.png)
TL;DR bitSmiley launches the first native BTC-backed stablecoin, bitUSD, on ZetaChain testnet, unlocking seamless cross-chain DeFi with native Bitcoin.
At ZetaChain, our mission is to power Universal Apps that span all chains from native Bitcoin and Ethereum to Cosmos, Solana and beyond. Today, we’re excited to announce the launch of the first native BTC-backed stablecoin on ZetaChain testnet by bitSmiley. The integration marks a significant leap forward for BTCfi, bringing native BTC liquidity into compatibility with other native assets across diverse blockchains.
With bitSmiley, Bitcoin holders can now unlock the full potential of their BTC through a seamless and secure process. By depositing native BTC, users can mint bitUSD stablecoins with just one click. These stablecoins can be utilized across the entire blockchain ecosystem, allowing users to lend bitUSD for yield on Ethereum, swap it for BNB on Binance Smart Chain, or participate in any other cross-chain DeFi applications. ZetaChain ensures that Bitcoin users can leverage their native BTC alongside assets from other chains without the need for wrapping or intermediaries.
bitSmily is integrated on testnet and is expected to go live with a frontend app on ZetaChain Mainnet Beta in Q4. Developers can start building Universal Apps that involve bitUSD on ZetaChain testnet now.
Developers can unlock the power of Bitcoin directly within DeFi through Universal Apps on ZetaChain. These apps allow users to interact with DeFi protocols using their existing Bitcoin wallets without the need for centralized exchanges or wrapped BTC versions with questionable trust assumptions. ZetaChain’s approach stands in stark contrast to Bitcoin Layer 2 solutions, which often require new wallets, tokens, and additional complexities.
As part of this collaboration, ZetaChain and bitSmiley have introduced a novel protocol layer built on Tapscript, part of the Bitcoin Taproot upgrade. This innovation brings an upgrade to ZetaClient that leverages inscriptions to witness data and increase byte size. The previous limitation of 80 bytes for OP_RETURN-based cross-chain transactions is no longer a limitation. The upgrade also maps hex addresses between users’ BTC wallets and EVM wallets to enable one click product user experience.
The new solution is a big advancement for Bitcoin interoperability, which enables more advanced Universal Apps that span Bitcoin and other important chain ecosystems.
ZetaChain is the first universal L1 blockchain. It serves as the base-layer of the decentralized internet, providing a platform for global access, simplicity, and utility across any blockchain. Zetachain’s Omnichain Smart Contracts on the Universal EVM are purpose-built for general chain abstraction across the entire crypto ecosystem. ZetaChain can connect to any blockchain, from Ethereum and Cosmos to Bitcoin and beyond, enabling unified liquidity, user experience, and data all from a single place. Universal Apps on ZetaChain are future-proof and have full compatibility with both existing and new chain integrations. With a proposed Universal Proof-of-Stake capability, ZetaChain supports staking of assets like native Bitcoin and Ethereum in exchange for rewards, powering unbounded scale for economic security.
Follow ZetaChain on Twitter @zetablockchain and join the conversation on Discord and Telegram. Reach out to [email protected] if you’re building on top of ZetaChain.
Any projects mentioned are 3rd party, not ZetaChain.