ICYMI: Everything You Need to Know About the Botanix Integration on Persistence One 😉
📢Persistence One is thrilled to reveal that it’s adding the BTC variant from the Botanix L2 into its cross-chain BTC interoperability platform, powered by the magic of Intents.
We’re on a mission to bring interoperability to the BTCfi world, helping YOU seamlessly swap one BTC variant for another through a simple decentralized solution that doesn’t require bridges.
What's more, you can swap one BTC variant to another across multiple ecosystems with just a few clicks, zero slippage, and near-instant finality 🔥
With over 300,000 unique wallets and 1.6 million transactions facilitated on its network, let’s dive into why we chose Botanix Spiderchain’s BTC variant for the next integration.
🤔 What are Botanix and Spiderchain?
@botanix is a true game-changer in the BTCfi world, creating a unique EVM-compatible L2 that can help scale Bitcoin and introduce smart contracts to the number-one blockchain 🚀
Botanix's goal is to support a decentralized financial ecosystem running directly on the Bitcoin blockchain, and it achieves this through its Spiderchain innovation.
Spiderchain can be thought of as a unique bridge that brings BTC to the L2. It operates through an innovative multisig ecosystem, creating a new multisig for every request to move BTC to Spiderchain. 🧠 This multisig is then controlled by a random subset of 100 participants called Orchestrator nodes.
🧪 Orchestrator nodes sit at the heart of the Spiderchain and help create new blocks, validate transactions, and mint and burn synthetic Bitcoin on Botanix. Orchestrator node operators are required to stake their own BTC to keep the system’s integrity, and they receive rewards in BTC, making it entirely BTC-focused.
Essentially, Botanix has created an ecosystem that allows developers to build anything on Bitcoin through Spiderchain. The BTC onboarded to the L2 is secured through multisigs. 🔒🔒
Best of all, all transactions are settled on the main Bitcoin blockchain, allowing it to inherit Bitcoin’s immutability, decentralization, and security.
🤔Why Do Botanix and Other BTC Variants Need Interoperability?
Interoperability is essential for the BTCfi world to reach its full potential. ⛓️
Currently, dozens of BTC variants spawned from the numerous L2s emerging on Bitcoin.
While innovation is rising, the liquidity for these BTC variants is fragmented across multiple ecosystems. 🛢️🛢️
To swap one BTC variant for another on a different blockchain creates too much friction, so users won’t try to make the swap to explore new opportunities. 😖
Interoperability helps reduce this friction, leading to the following flywheel:
Reduced friction → More Users → More liquidity → Larger DeFi Opportunities → More Users —> Repeat.
Persistence One aims to help accelerate this flywheel with its cross-chain BTC interoperability solution.
🤔How Does Persistence One Work?
Persistence One is creating a cross-chain BTC-focused interoperability venue powered by intents. 👀
The solution allows users to seamlessly connect their wallets to the dApp on multiple blockchains and broadcast their intent to swap 💸
The intent is sent to Solvers, who use their unified liquidity across multiple ecosystems to fulfil the order with near-zero slippage and almost instant finality. 🥳
The Persistence One UI allows users to select the token they want to swap into, and then the smart contract and Solvers handle the rest, making it the most seamless venue for swapping BTC variants. 🤯🤝
We’re reducing fragmentation in the BTCfi space to help BTCfi soar to exceptional heights over the coming months.
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1/6 With the latest release (2.0.7), the @Trezor Safe 3 hardware wallet with secure element protection is now compatible with Wasabi Wallet!
- Why Trezor Safe 3?
- What is supported in this integration?
- How to set it up and use it?
Read on 👇
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