Chainlink Becomes the Lifeline of the Bitcoin DeFi (BTCFi) Sector As the decentralized finance sector has bloomed, more attention has been given to the $1.36 trillion Bitcoin ecosystem and how it can

Chainlink has become the lifeblood of the DeFi world across all chains. As we have reported, it has been integrated into over a hundred networks and applications

As decentralized finance (DeFi) continues to gain traction, the spotlight has shifted to the $1.36 trillion Bitcoin ecosystem and how it can be optimally utilized in the realm of DeFi. Despite the numerous solutions targeting this liquidity, they all share a commonality: Chainlink's products are utilized for interoperability, real-time data, and more.

Chainlink has become the driving force in the multi-chain DeFi landscape. As previously reported, Chainlink has been integrated into over a hundred networks and applications, with recent additions including the Ronin Network and Lido DAO. Notably, upon integrating Chainlink's solutions, most networks experienced a surge in total value locked (TVL).

This integration is now extending to Bitcoin. According to Chainlink, an increasing number of projects building Bitcoin-based DeFi applications (BTCFi) are leveraging Chainlink's products and solutions to enhance their offerings to users.

One such project is 21.co, an asset management company that launched the world's first crypto ETP in 2018. The company has been utilizing Chainlink's Proof of Reserves solution on Solana and Ethereum to provide transparency for 21BTC, its wrapped Bitcoin product. Announcing the integration in September, the Swiss firm highlighted programmatic utility, decentralization, and transparency as key factors in their decision to adopt the Chainlink PoR solution.

. @21co__ is using Chainlink PoR on @ethereum and @solana to enhance the transparency of 21BTC, its wrapped Bitcoin product.

Chainlink PoR provides reliable monitoring of reserves and enables a secure minting function for 21BTC.

Chainlink PoR provides reliable monitoring of reserves and enables a secure minting function for 21BTC.

A few months prior to 21.co, Babypie announced the integration of five Chainlink solutions, including price feeds, CCIP, and Proof of Reserves.

As reported, Babypie is a subDAO of Magpie, a yield platform with nearly $2 billion in TVL. Through Babylon, the Bitcoin staking protocol, Babypie enables users to stake their BTC.

“Chainlink's secure and reliable infrastructure is essential for unlocking the full potential of both mBTC and smBTC,” the Babypie team stated.

Continuing in the realm of liquid restaking, Bedrock is also utilizing Chainlink to “enhance the liquidity of restaked assets.” According to Bedrock, Proof of Reserve will provide users with greater assurance that their funds are secure, while CCIP will facilitate the cross-chain transfer of tokens and messages.

Early last month, another BTCFi project, dlcBTC, announced that it will be utilizing Chainlink CCIP for the programmable token transfers of its tokens across Ethereum, Arbitrum, and Base.

Other recent integrators include the Lorenzo Protocol, Lombard Finance, Ignition FBTC, Botanix Labs, and BitLayer Labs.

While Bitcoin DeFi is still in its early stages, the #Chainlink platform is already empowering innovation across the BTCFi space.

Explore the BTCFi opportunity ↓https://t.co/1XsbBhEo3b

In the past week, BTC trades at $68,800, dipping 3% after rallying to cross $73,400 early last week. Meanwhile, LINK trades at $10.60, trading sideways in the past day despite a 7.5% dip in the past week.

The above is the detailed content of Chainlink Becomes the Lifeline of the Bitcoin DeFi (BTCFi) Sector As the decentralized finance sector has bloomed, more attention has been given to the $1.36 trillion Bitcoin ecosystem and how it can. For more information, please follow other related articles on the PHP Chinese website!