At present, we’re proud to announce that our funding arm, OKX Ventures, has invested in DLC.Hyperlink, the primary native Bitcoin cross-chain protocol. This groundbreaking undertaking leverages Discreet Log Contracts (DLCs) to allow Bitcoin for use in DeFi protocols whereas being held in self-custody wallets.
DLC.Hyperlink is geared toward bringing the facility and innovation of DeFi to the Bitcoin ecosystem with out compromising on safety, decentralization, or person expertise. DLC.Hyperlink companions with establishments, known as “dlcBTC Retailers”, to mint dlcBTC, a decentralized wrapped Bitcoin. Uniquely, dlcBTC doesn’t require Bitcoin deposits to be held with a custodian or bridged to a separate blockchain.
To mint dlcBTC, Bitcoin depositors “self-wrap” by locking their collateral right into a DLC, which might solely pay out to the unique depositor. This makes dlcBTC a “theft-proof” protocol, making certain that Bitcoin deposits can’t be misplaced by hacks, theft, or fraud. Moreover, since solely the unique depositor can retrieve funds, dlcBTC provides higher resistance to censorship than present types of wrapped Bitcoin.
In contrast to Bitcoin L2s or sidechains, which require further modifications to Bitcoin, help for DLCs was added in Bitcoin’s Taproot improve. DLCs can leverage the safety, liquidity, and community results of Bitcoin, whereas bridging to DeFi protocols on Ethereum with out requiring separate validator nodes. As a substitute, DLC.Hyperlink offers a community of DLC Attestors working Ethereum validators, supplied by standard node operators similar to ourselves, OKX, together with HashKey Cloud, Republic, P2P, Dextrac, and others.
Aki Balogh, co-founder of DLC.Hyperlink, mentioned: “wBTC has reached High 15 token standing, regardless of its centralized custody mannequin. In distinction, dlcBTC is the one wrapped Bitcoin that’s minted from self-custody. DLCs, which had been added to Bitcoin in 2021, allow a theft-proof wrapping mechanism with out the necessity to introduce a bridge or L2 chain. dlcBTC will increase the adoption of Bitcoin in DeFi and has the potential to turn into a High 10 token.”
Dora Yue, Founding father of OKX Ventures, mentioned: “DLC.Hyperlink is a pioneering undertaking geared toward bringing the facility and innovation of DeFi to the Bitcoin ecosystem, with out compromising safety, decentralization, or person expertise. We’re happy to help the imaginative and prescient and mission of DLC.Hyperlink. OKX Ventures believes that DLC.Hyperlink will unlock extra worth and potential inside Bitcoin, and create a extra open, inclusive, and decentralized monetary system.”
To be taught extra about DLC.Hyperlink, click here.
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