Introducing the one-stop-shop for Bitcoin finance
New Roadmap
Interlay has been hard at work after the successful launch of our flagship product, iBTC. If you’ve been tuned in to our community, you may have heard the news. We’re no longer just a decentralized solution for Bitcoin interoperability. Interlay is on its way to becoming the a one-stop-shop for Bitcoin finance with a new roadmap that includes decentralized lending, borrowing and trading for BTC.
“The ability to make payments alone is not enough. Increased adoption demands the entrance of Bitcoin into DeFi. And nothing less than 100 percent decentralized is acceptable for Bitcoin,” said Alexei Zamyatin, Interlay CEO.
Read more about the new roadmap here:
Lending Live on Testnet
We already started our journey to become a one-stop-shop for Bitcoin finance by launching lending on the testnet. By connecting your wallet and using the faucet to get tokens, you can see how borrowing and lending will work on the platform.
Try it out using this link: https://kintnet.interlay.io/lending
We’re soon bringing an AMM to the Testnet as well. If you want to be first to know when it’s live and be amongst the select group of users giving us early feedback, please sign up here:
Kintsugi OpenGov Adventure
We’re amazed but not surprised by the strength and solidarity of the Kusama network and Polkadot community.
The Kintsugi network stopped the production of new blocks. We patched the issue quickly but we needed help from the Kusama network and Polkadot community to vote with Parity’s new OpenGov system (we used the Whitelisted track — a form of governance that requires immediate action).
We’re honored that the Dotsama community banded together to make this happen so quickly with a 14% turnout for on-chain governance (which is very high).
Thank you to everyone who voted and shared the proposal with their communities! And thank you to the incredible team at Parity for continuing to build a better decentralized web.
For more information, read the full post-mortem:
Interlay Founding Fellow of Polkadot Alliance
The Polkadot Alliance is an on-chain collective that establishes and upholds a set of ethics for the community to follow. It provides a framework to recognize the teams who empower others and contribute to the ecosystem in alignment with open source culture, and includes an on-chain mechanism that calls attention to those teams that do not.
Interlay is one of the seven founding fellows on a mission of ensuring standards of excellence across the Polkadot ecosystem, which also include Acala, Astar, Interlay, KINLT Protocol, Moonbeam, Subscan and Phala.
Read more about the Polkadot Alliance here:
Grants Program
As part of our mission to unlock Bitcoin’s full potential in a decentralized ecosystem, we now offer a grants program focused on funding software development and research efforts related to Interlay and Kintsugi. Our focus mainly lies on strong technical projects that add value to the ecosystem. More info here:
Special Update Regarding FTX
By now, we have all heard about the collapse of FTX and are all concerned about its aftermath and possible negative impacts on the ecosystem. Fortunately, Interlay remains completely unaffected by the incident.
In addition, centralized projects that offer similar solutions have suffered, showcasing the importance of decentralization: soBTC experienced a de-peg and renBTC v1 is being sunset.
Product Updates
- LKSM vaults activated on Kintsugi.
- XCM channels between Kintsugi/Statemint and Interlay/Statemine being finalized to import USDT.
- Arthswap pools launched.
Governance Updates
- Vault block subsidy adjustments passed on Interlay and Kintsugi.
- KSM and DOT collateral thresholds updated (reduced from 260% to competitive 160%) on Kintsugi and Interlay respectively.
- Discussion about the newly proposed “capacity-based” vault fee model.
Major events
Web Summit
Interlay was a part of the Growth Program at the Web Summit, which brings companies that will reinvent the services and products of the future (previously selected participants were Revolut, Uber and Slack). Co-founder Alexei delivered a talk about “Why Bitcoin Finance is not decentralized” calling out CeFi dominance in web3 and foreshadowing the FTX collapse.
Sub0 in Lisbon
Interlay Engineer Sander Bosma gave a talk on “XCM: the good, the bad, the ugly,” sharing Interlay’s experience with pushing XCM to its limits.
Polkadot Summit in Lisbon
Co-founder Alexei Zamyatin hosted a session on how Polkadot and Kusama teams can better collaborate on joint business cases to appear as a joint front when speaking to large institutional partners, including custodians, on/off-ramps and exchanges.
From the Team
We’re Searching for Three New Roles!
Do you want to build the future of Bitcoin with us? Now is the time! We recently opened up two new positions.
Dapp Engineer
https://apply.workable.com/interlay/j/8F7CC30C08/
Frontend Engineer
https://apply.workable.com/interlay/j/6F66DB709C/
Community Manager
https://apply.workable.com/interlay/j/2A252ACB64/
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.
