Sushi partners with ZetaChain for first native BTC support
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At ZetaChain, our mission is to provide a platform for global access, simplicity, and utility across any blockchain. A key part of this goal is offering a cheaper, faster, and safer way for users to move value across any chain. That’s why we’re excited to reveal our partnership with Sushi to power an omnichain DEX that supports all chains, including even non-smart chains like the Bitcoin network.
Head Chef Jared Grey says, “Sushi’s partnership with ZetaChain represents a significant advancement for DeFi. The capability to swap Bitcoin natively, eliminating the need for wrapping or bridging, is a game-changer for the industry. It’s not only about the increased liquidity from Bitcoin; it’s about beginning a new chapter in DeFi, where we see more practical use cases of interoperability and enhanced connectivity”.
Building interoperable applications with minimal change
With Omnichain Smart Contracts, developers are now able to write and deploy EVM-compatible smart contracts on ZetaChain that have access to data and assets on all chains. This means that developers like Sushi can easily leverage their time-tested, robust Ethereum smart contracts to build truly interoperable applications on top of ZetaChain — as if everything were on a single chain.
Lead Sushi Developer Jiro says, “ZetaChain’s EVM compatibility streamlines our integration process. Using our existing Ethereum smart contracts on ZetaChain will create a lot of new use cases for Sushi. For example, with the introduction of SushiXSwap, our cross-chain swap, we’ll be able to offer Bitcoin swapping across 30 different chains. We’re keen to deploy on the testnet and see where the native Bitcoin swap will take us!”
How native Bitcoin support works
Omnichain dApps inherently support a new token standard called ZRC-20. With ZRC-20, developers can build applications that use and transact native fungible tokens such as ERC-20s, Gas Assets, and Bitcoin, all on a single chain. It’s like an extension of ERC-20 that supports deposits from and withdrawals to connected chains.
For Sushi, the DEX deployment on ZetaChain will enable trading of BTC (without wrapping) with assets in the DeFi world on other chains in a native, decentralized, and permissionless manner. This use case opens up largely untapped liquidity on Bitcoin, a network historically disconnected from the rest of the DeFi ecosystem.
Users will have one wallet to experience all of crypto
Omnichain dApps transform the user experience. You don’t have to worry about having the right gas assets, managing multiple wallets across networks, and dealing with clunky UIs with questionable trust models.
With one wallet, you can engage with an app like Sushi to swap real assets like BTC where the assets immediately settle as if everything were on a single chain. Fees, gas costs, and slippage is reduced because users engage with one contract that manages multiple tokens with simple token transfers as opposed to multiple smart contracts on disparate chains that use asynchronous message passing to achieve cross-chain.
In the near term, Sushi will release a DEX for basic swaps and liquidity provisioning on ZetaChain testnet. Stay on the lookout for beta-testing opportunities as we ramp up campaigns for incentivized app testing. For ZetaChain mainnet, Sushi will be a core launch partner, and then shortly after, turn on full support for Bitcoin interoperability.
In addition to realizing our vision for an omnichain DEX, Sushi and ZetaChain will continue to co-host events at major conferences in order to support greater adoption of web3 technologies. Earlier this week, we organized one of the biggest events at DevConnect. Check out the pictures below, and get excited for much more to come!
Sushi is a leading multi-chain decentralized exchange (DEX) deployed across 30+ chains and featuring unique cross-chain swaps via SushiXSwap. Focusing on seamless user experiences, innovative trading, and enhanced liquidity provision, Sushi is committed to being a community-built, open-source ecosystem of all the DeFi tools you need.
ZetaChain aims to be the only blockchain you’ll ever need. It is a layer 1 blockchain and developer platform that connects any L1 and L2, from Ethereum to Bitcoin and beyond. Access all of crypto in one place, as a developer or user. With ZetaChain’s complete Omnichain toolkit, developers can build true omnichain dApps from a single point of logic, and users can access all of their assets, data, and liquidity in a single place, securely.
Any projects mentioned are 3rd party, not ZetaChain.
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