dlcBTC leverages DLC to create a safer alternative to wrapped Bitcoin.
DLC.Link has launched dlcBTC, an innovative token product designed to bridge the gap between the Bitcoin and Ethereum ecosystems.
Unlike existing wrapped Bitcoin alternatives, dlcBTC stands out as a more secure option by leveraging Discreet Log Contracts (DLC), a cutting-edge Bitcoin scaling technology pioneered by Lightning Network co-creator Tadge Dryja. Implemented through Bitcoin’s Taproot upgrade two years ago, this groundbreaking technology allows users to seamlessly utilize Bitcoin within the Ethereum ecosystem while retaining full ownership of their assets.
dlcBTC’s core innovation lies in its DLC implementation, which DLC.Link describes as “self-packaging.” This process allows users to mint dlcBTC by locking their BTC into self-custody, maintaining autonomy and eliminating dependence on intermediaries or custodians.
Highlighting the importance of this development, Aki Balogh, Co-Founder and CEO of DLC.Link, said: “Years of research have gone into determining how best to leverage discreet log contracts to help cryptocurrency users eliminate their dependence on intermediaries and custodians. This solution, called dlcBTC, allows users to self-wrap their BTC using Bitcoin L1, preserving self-protection and user sovereignty as fundamental principles.”
Additionally, dlcBTC integrates seamlessly with existing DeFi protocols, providing institutions with secure and hassle-free access to decentralized finance. The initial distribution of tokens on the Arbitrum network will leverage fast execution times and low-cost transactions to improve user experience and efficiency.
Security remains the most important issue, and dlcBTC solves this by leveraging the full hashing power of the Bitcoin network, thereby eliminating dependence on external custodians or intermediaries.
To enhance liquidity and drive adoption, DLC.Link has partnered with Amber Group, a leading digital asset trading firm, to serve as the primary seller, liquidity provider, and market maker for dlcBTC.
The project boasts a robust ecosystem with seven attestors, including HashKey Cloud, Republic, OKX, P2P, Stakin, Dextrac, and DLC.Link, ensuring a secure and resilient system for users.
Going forward, DLC.Link’s dlcBTC roadmap includes integrations with other major DeFi protocols and plans to expand to other chains, promising fully automated, self-wrapped BTC across the ecosystem.
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