Interlay at Consensus 2023
Interlay participated in Consensus 2023 presenting our Bitcoin bridge and DeFi Hub at the conference. Interlay’s co-founder Alexei Zamyatin and Business Development Lead, Chris Russel, had a lot of interesting conversations with attendees, discussing the latest developments in the cryptocurrency sector and in the Bitcoin space.
iBTC on HydraDX
We are thrilled to announce that iBTC is now listed on HydraDX, bringing fast, secure, and decentralized Bitcoin to the Polkadot ecosystem. Users can now trade iBTC on the HydraDX Omnipool, which offers the deepest source of trustless liquidity in the ecosystem, further expanding the trading possibilities within the Polkadot community.
The OTC feature enables peer-to-peer trading of BTC and other assets between users by posting or fulfilling orders. This functionality is straightforward and particularly valuable for executing large trades.
New Features
New Wallet Page on Kintsugi DeFi Hub
We are excited to announce that the Wallet page is now live on the Kintsugi DeFi Hub. This new feature enhances user experience by providing a user-friendly interface for managing assets within the platform. We encourage you to explore and make the most of this valuable addition to the Kintsugi DeFi Hub.
https://kintsugi.interlay.io/wallet
[Spotlight] Slippage Protection in Low Liquidity Pools
Navigating low liquidity asset pools can be challenging due to slippage concerns. To address this, the Interlay DeFi Hub includes a feature that compares internal DEX prices with public price feeds. This innovative solution alerts you before executing a potentially unfavorable trade, ensuring a more secure and informed experience.
Integrations
Cross-chain XCM interface is live between Interlay and HydraDX
We are pleased to announce that the cross-chain XCM interface is now live, connecting Interlay and HydraDX. This integration facilitates seamless interaction between the two platforms, fostering greater collaboration and interoperability within the blockchain ecosystem.
Nova Wallet Integrates Kintsugi LP Tokens
Nova Wallet recently announced support for Kintsugi tokens, allowing users to manage their KSM-kBTC, kBTC-USDT, and KSM-KINT liquidity pool (LP) tokens within the app. This development marks the first LP tokens supported by Nova Wallet, further expanding the functionality and user experience for those interacting with the Kintsugi ecosystem.
Governance
Interlay
INTR Emissions to support iBTC & INTR on Stellaswap
Referendum #46 proposed the use of INTR tokens as incentives for the iBTC-DOT pool on StellaSwap. This initiative aimed to support iBTC growth on Moonbeam while simultaneously offering incentives for a DOT-INTR pool. This strategy was designed to foster enhanced liquidity and user engagement within the StellaSwap ecosystem.
INTR Emissions to support iBTC & INTR on Stellaswap
Referendum #45’s runtime upgrade updated XCM weight types, which wasn’t considered in StellaSwap’s Referendum #46. Although #46 passed, the chain couldn’t decode it due to the weight type changes, resulting in no XCM transfer execution.
Runtime Upgrades and Capacity Model
Referendum #45 encompassed three runtime upgrades aimed at capacity-based vault revenue distribution, governance enhancements, and security updates. This comprehensive approach sought to establish a fair capacity model for vault operators while safeguarding the system from potential exploitation.
Kintsugi
Fix: Migrate inconsistent qToken account balances
A UX bug in Kintsugi’s lending protocol affected the “collateral toggle” functionality, causing issues with incoming tokens not being auto-locked as collateral. This led to problems like max redeems failing and new deposits not increasing borrow capacity. To resolve this, a fix proposed locking all free qTokens for affected users and adding auto-locking actions to the Kintsugi runtime.
Fix: Return lost KSM due to an XCM issue
This proposal aimed to address the balance discrepancies for users who lost KSM during transfers from Kusama/Statemine to Kintsugi after the XCM issue resolution. When transferring KSM, the Kintsugi sovereign account on Kusama received the allocation, but the corresponding KSM wasn’t created for users on Kintsugi.
Fix: Kusama XCM channel
There was a problem with sending transfers from two Kusama and Statemine, caused by a recent update. To fix it, a decision from the network’s leaders was needed. As this affected all transfers to Kintsugi, the community was asked to implement a fix that solved the problem.
Events and Media
[Upcoming] Interlay at Polkadot Prague
Alexei Zamyatin, Interlay co-founder, will guide the audience through a deep dive on “Mastering Cross-Chain Bridges,” revealing the challenges and risks and a comprehensive look at the current landscape.
Spring 2023 Encode x Polkadot Hackathon — Compete in the Interlay Kintsugi Challenge
The Encode x Polkadot Hackathon, organized by Encode Club, is currently underway this Spring 2023. Participants are actively working on building applications within the Polkadot ecosystem. The Interlay Kintsugi Challenge is a highlight of the event, inviting participants to create decentralized applications for Bitcoin on the Kintsugi platform. With a chance to win up to $3,000 in INTR, the competition is fostering innovation and collaboration.
Consensus Web3athon Features Interlay’s Rust-Based Smart Contracts Challenge for Bitcoin
At the ongoing Consensus Web3athon, Interlay is making waves with our innovative challenge centered around creating smart contracts for Bitcoin using Rust. This groundbreaking initiative aims to revolutionize the way we use BTC and contribute to the new open financial system, drawing attention from builders and enthusiasts in the crypto and Web3 community.
Comprehensive Interlay Overview: Discover The Kusamarian’s Informative Twitter Thread
For those interested in learning all about Interlay, be sure to explore the insightful Twitter thread created by The Kusamarian. This detailed overview covers various aspects of the project and is a valuable resource for anyone looking to dive deeper into the world of Interlay. Check it out here:
About Interlay
Interlay is building a one-stop-shop for all things Bitcoin finance. BTC trading, lending, staking, and a way to deploy into other DeFi products. Trustless bridge at the core, AMM and money market on top, wrapped in a simple one-click interface with on/off-ramps and multi-chain support.
Follow both Interlay and Kintsugi on Twitter, join our Telegram, and hop in our Discord to keep up to date with daily updates from the team.
