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4/15/2024 10:07:50 AM
Safer Bitcoin alternative launched from DLC.Link
Bitcoin,Cryptocurrency,Bitcoin Alternative,Decentralized Finance
App Developer Magazine
Safer Bitcoin alternative launched from DLC.Link


Safer Bitcoin alternative launched from DLC.Link

Monday, April 15, 2024

Brittany Hainzinger Brittany Hainzinger

DLC.Link’s has launched a safer-wrapped Bitcoin alternative that will first be available on Arbitrum, creating a trustless bridge to Ethereum DeFi without centralizing or pooling assets.

DLC.Link has launched its key offering, dlcBTC. The dlcBTC token is a safer wrapped Bitcoin alternative, utilizing Discreet Log Contracts (DLC), a Bitcoin scaling technology enabled in Bitcoin’s Taproot upgrade two years ago. dlcBTC represents a significant advancement in decentralized finance (DeFi), allowing users to seamlessly utilize Bitcoin across the Ethereum ecosystem while retaining full ownership of their assets.

Bitcoin alternative, dlcBTC launched from DLC.Link

Using DLCs, dlcBTC enables "self-wrapping" or minting dlcBTC by locking BTC in self-custody. First invented at MIT by Tadge Dryja, co-creator of the Lightning Network, DLCs enable conditional payments between two parties. Each DLC is created with two parties and one or more attestors, with the attestors refereeing the transaction. Using Dryja’s original DLC framework, DLC.Link has created a trustless bridge between Bitcoin and Ethereum that transforms Bitcoin’s role in DeFi.

"Years of research have gone into determining how we can best leverage discreet log contracts to help crypto users eliminate their reliance on intermediaries and custodians. This solution, dlcBTC, lets users self-wrap their own BTC using Bitcoin L1, preserving self-custody and user sovereignty as a fundamental principle. dlcBTC integrates smoothly with existing DeFi protocols, providing institutions with seamless, safe access to decentralized finance," said Aki Balogh, Co-founder and CEO of DLC.Link.

The newly launched dlcBTC enables depositors to engage in trading, lending, and hedging while maintaining self-sovereignty. DLC.Link is initially deploying dlcBTC on the Arbitrum network, to take advantage of fast execution times and low-cost transactions.

With dlcBTC, security is reinforced by the entire hashing power of the Bitcoin network, removing the reliance on external custodians, bridges or intermediaries. To facilitate liquidity and adoption within the ecosystem, Amber Group, a leading digital asset trading firm, will serve as the first merchant, liquidity provider and market maker for dlcBTC.

The project is launching with 7 attestors, including HashKey Cloud, Republic, OKX, P2P, Stakin, Dextrac and DLC.Link, ensuring a robust and secure system for users. DLC.Link’s roadmap for dlcBTC also includes plans for integration into other prominent DeFi protocols as well as expansion to other chains, providing fully automated self-wrapped BTC across ecosystems.

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