi Banxa Integration is on the horizon! Interlay’s proposed bounty program, designed to help Kusama parachains integrate fiat on-ramp support for their native assets with Banxa, has gotten the green light.
This game-changing program tackles the challenge of acquiring native parachain tokens for newcomers in the Polkadot and Kusama ecosystem. It does this by providing a cost-effective on-ramp service specifically crafted for Polkadot and Kusama assets.
Get ready to witness a revolution in user acquisition for the ecosystem at large!
https://kusama.polkassembly.io/referenda/131
Polkadot Assurance Legion Launch
A game-changing proposal is on the table to create a massive 350,000 DOT bounty, aimed at helping select Polkadot parachains go through some serious audit procedures. 🔍
This proposal is all about ramping up security in the Polkadot ecosystem while building a top-notch pool of auditing companies skilled in Rust (specifically, Substrate pallets and ink! smart contracts). Over time, this will make audits more accessible for the entire Polkadot ecosystem.
This groundbreaking proposal comes courtesy of the Polkadot Assurance Legion (PAL) — a formidable security governance club, including HydraDX, Interlay, Astar Network, Manta Network, Acala, Centrifuge, Zeitgeist, and Equilibrium.
Curious to know more? Check out the full proposal here:
https://polkadot.polkassembly.io/post/1752
New Features
New Vault Capacity Model on Interlay and Kintsugi
The Interlay community has approved the v2 model for Vault reward distribution, and it’s live! The old model focused on the volume of iBTC minted with a Vault but wasn’t quite cutting it. The new v2 model considers iBTC capacity and prioritizes increasing minting capacity for
Curious about the model? Check out the discussion post: https://interlay.subsquare.io/post/13
New USDT Limits for Vaults on Kintsugi
The Kintsugi bridge has hit its USDT ceiling, and it’s time to raise the roof! The proposal is to pump it up by $200,000, taking it to a whopping $300,000 USDT to support Kintsugi bridge’s growth.
https://kintsugi.subsquare.io/democracy/referendum/102
New LKSM Limits for Vaults on Kintsugi
There’s been an increase in the LKSM/KBTC collateral ceiling to 55,000!
Why bump up the ceiling? Well, it’s all about:
1️⃣ Giving vault owners the flexibility to add more collateral when their vault dips below the threshold. Without the increase, they’d hit a ceiling.
2️⃣ Amping up Liquid KSM / Liquid staking tokens’ exposure to Kintsugi vaults.
https://kintsugi.subsquare.io/democracy/referendum/97
Integrations
Equilibrium integrates with Interlay
Equilibrium has announced their integration with Interlay’s iBTC and INTR, which will enhance the tokens’ flexibility and functionality by allowing them to serve as collateral for minting the EQD stablecoin, lending assets, and providing liquidity to other users.
Governance
Interlay
[Open Proposal] INTR Emissions to support iBTC & INTR on Stellaswap — public proposal #48
This is a proposal for INTR tokens to be used as incentives on StellaSwap’s iBTC-DOT pool and for Stellaswap to actively support the growth of iBTC on Moonbeam. This proposal further recommends that Interlay provide incentives on a DOT-INTR pool. If accepted this would run for 2 months, at which point both parties can evaluate the success of the program and take next steps.
https://interlay.subsquare.io/democracy/proposal/48
Runtime Upgrades and Capacity Model
This is a combination of three runtime upgrades that have already been enacted on Kintsugi.
https://interlay.subsquare.io/democracy/referendum/45
Interlay Grants Program — Milestone Payment 1 for RFP: Analytic Dashboard for Lending Market
Payment made to beneficiary who participated in the grants program.
https://interlay.subsquare.io/democracy/referendum/44
Kintsugi
Raise USDT ceiling for bridge
The USDT ceiling on Kintsugi was raised by $200,000 to $300,000 to accommodate bridge growth, adjusting the asset allocation percentages while considering recent stablecoin peg uncertainties.
