Zeus Community is leveraging the safe Chainlink CCIP and proof of reserve to bridge Bitcoin to Solana in a decentralized manner.
Increasingly corporations are rolling out developments in cross-chain bridges. On Tuesday, Might 20, Zeus Community, a cross-chain communications layer for Bitcoin and Solana, carried out Chainlink CCIP. This extensively adopted customary for bridging crypto property now permits customers to switch Bitcoin to Solana securely.
Customers can now transfer Zeus’s Bitcoin-backed token, zBTC, throughout Ethereum, Base, and Solana. All zBTC tokens are backed 1:1 by Bitcoin, which customers can confirm in actual time utilizing Chainlink’s Proof of Reserve.
In accordance with Zeus Community founder and CEO Justin Wang, this integration is vital to addressing longstanding safety considerations with cross-chain transfers. Cross-chain bridges are sometimes centralized, exposing customers to dangers equivalent to hacks and rug pulls.
“Wrapped BTC tokens are flawed as a result of they aren’t decentralized — lots of them nonetheless require KYC, have third-party entities concerned within the buying and selling, and in the end take management away from the person. The Chainlink customary permits this to unravel these points and supply an enhanced expertise for our customers,” Justin Wang, Zeus Community.
Bitcoin liquidity is now accessible on Solana
Wang emphasised that the combination offers Bitcoin customers a decentralized option to entry DeFi on Solana, whereas additionally bringing Bitcoin liquidity to the Solana ecosystem.
“zBTC provides customers a really decentralized Bitcoin asset suitable with the Solana ecosystem, now capable of be simply transferred throughout probably the most extensively used chains because of our integration of Chainlink CCIP. We’re excited to unlock the huge liquidity potential for DeFi on Solana by leveraging Chainlink, powered fully by Bitcoin,” Justin Wang, Zeus Community.
Zeus Community is just not the one agency that lately built-in Chainlink CCIP. As an illustration, in April, Ronin, one of the standard blockchain bridges, moved its legacy bridge to Chainlink’s customary. Ronin itself suffered a $650 million hack in March 2022.
