LayerZero aims to create a unified experience for BTC.b, extending BTC.b transfers to Ethereum, Polygon, Arbitrum, Aptos and more

LayerZero aims to create a unified experience for BTC.b, extending BTC.b transfers to Ethereum, Polygon, Arbitrum, Aptos and more -1

BTC.b is a token that represents Bitcoin on Avalanche and automatically bridges (cross-chain transfers) in Core, and is now an Omnichain Fungible Token (OFT) that can be quickly and securely traded on Avalanche and Ethereum, Polygon, Arbitrum, Aptos, or any other blockchain that LayerZero will support in the future.

Since Core launched in June 2022, Bitcoin holders have transferred a total of 2,700 BTC (~$45 million) to Avalanche[来源]. Compared to other native bridged Bitcoin assets, BTC.b allows users to freely transfer native Bitcoin without relying on a custodian. With BTC.b, users can instantly use their native Bitcoin as BTC.b on dApps and quickly convert their BTC.b back to native Bitcoin.

LayerZero’s Omnichain Fungible Token (OFT) enables BTC.b to be composable across multiple blockchains – no more decentralized liquidity. Users of BTC.b do not have to change their workflow and can directly interact with the BTC.b token contract. Simply transfer BTC.b to any supported LayerZero blockchain using LayerZero’s Bitcoin Bridge.

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BTC.b as OFT allows Bitcoin to exist on more dApps and blockchains than ever before. Now, BTC traders can develop more complex strategies around their Bitcoin, such as hedging and high-frequency arbitrage opportunities.

How to Use Bitcoin on Avalanche and Beyond

  1. Use Core to transfer Bitcoin and receive BTC.b
  2. Using BTC in Avalanche DeFi dApp.b
  3. Scale your strategy across multiple blockchains with LayerZero’s Bitcoin Bridge

OFT is designed to maximize the composability of tokens

OFT is a scalable token contract. There are four main benefits of tokens adopting the OFT standard.

  1. own your contract
  2. own your safety
  3. own your expenses
  4. let the world make up you

own your contract

Eliminates the need for additional wrapping and bridging assets across blockchains, increasing the utility of your tokens. Other bridges interested in supporting your token will only need to integrate your native token.

OFT enables a single token version (BTC.b) directly from the distribution protocol (Avalanche).

LayerZero aims to create a unified experience for BTC.b, extending BTC.b transfers to Ethereum, Polygon, Arbitrum, Aptos and more -2

own your safety

Take full control of your own security. With LayerZero’s modular security, all applications can explicitly have their own security or leverage the most secure existing configuration.

own your expenses

There are no additional fees for BTC.b transfers – only the gas fee. By building transfers directly into the contract, users can forego paying additional bridging service provider fees for each transaction. Transaction fees are constant and bypass the challenge of securing the most efficient path for large transfers to avoid onerous fees.

Let the world make up you.

Use one unified standard for all protocols and platforms (eg bridges, aggregators, CEXs) and adopt your token as easily as ERC-20. The standard opens up the sendAndCall function, allowing your tokens to be combined externally in various DeFi applications. Transfer from one liquidity pool on chain A to another on chain B, or transfer and stake BTC.b on another chain in a single transaction. All these functions are exposed directly at the token layer and included in the token contract.

How does BTC.b do it?

OFT is implemented on BTC.b using only two 10-line code files.

First, BTC.b implemented the ProxyOFT contract, enabling existing BTC.b tokens to retain their original addresses while still being transferable to other chains:

LayerZero aims to create a unified experience for BTC.b, extending BTC.b transfers to Ethereum, Polygon, Arbitrum, Aptos and more -3

BTC.b then implemented the standard OFT contract and deployed it on all blockchains where the protocol wishes to deploy its native token:

LayerZero aims to create a unified experience for BTC.b, extending BTC.b transfers to Ethereum, Polygon, Arbitrum, Aptos and more -4 LayerZero aims to create a unified experience for BTC.b, extending BTC.b transfers to Ethereum, Polygon, Arbitrum, Aptos and more -5

That’s all

If you are interested in adding OFT functionality to your token, please contact the LayerZero team directly.

For DeFi users, LayerZero’s integration with BTC.b is just a step toward a more composable and efficient DeFi ecosystem. See how seamless the omnichain experience is with BTC.b by using the Bitcoin Bridge.

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