Article Summary, Automatically Generated By AI
About Interlay
Key Points
- Interlay is a modular, programmable layer between Bitcoin and the multi-chain ecosystem.
- It unlocks decentralized financial use cases for BTC and removes the need for centralized services.
- Interlay’s vision is to help Bitcoin achieve mass adoption.
Features
- DeFi for Bitcoin: DeFi hub with BTC swaps, lending, and staking.
- Bitcoin for DeFi: BTC bridge for using Bitcoin in the multi-chain ecosystem.
- Building Bitcoin dApps: Support for Bitcoin dApp development.
INTR Token
- Stake
About Interlay
At the forefront of decentralized finance, Interlay is pioneering a novel approach to bridging the gap between traditional finance and the burgeoning realm of cryptocurrency.
Introducing Interlay Network (INTR): A Revolutionary Blockchain Ecosystem
Interlay constitutes a modular, programmable interface bridging the gap between Bitcoin and the multifaceted multi-chain ecosystem, thereby unlocking a plethora of decentralized financial use cases for BTC.
Interlay envisions a future where Bitcoin achieves widespread adoption by unlocking decentralized financial use cases for BTC, thereby rendering centralized services obsolete. To achieve this, Interlay is dedicated to establishing the requisite infrastructure and financial tooling, catering to the diverse needs of both users and builders.
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Unlock the Power of DeFi with Bitcoin: Interlay’s comprehensive DeFi hub offers a seamless, one-stop experience for decentralized Bitcoin finance, featuring BTC swaps, lending, and staking. With high throughput, low fees payable in any asset, and native stablecoin integrations, it rivals even centralized providers.
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Seamless Bitcoin Integration: Interlay’s BTC bridge enables secure, decentralized Bitcoin utilization within the multi-chain ecosystem. iBTC, a 1:1 BTC-backed asset, is fortified by a decentralized network of vaults, with BTC deposits insured by a multi-collateral system and secured by cross-chain light clients.
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Empowering Bitcoin dApp Development: Interlay’s modular network will support the creation of innovative Bitcoin dApps, unlocking new possibilities for decentralized applications.
DeFi for Bitcoin: Interlay’s DeFi hub presents a comprehensive, one-stop destination for decentralized Bitcoin finance, boasting an array of features including BTC swaps, lending, and staking. With high throughput, low fees payable in any asset, and seamless native stablecoin integrations, this platform strives to deliver an experience on par with centralized providers.
In the realm of decentralized finance (DeFi), Interlay’s BTC bridge offers a secure gateway to harness the power of Bitcoin within the multi-chain ecosystem. iBTC, a 1:1 Bitcoin-backed asset, is fortified by a decentralized network of vaults, ensuring unparalleled security. Furthermore, BTC deposits are safeguarded by a robust multi-collateral system and reinforced by cross-chain light clients, providing an additional layer of protection.
Unlocking the Potential of Bitcoin: Interlay is poised to revolutionize the development of decentralized applications (dApps) on the Bitcoin network, leveraging its modular architecture to unlock unprecedented possibilities.
The INTR governance and utility token serves a multifaceted role, with its primary objectives being:
- Stake-to-vote: Lock INTR to participate in governance and earn staking rewards, with longer lock periods yielding greater voting power and staking rewards.
- Utility: INTR can be utilized to pay for transaction and cross-chain fees.
- Collateral: INTR serves as a viable collateral option for backing iBTC and other Interlay assets.
- Outlook: Future product benefits may include additional security and perks for stakers, such as enhanced liquidation and collateral rates, or reduced swap fees.
The Interlay network officially came online on March 11, 2022, marking a significant milestone in its development journey.
The Circulating Supply of INTR Coins: A Closer Look
INTR boasts an unlimited supply, with a carefully crafted emission schedule outlined as follows:
- A total of 1 billion (1,000,000,000) INTR tokens will be emitted over the initial four-year period.
- Following this, an annual inflation rate of 2% will be implemented, with the resulting tokens allocated to the protocol treasury to support ongoing development and maintenance initiatives.
Seventy percent of the total supply is allocated to the community through airdrops and block rewards, comprising 30% for Vault rewards, 5% for governance staking rewards (stake-to-vote), and 35% for the on-chain treasury, which is governed by the network. Notably, 10% of the treasury allocation will be airdropped during the inaugural crowdloan. Furthermore, 10% is reserved for network development and community and ecosystem building initiatives. Lastly, 20% is allocated to the current and future team members, as well as early backers who supported the initial development phase.
The Visionary Founders Behind Interlay Network
Interlay was founded by Alexei Zamyatin and Dominik Harz, who crossed paths in 2017 while pursuing their PhDs at Imperial College London, where they pioneered the cryptocurrency lab. As esteemed researchers, they have been delving into the intricacies of Bitcoin and Ethereum since 2015/16, yielding an impressive portfolio of over 30 papers that have garnered more than 1000 citations. Their work has been showcased at prominent conferences, including DevCon IV, EthCC, Building on Bitcoin, and Breaking Bitcoin, where they have shared their expertise with the global community.
The pioneering steps towards Interlay were taken when the XCLAIM paper was unveiled at the Scaling Bitcoin conference in 2018, outlining the inaugural protocol to seamlessly transfer cryptocurrencies like Bitcoin to Ethereum in a decentralized and economically trustless manner. Two years later, in 2020, the founders established Interlay to translate research into tangible reality. Today, the company boasts a diverse team of 23 professionals, comprising seasoned developers with impressive backgrounds at esteemed organizations such as Google, Morgan Stanley, Trivago, Accenture, PwC, Worldpay, and Atlassian.
Unveiling the Unparalleled Interlay Advantage
Interlay is a modular, programmable layer situated at the nexus of Bitcoin and the multichain ecosystem, serving as a pivotal bridge between the two. As the sole Bitcoin-centric layer 1, it boasts a decentralized architecture that spans the entire stack, encompassing a trustless BTC bridge and a BTC DeFi hub.
Leveraging Bitcoin as the primary reserve asset and source of liquidity, Interlay’s stack offers a suite of custody and bridge tools, empowering applications to customize asset management according to their specific requirements. Structured as a marketplace, Interlay already supports collateralized bridges and will further incorporate threshold shared custody (including institutions and third-party providers), discrete log contracts (DLCs), and zero-knowledge contingent payments (ZKCPs). To bolster security and user experience, Interlay will integrate social sign-in options, such as Google sign-in, and opt-in recovery mechanisms via federation counter-signing and identity verification.
Interlay is pioneering a dual approach, introducing both EVM-compatible and Rust-based smart contracts, optimized for BTC-centric development and seamlessly integrating with widely adopted Bitcoin-core libraries and tooling. This synergy enables builders to effortlessly tap into built-in DeFi tooling, including AMM and lending capabilities, as well as assets from other ecosystems, such as stablecoins and blue-chip L1 assets. By doing so, Interlay is poised to revolutionize the relatively centralized BTC stack, comprising Lightning nodes, Nostr servers, indexers, and CEXes, by introducing decentralized custody and smart contracts.
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