- Interlay introduces a new Bitcoin DeFi platform described as a “one-stop-shop”, encompassing a decentralized exchange and a lending protocol.
- The platform aims to fill the gap left by closures of peer-to-peer exchanges like LocalBitcoins and Paxful, and recent legal issues faced by major crypto exchanges, Binance and Coinbase.
Interlay, a pioneering decentralized blockchain network, has unfurled a unique platform it labels as a Bitcoin decentralized finance (DeFi) “one-stop-shop”. The company’s vision is to bring Bitcoin to a billion people, transcending the initial scope of Bitcoin DeFi, according to Interlay CEO and co-founder, Alexei Zamyatin.
📣 #DeFi innovation alive and well on Polkadot!
— Polkadot (@Polkadot) July 6, 2023
The new platform brims with innovative features: a decentralized exchange (DEX) and a lending protocol, both harmoniously integrated with Interlay’s existing DeFi bridge. This bridge, launched last year, interconnects multiple blockchains and is driven by Interlay’s wrapped token InterBTC (iBTC). Wrapped tokens, such as iBTC, are tokenized imitations of crypto assets operating on blockchains alien to their native ones.
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The Role of Interlay Amidst Global Crypto Shifts
Beyond providing essential DeFi services, Interlay’s latest creation emerges as a much-needed solution in a landscape disrupted by the shuttering of peer-to-peer Bitcoin exchanges like LocalBitcoins and Paxful. The landscape was further rocked by the sizable outflows from two crypto behemoths – Binance and Coinbase – both currently grappling with lawsuits from the U.S. Securities and Exchange Commission (SEC).
Zamyatin explains that Interlay’s focus is “unlocking additional functionality for Bitcoin” while offering a valuable alternative to centralized exchanges, particularly given the recent turmoil in the sector.
Offering Diverse Crypto Options
The brainchild of the 30-year-old computer science PhD graduate, the new platform is reminiscent of popular DEX, Uniswap, combined with the liquidity and lending protocols of Aave and Compound.
Interlay’s hub embraces a variety of tokens including Bitcoin (BTC), Tether (USDT), Polkadot (DOT), and the network’s governance token, INTR. The forthcoming quarters promise the inclusion of liquid staking tokens, or portable tokens that signify staked cryptocurrencies, while Ethereum and Cosmos assets are slated to join by year’s end.
Such an abundance of tokens might raise eyebrows among Bitcoin purists, but Zamyatin firmly believes that this multi-asset approach is key to actualizing his ambition of bringing Bitcoin to a broader audience. To Zamyatin, “financial freedom means different things to different people,” and the expansion of Bitcoin’s utility beyond mere holding and investing addresses these varied financial needs and goals.
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