Blockchain Project Interlay Wants its New Platform to Become a ‘One-Stop-Shop for Bitcoin DeFi’

Interlay, a decentralized blockchain community, rolled out a brand new platform on Wednesday that it describes as a “one-stop-shop” for Bitcoin decentralized finance (DeFi).

The platform includes a decentralized change (DEX) and a lending protocol, each built-in with Interlay’s present DeFi bridge – a system connecting a number of blockchains – that was launched last year and is powered by the wrapped token InterBTC (iBTC). Wrapped tokens are artificial (or tokenized) variations of crypto property that aren’t native to the blockchains on which they exist.

Interlay says its new bitcoin DeFi hub plans to fill the void left by the closure of peer-to-peer bitcoin exchanges like LocalBitcoins and Paxful earlier within the 12 months and the multi-billion dollar flight from two of the world’s largest crypto exchanges – Binance and Coinbase – precipitated by the present U.S. Securities and Alternate Fee (SEC) lawsuits concentrating on the 2 centralized platforms.

“LocalBitcoins closed, Paxful had points,” mentioned Interlay CEO and Co-founder Alexei Zamyatin in an interview with CoinDesk. “We concentrate on attempting to unlock extra performance for bitcoin and we attempt to be a substitute for centralized exchanges.”

The 30-year-old pc science PhD graduate describes the brand new platform as a mixture of Uniswap, a preferred DEX and Aave and Compound, open-source protocols for liquidity and lending, respectively.

The hub reportedly options not solely bitcoin (BTC), but additionally tether (USDT), polkadot (DOT), and Interlay’s governance token INTR. Liquid staking tokens, or transportable tokens that signify staked cryptocurrencies “are anticipated in Q3” whereas property from Ethereum and Cosmos could develop into obtainable by 12 months’s finish, based on the mission.

This cornucopia of tokens could irk some Bitcoin purists, however Zamyatin says it’s a vital step in bringing “Bitcoin to at least one billion individuals.”

“Monetary freedom means various things to totally different individuals,” Zamyatin defined. “For some, it implies that they will hedge towards fiat by shopping for bitcoin and simply holding it, however not all people earns and has sufficient capital to have the ability to simply put one thing apart and use it as an funding. There’s lots of people globally who see bitcoin as entry to a monetary system,” he added.