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- 1 Interlay is a platform that connects Bitcoin and the multi-chain ecosystem, enabling the creation of decentralized (financial) applications for BTC.
- 2 Interlay’s vision is to help Bitcoin achieve mass adoption by enabling decentralized (financial) applications for BTC and removing the need for centralized services.
Interlay is a platform that connects Bitcoin and the multi-chain ecosystem, enabling decentralized (financial) applications for BTC.
Interlay’s vision is to help Bitcoin achieve mass adoption by enabling decentralized (financial) applications for BTC and removing the need for centralized services. Interlay provides the necessary infrastructure and financial tooling for both users and builders:
DeFi for Bitcoin: Interlay’s DeFi hub is a one-stop shop for all things decentralized Bitcoin finance, featuring BTC swaps, lending, and staking. It offers high throughput, low fees payable in any asset, and native stablecoin integrations, aiming to compete with even centralized providers.
Bitcoin for DeFi: Interlay’s BTC bridge is the secure way to use Bitcoin in the multi-chain ecosystem. iBTC, a 1:1 BTC-backed asset, is secured by a decentralized network of vaults. BTC deposits are insured by a multi-collateral system and secured by cross-chain light clients.
Building Bitcoin dApps: Interlay will support Bitcoin dApp development on top of its modular network. The Interlay network launched on 11 March 2022.
About the Founders
Interlay was founded by Alexei Zamyatin and Dominik Harz. They met in 2017 while working on their PhDs at Imperial College London where they were the first researchers in the cryptocurrency lab. They have been studying Bitcoin and Ethereum since 2015/16, writing over 30 papers with over 1000 citations. They have also presented their work at Bitcoin and Ethereum conferences, such as DevCon IV, EthCC, Building on Bitcoin, and Breaking Bitcoin.
The idea of Interlay came from the XCLAIM paper that they presented at the Scaling Bitcoin in 2018. The paper described the first-ever protocol to move cryptocurrencies like Bitcoin to Ethereum in a trustless and decentralized way. In 2020, they started Interlay to turn research into practice. Today, Interlay has 23 staff, including developers with experience at Google, Morgan Stanley, Trivago, Accenture, PwC, Worldpay, and Atlassian.
The INTR governance and utility token’s main purposes are
Stake-to-vote
Lock INTR to participate in governance and earn staking rewards. The longer the lock, the higher the voting power and staking rewards.
Utility
Transaction and cross-chain fees can be paid in INTR.
Collateral
INTR can be used as one of the collaterals to back iBTC and other Interlay assets.
Outlook
Product benefits: In the future, INTR may offer stakers additional security and product benefits, such as better liquidation and collateral rates, or lower swap fees.
INTR has no cap on its supply
1 billion (1,000,000,000) INTR emitted over the first 4 years, 2% annual inflation afterwards, allocated to the protocol treasury to fund future development and maintenance.
70% of the supply is distributed to the community as airdrops and block rewards: 30% to Vault rewards 5% to governance staking rewards (“stake-to-vote”), and 35% to the on-chain treasury controlled by network governance (of which 10% are air dropped during the first crowdloan). 10% are allocated to a reserve, to be used for network development and community & ecosystem building. 20% are airdropped to the (current and future) team and early backers who supported the initial development.
Conclusion
Interlay is a platform that enables decentralized (financial) applications for BTC, connecting Bitcoin and the multi-chain ecosystem. It helps Bitcoin achieve mass adoption by enabling decentralized (financial) applications for BTC and removing the need for centralized services. It also provides the necessary infrastructure and financial tooling for both users and builders. By using the INTR token, users can participate in the governance and decision-making of the Interlay network, as well as benefit from the incentives and value creation of the token. Interlay is a game-changer for the Bitcoin and multi-chain ecosystem.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
