Blockchain
Interlay announcing XCC: Non-custodial and cost-efficient BTC bridging. DeFi BTC becoming more secure
In its pursuit of self-custody BTC DeFi on all chains, after launching the Kintsugi Bitcoin bridge – the first trustless Bitcoin bridge on Kusama, the interoperability network Interlay released a technical paper of a new protocol named XCLAIM Commit (XCC). The protocol increases the security of users’ funds and improves the capital efficiency of vaults. XCC extends XCLAIM (published in 2018) – the technology underpinning Interlay’s flagship interBTC and kBTC products.
XCC vaults will need less collateral than XCLAIM to achieve the same economic security guarantees, resulting in:
- lower network fees for users
- higher returns for vault operators
- more liquidity available on the bridge – due to the vastly increased capital efficiency of collateral
To capitalize on XCC’s benefits, users can bridge BTC to “HODL & Earn”. When BTC is staked directly into DeFi protocols, the funds are locked and generally don’t need to be used for a long time. With XCC any Bitcoin that is staked long-term and is not intended to be moved can essentially ‘release’ its collateral. The released collateral can then be reused to secure other, “liquid” BTC being bridged. This allows vaults to serve more users with the same collateral. Synchronization of locking mechanisms between Bitcoin and the DeFi chain is achieved by utilizing a checkpoint technique often seen in Ethereum L2s – applied to Bitcoin.
The resulting “on-demand collateralization” is an innovative new concept in cross-chain communication and has the potential to be a game-changer in building truly decentralized bridges. It allows for more flexibility and drcrnto networks of bridge operators can tailor their collateral deposits to the usage patterns of BTC and their users’ investing styles.
“interBTC, aiming to become the equivalent of DAI for BTC, already decentralized Bitcoin custody. However, the goal always was to achieve non-custodial BTC DeFi – a very hard problem to solve. XCC sets a milestone in this regard, finally enabling theft resilient and easy to use Bitcoin DeFi.” – Alexei Zamyatin, Interlay Co-founder & CEO.
Once live, XCC will allow users to stake their BTC in a few, selected DeFi applications, benefiting from high security and capital efficiency. The new product will exist in synergy with interBTC (iBTC): XCC BTC will be used for long-term staking in selected applications (“hold & earn”), while interBTC caters to DeFi use cases requiring dynamic liquidity and composability across protocols.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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