Decentralized finance (DeFi) protocol Construct on Bitcoin (extra generally generally known as “BOB”) unveiled a system that lets holders transfer their belongings into decentralized buying and selling apps with a single click on, the businesses stated on Tuesday.
“BOB Gateway” connects native Bitcoin to LayerZero’s “omnichain fungible token” (OFT) model of wrapped BTC, an asset issued by BitGo. The mixing extends to 11 blockchains together with Ethereum, Avalanche, Base and BNB, bringing entry to just about 15,000 decentralized apps that may now assist direct Bitcoin deposits.
Till now, most of those blockchains lacked an easy means to hook up with Bitcoin. Customers usually needed to navigate advanced bridging processes, which carried each technical friction and safety dangers.
With BOB Gateway, they will transfer between native BTC and wBTC.OFT in a single step, a change that would make methods akin to yield farming or looping trades extra accessible to retail and institutional traders alike.
Yield farming and looping provide liquidity to DeFi platforms, performing as the muse for lending, borrowing, and buying and selling. This course of permits customers to earn important passive revenue. Making these trades simpler with native BTC – the biggest and most trusted asset – would mobilize a large pool of capital, growing DeFi’s liquidity, safety, and total market maturity.
Greater than $2.3 billion price of wBTC.OFT has already been bridged throughout 67,000 transfers on LayerZero, the businesses stated. By enabling direct inflows from native BTC, the gateway might carry recent liquidity into DeFi markets that depend on wrapped Bitcoin as collateral or buying and selling pairs.
Alexei Zamyatin, co-founder of BOB, stated the replace “makes wBTC.OFT immediately accessible” throughout supported chains, whereas LayerZero’s Simon Baksys described the transfer as including utility to “one of the vital trusted belongings in crypto.”
The rollout consists of Ethereum, Avalanche, Base, BNB, Unichain, Soneium, Bera, Optimism, Sei, Sonic and BOB itself, masking a lot of the present DeFi panorama.