New HRMP Channels Have Opened Between Interlay and Astar Network
Allowing Native Movement of the ASTR, INTR, and interBTC Tokens Between Chains.
Throughout the history of blockchains, interoperability and multi-chain applications are considered the holy grails of Web 3.0. With the Polkadot ecosystem of parachains and cross-consensus messaging (XCM), not only do we have multi-chain assets, but we can also leverage functional interoperability. At Astar Network, we believe that this is the key to creating the next generation of innovative dApps and further progressing Web3.0. By opening the latest HRMP channel with Interlay we created a new chapter in our mission.
Interlay is a decentralized network that is dedicated to connecting crypto-currencies to DeFi platforms, for example, bringing Bitcoin to Polkadot and Ethereum ecosystems. Interlay’s flagship product, interBTC, brings Bitcoin to any blockchain. It is a 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant.
By opening the HRMP channels between Interlay and Astar Network interBTC, the 1:1 Bitcoin-backed asset, will be able to enter the Astar DeFi ecosystem in a trustless and secure way. Users will be able to utilize the BTC-pegged asset without worrying about bridging risks, and developers will be able to build DeFi protocols with the power of interBTC.
HRMP channels between Kintsugi and Shiden canary networks have also been opened. KNT and kBTC are now available on Shiden.
Astar XCM vision
Astar CTO, Hoon Kim, wrote an extended view about our vision for XCM. To understand Astar’s road to be the innovation hub on Polkadot reading our vision is a great start. Check it out: part I, part II, and part III.
Imagine if there is a utility smart contract that is dedicated to sending XCM calls for specific extrinsics on a parachain deployed on Astar Network, and all developers have to do is load from that contract to fully utilize what the parachain can offer to their dApp. With the right tools, the right mind, and progress from the ecosystem, we believe that this will be the future of dApps in a heterogeneous network of blockchains. Hoon Kim, CTO at Astar.
About Interlay
The idea of Interlay is simple: use your Bitcoin on any blockchain. Under the hood, Interlay is a decentralized network for creating cross-chain, asset-backed stablecoins and synthetics. interBTC (iBTC), Interlay’s flagship product, is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. Interlay is hosted as a Polkadot parachain and will be connected to Cosmos, Ethereum and other major DeFi networks.
About Astar
Astar Network — The Future of Smart Contracts for Multichain.
Astar Network supports the building of dApps with EVM and WASM smart contracts and offers developers true interoperability, with cross-consensus messaging (XCM). We are made by developers and for developers. Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for the code they write and dApps they build.
Astar’s vibrant ecosystem has become Polkadot’s leading Parachain globally, supported by all major exchanges and tier 1 VCs. Astar offers the flexibility of all Ethereum and WASM toolings for developers to start building their dApps. To accelerate growth on Polkadot and Kusama Networks, Astar SpaceLabs offers an Incubation Hub for top TVL dApps.
