Zeus Community is leveraging the safe Chainlink CCIP and proof of reserve to bridge Bitcoin to Solana in a decentralized approach.
An increasing number of 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 broadly adopted commonplace for bridging crypto property now allows 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.
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In line 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 similar 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 finally take management away from the person. The Chainlink commonplace allows this to unravel these points and supply an enhanced expertise for our customers,” Justin Wang, Zeus Community.
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Bitcoin liquidity is now accessible on Solana
Wang emphasised that the mixing provides Bitcoin customers a decentralized method to entry DeFi on Solana, whereas additionally bringing Bitcoin liquidity to the Solana ecosystem.
“zBTC presents customers a very decentralized Bitcoin asset appropriate with the Solana ecosystem, now in a position to be simply transferred throughout probably the most broadly 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 solely by Bitcoin,” Justin Wang, Zeus Community.
Zeus Community will not be the one agency that not too long ago built-in Chainlink CCIP. As an example, in April, Ronin, one of the vital common blockchain bridges, moved its legacy bridge to Chainlink’s commonplace. Ronin itself suffered a $650 million hack in March 2022.
Learn extra: DefiLlama: Crypto hacks comprise $7.7b in losses since 2016
