Fresh off a $6.5 million raise, Interlay uses its own minting process to mint interBTC. Then interBTC, which is both backed 1:1 by Bitcoin AND insured, can go to other blockchains. Really, it’s a multi-collateral system and that’s the insurance. It works like multi-collateral DAI. The insurance is the threat of slashing and taking the added collateral for misbehavior in the network.
It makes sense that Interlay would come to Polkadot since Interlay is on a Polkadot parachain. It’s already compatible with:
- Ethereum
- Kusama
- Cosmos
- and other chains.
They use the familiar vaulting and minting mechanism like many including our friends at Wanchain use. They also have a bridge they use to connect to ETH’s Kintsugi, which is ETH’s first test of its upcoming PoS network.
Lastly, Interlay says they are the only decentralized option for tokenizing Bitcoin right now. WBTC is a fully centralized option. Meanwhile, Keep Network’s tBTC is distributed but has a restricted # of authorized signers.
The company will use this money not just to tokenize BTC for Polkadot but they are looking to scale up and add more chains.
Price Activity
Interlay does not have a token at the moment. But given their decentralized governance model, neither a token nor a DAO would surprise us.
Their network, Polkadot, of course, has a token and it’s in the top 12 of all crypto projects. $DOT currently trades at $27 with a $28.8 billion market cap.
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