InfinitySwap is getting ready to unleash Bitcoin to the world of Decentralized Finance with its new canister tools for developers.
Bitcoin Enabled EVM System from InfintySwap
The first Bitcoin-enabled Ethereum Virtual Machine (EVM) compatible system will soon be coming to the Internet Computer. The incoming launch of EVM canisters compatible with bitcoin via InfintySwap is a major step for Decentralized Finance (DeFi) and multichain interoperability.
The Internet Computer already has the functionality of operating as a Layer-2 solution capable of processing native bitcoin as of December 5, and the canister development from InfinitySwap is the next step in building the most powerful DeFi system around. Right now users can trade Bitcoin without having to wrap it as an ERC-20 token on InfinitySwap and the incoming Bitcoin-enabled EVM canisters will enable developers to easily build more of this integration across the Internet Computer’s network.
Canisters are essentially an easier way to package code and data to share between different applications and protocols, often these are bundled into Software Developer Kits (SDK). Developers use canisters to build compatible systems by packaging code that can be easily applied in other protocols.
The Internet Computer is one of the first global blockchain systems that is integrating the capabilities of Bitcoin and Ethereum for DeFi applications. The InfinitySwap Bitcoin-Enabled EVM Canisters should make the development of Bitcoin-compatible DeFi on the ICP system more prominent and available.
“Dapps on the Bitcoin-integrated Internet Computer network will have a much better user experience because of Chain Key technology,” InfinitySwap CEO Max Chamberlin told Omar Faridi of Crowdfund Insider in 2022. “On InfinitySwap, for example, you’ll be able to transfer your BTC directly to another Bitcoin address to enter a liquidity pool. On other chains the process has more steps, involves centralized bridges, and you also need to hold the base-layer coin. Here, all you need is BTC to participate.”
What is InfinitySwap:
InfinitySwap is a next-generation AMM (automated market maker) where users can create, stake, and swap coins on the Internet Computer. The company’s revolutionary next-generation AMM on the Dfinity ecosystem enables smart contracts to take control of keys, allowing users with a BTC wallet to engage in DeFi services. InfinitySwap has received backing from venture capital groups like Andreessen Horowitz, Draft Ventures, Polychain Capital, and Dfinity.
Where to find InfinitySwap:
What is the Internet Computer:
Internet Computer (ICP) is a set of protocols that allow independent data centers around the world to band together and offer a decentralized alternative to the current centralized internet cloud providers. The Internet Computer is a World Computer blockchain that can host and run mass-market social networks, online games, video streaming services, or enterprise systems entirely on the blockchain itself — eliminating the need for centralized IT and cloud services. The native ICP token is used for governance (holders can vote on the future of the network), to reward network participants for good behavior, and is used to pay fees for making transactions.
Where to find the Internet Computer:
Source : bsc.news
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