Chainlink, Ethereum’s leading oracle, has made moves to join the BTCFi ecosystem (Bitcoin Finance) which is growing.
Botanix Labs – the team behind Bitcoin L2 Spiderchain – has integrated Chainlink’s data feeds into the EVM ecosystem to facilitate interblockchain communication.
Botanix, as part of this partnership, is taking part in Chainlink Scale. Chainlink Scale is a program where it offers gas grants to newly onboarded Blockchains, to help them cover their initial oracle costs.
Spiderchain integrates Chainlink’s Cross-Chain Interoperability Protocol (CCIP), allowing programmable transfers of tokens/data across multiple blockchains.
Johann Eid is the chief business officer of Chainlink Labs. “Botanix is the first Bitcoin layer-2 to join Scale, a significant step in helping its developers to build secure, scalable and fully-featured dapps on Bitcoin.”
Spiderchain, like other BTCFi players, aims to enable the native use of BTC on thousands of EVM compatible dapps.
Spiderchain is a cryptocurrency that embraces Ethereum’s nimbler model, while eschewing Bitcoin’s UTXO-based (unspent Transaction Output) model. “account model.”
Bitcoin has been re-defined slowly. Bitcoin is portrayed as a gold-like digital currency. “reserve” The blockchain is not compatible with smart contracts.
Spiderchain gets its name because of its design. Botanix’s documentation states that this chain has no permissions. “distributed network of multisigs, safeguarded by a randomized subset of participants,” Also known as Orchestrators
Organisers deposit BTC to multisig wallets in order to take part in consensus. They also run Bitcoin and Spiderchain simultaneously.
Spiderchain will launch with a decentralized sequencer. Spiderchain, by using Bitcoin Taproot’s upgrade, is able to support a greater network of multisigs within the Bitcoin parent blockchain without having to perform any soft forks.
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