Aurora Labs Unveils Bitcoin Light Client and Relayer to Bridge the Bitcoin Network with the NEAR Protocol

The integration aims to open up new possibilities for decentralized finance (DeFi) applications and broaden Web3 interoperability, Aurora Labs stated.

Key Takeaways

Aurora Labs, the team behind the development of the Aurora ecosystem, has announced the launch of two new products: the Bitcoin Light Client and Relayer. These products will bridge the Bitcoin network with the NEAR protocol, as stated by the team in a press release on Tuesday.

The integration will open up new possibilities for decentralized finance (DeFi) applications and enhance Web3 interoperability, according to Aurora Labs.

Developed by Aurora Labs, the Bitcoin Light Client is designed to operate as a smart contract on the NEAR network. It enables NEAR dApps to verify Bitcoin transactions and maintain access to the up-to-date Bitcoin chain state. This essentially sets the stage for an upcoming Bitcoin bridge that will facilitate the utilization of Bitcoin assets on NEAR.

“There’s a lot of untapped value in the Bitcoin ecosystem. NEAR Chain Signatures are a solid step forward, but to really unlock Bitcoin’s potential, we need the ability to read and act on its state,” said Alex Shevchenko, Aurora Labs CEO.

“That’s why we created a trustless Bitcoin Light Client that works as a smart contract. With this and Chain Signatures together, we’re opening the door for Bitcoin to finally enter the DeFi world,” Shevchenko added.

While the Bitcoin Light Client enables transaction verification, the Relayer keeps the light client synchronized with the Bitcoin network. It will serve as a conduit that continuously updates the NEAR smart contract with the latest Bitcoin transactions, according to the team.

In addition to the two products, Aurora Labs has also announced a chain signature service from Proximity Labs, which enables the creation of native Bitcoin bridges and facilitates BTC transfers to and from the NEAR network.

“The BTC light client is a critical part of the Bitcoin stack that NEAR now enables,” said Kendall Cole, founder of Proximity Labs. “When combined with chain signatures, developers will be able to create an entirely new set of applications for Bitcoin users, including money markets, DEXs, launchpads, stablecoins, and more, all with seamless user experiences.”

Aurora Labs also unveiled plans to deploy the Satoshi Bridge, which will be the next step in connecting the Bitcoin and NEAR ecosystems. This bridge will allow users to directly transfer Bitcoin (BTC) onto the NEAR blockchain.

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