iBTC from Interlay is Now Live on Polkadex Orderbook
Bitcoin can now be traded in a non-custodial order book at high-frequency-trading speeds.
In a groundbreaking collaboration, Interlay and Polkadex have partnered to bring iBTC, Interlay’s trustless, vaulted Bitcoin to Polkadex Orderbook. iBTC, a multi-chain 1:1 Bitcoin-backed asset, is now trading in a spot pair with USDT (Asset Hub) as it joins DOT, ASTR, PDEX, and USDT as just the fifth cryptocurrency to be listed on the CEX-like Polkadex Orderbook.
iBTC — Bitcoin for DeFi
While the inception of Bitcoin allowed millions of people to reclaim sovereignty over their own money and eventually led to the technological advancements that made decentralized finance possible, Bitcoin itself was left behind — excluded from the DeFi boom and walled into centralized financial institutions. Most people were either trading Bitcoin in centralized exchanges, or trading a centralized version of Bitcoin (like wBTC) on decentralized exchanges. Interlay set out to change that by building a modular, programmable layer between Bitcoin and the multi-chain world that unlocks decentralized finance use cases for the original cryptocurrency.
At the core of Interlay is a decentralized Bitcoin bridge that enables the minting of iBTC, “a fully fungible, tokenized representation of BTC on other blockchains that allows the owner to redeem it for BTC at a 1:1 ratio.”
In many ways, iBTC is the continuation of the ‘your keys, your crypto’ ethos popularized by Bitcoin itself. iBTC provides Bitcoin with the functionality it needs to be used in DeFi while preserving its trustlessness.
Decentralized Bitcoin on a Decentralized Exchange
Polkadex Orderbook does the same thing but for order book exchanges: Designed to look, act and feel like a centralized exchange akin to Binance, but at the same time preserving users’ control over their own funds. It is also the continuation of the ‘your keys, your crypto’ mentality but in the form of a functional, trader-focused, price-efficient exchange.
Prior to iBTC, Bitcoin holders have had to sacrifice part of their sovereignty to engage in Bitcoin DeFi. Prior to Polkadex Orderbook, traders have been forced to trade off between speed or congestion, centralized malpractice or decentralized security, limit orders and advanced trading features or price slippage and frontrunning, multi-chain support or siloed solutions with low interoperability, and more.
The listing of iBTC on Polkadex Orderbook eliminates the above trade-offs and elevates the Bitcoin trading experience to a new level of decentralization. “The purest form of Bitcoin outside of Bitcoin itself, meets the CEXiest DEX,” said Gautham J, CEO and Co-Founder of Polkadex.
Thanks to iBTC listing on Polkadex Orderbook, users can engage with Bitcoin at unparalleled speeds without ever compromising on the non-custodial ethos of blockchain. It’s an exciting era for Bitcoin enthusiasts and the Polkadex community alike.
This listing isn’t just a milestone for Polkadex and Interlay; it’s an important step for Bitcoin DeFi and the entire DeFi ecosystem. Join us in this new chapter of decentralized trading with iBTC on Polkadex Orderbook!
We’ve created an #ibtc channel on the Polkadex Discord server to address any questions about trading iBTC on Polkadex Orderbook. You can learn more about iBTC by browsing the Interlay docs.
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Polkadex is a fully non-custodial, peer-to-peer, orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate and designed to become the ultimate trading engine for Web3. Polkadex has developed Polkadex Orderbook, an easy-to-use platform that combines the benefits of centralized and decentralized exchanges into one cutting-edge, non-custodial solution that caters to all crypto traders.
Interlay is the global layer 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.