Zeus Community is leveraging the safe Chainlink CCIP and proof of reserve to bridge Bitcoin to Solana in a decentralized method.
Increasingly firms are rolling out developments in cross-chain bridges. On Tuesday, Could 20, Zeus Community, a cross-chain communications layer for Bitcoin and Solana, carried out Chainlink CCIP. This broadly adopted normal for bridging crypto belongings now permits customers to switch Bitcoin to Solana securely.
Customers can now transfer Zeus’s Bitcoin-backed token, zBTC, throughout Ethereum, Base, and Solana. All zBTC tokens are backed 1:1 by Bitcoin, which customers can confirm in actual time utilizing Chainlink’s Proof of Reserve.
In accordance with Zeus Community founder and CEO Justin Wang, this integration is vital to addressing longstanding safety considerations with cross-chain transfers. Cross-chain bridges are sometimes centralized, exposing customers to dangers resembling hacks and rug pulls.
“Wrapped BTC tokens are flawed as a result of they aren’t decentralized — a lot of them nonetheless require KYC, have third-party entities concerned within the buying and selling, and in the end take management away from the consumer. The Chainlink normal permits this to resolve these points and supply an enhanced expertise for our customers,” Justin Wang, Zeus Community.
Bitcoin liquidity is now accessible on Solana
Wang emphasised that the mixing offers Bitcoin customers a decentralized strategy to entry DeFi on Solana, whereas additionally bringing Bitcoin liquidity to the Solana ecosystem.
“zBTC affords customers a very decentralized Bitcoin asset appropriate with the Solana ecosystem, now capable of be simply transferred throughout essentially the most broadly used chains because of our integration of Chainlink CCIP. We’re excited to unlock the huge liquidity potential for DeFi on Solana by leveraging Chainlink, powered totally by Bitcoin,” Justin Wang, Zeus Community.
Zeus Community isn’t the one agency that lately built-in Chainlink CCIP. For example, in April, Ronin, one of the fashionable blockchain bridges, moved its legacy bridge to Chainlink’s normal. Ronin itself suffered a $650 million hack in March 2022.