https://kintsugi.subsquare.io/democracy/referendum/102
Upgrade to runtime 1.23.2: Kintsugi lending runtime configuration
The runtime upgrade (v1.23.2) combined security updates from Referendum 99 and fixed the money market supply issue and incorrect storage initialization from Referendum 96.
https://kintsugi.subsquare.io/democracy/referendum/100
Upgrade to runtime 1.23.1: Security updates
The runtime upgrade introduced two security updates based on the SR Labs audit, addressing xcm message restrictions and vault withdrawal rules, with no client upgrade needed. A fast-track request was made due to the security implications.
https://kintsugi.subsquare.io/democracy/referendum/99
DeFi hub activation on Kintsugi
The runtime was updated to include new AMM and lending market pallets, and 118,000 KINT were allocated from the treasury for liquidity mining incentives in line with the Kintsugi DeFi Hub launch discussion post, establishing the suggested lending markets.
https://kintsugi.subsquare.io/democracy/referendum/96
Increase LKSM/KBTC SystemCollateralCeiling to 55,000
The LKSM/KBTC Collateral Ceiling was increased from 38,000 to 55,000 LKSM, allowing vault owners more flexibility and boosting Liquid KSM exposure to Kintsugi vaults.
https://kintsugi.subsquare.io/democracy/referendum/97
SubQuery Managed Service Solution (Q4, 2022)
Ongoing costs for Quarter 4 (covering October to December) of 2022, for the running of a high performance and reliable data indexing managed service for Interlay.
https://kintsugi.subsquare.io/democracy/referendum/95
Upgrade to runtime 1.22.0: Governance Improvements
This passed proposal altered the default voting threshold from negative to positive turnout bias, requiring more yay votes for referendums with low participation, and mandated preimage submission before proposal creation to prevent voting on unknown proposals.
https://kintsugi.subsquare.io/democracy/referendum/94
Remove potentially malicious proposal #94
Proposal 94 was removed following the confirmation of Referendum 90, which mandated that proposals without a preimage should not be allowed.
https://kintsugi.subsquare.io/democracy/referendum/93
Upgrade to runtime 1.21.10: Capacity-based vault revenue distribution
This passed proposal added capacity-based vault revenue distribution, updated Polkadot dependencies to v0.9.37, and introduced Kintsugi’s latest runtime.
https://kintsugi.subsquare.io/democracy/referendum/92
Register SKSM as a foreign asset
sKSM has been registered on Kintsugi as a milestone achievement, paving the way for the exciting Kintsugi DeFi Hub launch.
https://kintsugi.subsquare.io/democracy/referendum/91
Prevent submission of proposals without a preimage
The Kintsugi chain has executed a runtime upgrade to prevent the submission of proposals without a preimage, addressing an outdated issue highlighted by a recent proposal.
https://kintsugi.subsquare.io/democracy/referendum/90
Events and Media
[Upcoming] Pizza Day Prague
Interlay co-founder, Alexei Zamyatin, will speak at Pizza Day in Prague in May 2023.
Advancing Bitcoin
Alexei Zamyatin spoke about building a decentralized Bitcoin bridge at Advancing Bitcoin in London.
https://www.advancingbitcoin.com/
Built on Bitcoin Podcast
Alexei spoke at the “Built on Bitcoin” podcast about the creation of Interlay’s decentralized Bitcoin with V1 and the release of Interlay V2 on Kintsugi, introducing a new suite of tools, including Uniswap-like AMM features, lending/borrowing capabilities, and more. Listen here:
Interview in German — Bitcoin Blog
Alexei gave an interview in German to the blitcoinblog.de. You can read it here:
https://bitcoinblog.de/2023/03/21/ueber-dezentrale-bruecken-musst-du-mit-bitcoin-gehen/
About Interlay
Interlay is building a one-stop-shop 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.
