Sushi and ZetaChain Explore Native Bitcoin Swaps on 30 Blockchain Networks
DeFi platform Sushi has teamed up with interoperability platform ZetaChain to test the feasibility of native Bitcoin swaps for its users across 30 different blockchain networks.
ZetaChain Enables Native, Decentralized, and Permissionless Trading of BTC
Through Sushi's deployment of its decentralized exchange (DEX) on ZetaChain, users will be able to trade BTC without wrapping it across multiple blockchains in a native, decentralized, and permissionless manner.
SushiXSwap and Automated Market Makers to be Included in Integration
The integration will include Sushi's v2 and v3 automated market makers, as well as Sushi's cross-chain swap, SushiXSwap.
ZetaChain Aims to Bring Bitcoin's User Base to DeFi Sector
Ankur Nandwani, a core contributor to ZetaChain, believes that the partnership can attract Bitcoin's vast user base to the DeFi sector in a native manner. He also points out that other projects, like THORChain, have successfully traded Bitcoin natively with other chain assets.
Building Bitcoin-Interoperable DApps with ZetaChain
ZetaChain's approach allows developers to build Bitcoin-interoperable decentralized applications (DApps) that can settle contracts and transactions natively.
Sushi Chef Hails Integration as a Game-Changer for DeFi
Jared Grey, the head chef of Sushi, describes the capability to swap Bitcoin natively as a "game-changer" for the DeFi industry. He believes it will open up new possibilities for interoperability and enhanced connectivity.
Sushi's Integration with ZetaChain to Happen in Two Phases
The first phase will introduce a DEX on ZetaChain's testnet to support basic asset swaps and liquidity provision. The second phase will see the deployment of Sushi's mainnet, which will enable full functionality for Bitcoin interoperability.
Technical Details of Native BTC Cross-Chain Swaps
ZetaChain's cross-chain swap contract is deployed on its Ethereum Virtual Machine (EVM). It can be called from any connected chain, including Bitcoin. The swap process involves a user sending a regular native token transfer transaction on Bitcoin with a special memo to a TSS address. The contract then facilitates the swap between BTC and another token, such as ETH or USDC, on the destination chain.
Source: [Original Article]
