Glue Network, a user-centric blockchain ecosystem dedicated to making decentralized finance accessible to all, today announced the integration of Avalanche's BTC.b as its default Bitcoin representation. This integration, utilizing LayerZero's Omnichain Fungible Token (OFT) standard, aims to enhance Bitcoin liquidity and provide users with seamless access to Bitcoin-pegged assets within the Glue ecosystem.
BTC.b, developed by the Avalanche Foundation, offers a trustless implementation of Bitcoin on other blockchains. By selecting BTC.b as its primary Bitcoin-pegged asset, Glue aims to simplify user experience of bringing Bitcoin to DeFi.
"Our goal at Glue is to make decentralized finance accessible and straightforward," said Ogle co-founder of Glue Network. "Integrating Avalanche's BTC.b brings several benefits to users. It enables faster and cheaper Bitcoin transactions within Glue, attracts Bitcoin holders looking for DeFi opportunities, and aligns with Glue's objective of providing centralized exchange features in a decentralized environment."
Through the Glue Hub, users can access a wide range of DeFi opportunities using their BTC.b holdings. These include lending and borrowing, providing liquidity to decentralized exchanges, participating in yield farming strategies, and engaging in decentralized trading. The Glue Hub's user-friendly interface aggregates these services, allowing users to manage their BTC.b assets across various DeFi protocols without leaving the Glue ecosystem. This integration not only simplifies access to DeFi for Bitcoin holders but also potentially increases the overall liquidity and utility of Bitcoin within the broader DeFi landscape.
"Bitcoin represents over a trillion dollars in market value, and integrations like this one by Glue expand opportunities for that capital," said Matthew Schmenk, Sr. Ecosystem Growth Associate at Ava Labs. "By adopting BTC.b, Glue is offering their users a secure, efficient way to utilize Bitcoin within their DeFi ecosystem. This aligns with our goal of increasing Bitcoin's utility across various blockchain environments."
The integration of BTC.b is part of Glue's broader strategy to offer carefully selected "default" versions of popular cryptocurrencies. This approach aims to simplify the user experience by providing vetted, reliable options while still allowing users the flexibility to choose alternatives if desired.
The integration of BTC.b into the Glue ecosystem is made possible through LayerZero's Omnichain Fungible Token (OFT) standard. The OFT standard enables seamless cross-chain transfers of tokens, allowing BTC.b to move effortlessly between Avalanche and Glue's network. This technology ensures that users can easily bridge their BTC.b from Avalanche to Glue and vice versa, maintaining consistent token representation and value across both chains. By leveraging the OFT standard, Glue provides users with a frictionless experience when utilizing their Bitcoin-pegged assets within the Glue ecosystem, eliminating the need for complex bridging processes or multiple token representations.
"Glue Network's integration of BTC.b to simplify Bitcoin's entry into DeFi is a prime example of forward-thinking innovation in action," said Bryan Pellegrino, co-founder and CEO of LayerZero Labs. "By using our OFT standard to make the largest crypto asset class accessible cross chain, Glue is tackling one of the biggest challenges in crypto adoption."
This collaboration also serves as a stepping stone for future Bitcoin-related integrations and demonstrates Glue's growing network of strategic partnerships. Glue's expanding tech stack now includes LayerZero for cross-chain interoperability, Avalanche for Bitcoin representation, WarpGate for GameFi innovations, Banxa for fiat on-ramping, Ironblocks' Venn Security Network for proactive fraud defense, and Messari for comprehensive market data. This growing and diverse set of partnerships creates a comprehensive, secure, and user-friendly blockchain ecosystem.
About Glue Network
Glue is a blockchain ecosystem that combines a Layer 1 blockchain, multiple Layer 2 solutions, and a user-friendly interface to make decentralized finance accessible to a wide range of users. By focusing on simplicity, security, and strategic partnerships, Glue aims to bridge the gap between centralized and decentralized finance. For more information, visit https://glue.net/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021571049/en/
Contacts:
Media Contact:
Bryan Hynes
Glue@wachsman.com
