Interlay Integrates with Moonbeam, Bringing interBTC and INTR Tokens to the Network

By August 4, 2022DeFi
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Boston, MA – August 4, 2022 – Moonbeam, the top destination for cross-chain connected applications, has announced an integration with the Interlay parachain on Polkadot. Interlay’s flagship product is interBTC, a 1:1 Bitcoin-backed asset for all blockchains. This integration, powered by Polkadot’s native cross-chain messaging capabilities, will enable interBTC holders to use their tokens alongside INTR in Moonbeam DeFi projects like StellaSwap or other applications like lending and borrowing.

Interlay is a decentralized network dedicated to connecting Bitcoin with DeFi platforms like Polkadot and Ethereum. interBTC is secured by a decentralized network of Vaults, a MakerDAO-like multi-collateral system that offers “trustless Bitcoin for Defi”.

Interlay’s interBTC will be supported on Moonbeam as xciBTC, which will be available in addition to xcINTR. Both of these tokens are XC-20s, which conform to the ERC-20 standard but have additional cross-chain capabilities. This format enables Substrate-based tokens from across the Polkadot ecosystem to easily be moved and used within Moonbeam’s Ethereum-style platform. Similarly, XC-20 tokens minted on Moonbeam can be used across the broader Polkadot ecosystem and moved to other networks, like Interlay. Learn how to add INTR and interBTC to MetaMask on Moonbeam.

Moonbeam has seen increasing interest in the creation of cross-chain connected applications, which can provide superior user experiences by unifying access to users, assets, and services across any existing blockchain. These connected smart contracts are able to leverage secure messages including via XCM (the native messaging capabilities that are built into Polkadot) to interact with other chains, allowing Moonbeam-based applications to interact with specialized functionality on other parachains without requiring users to move assets.

In the future, through this integration with Moonbeam, users will be able to access tokens like interBTC via these connected smart contracts on Moonbeam. These contracts can also reach functionality on remote chains like Ethereum and Cosmos through providers like Axelar, broadening the reach of parachains like Interlay and other parachains to tap into an expanded range of resources and users outside Polkadot.

About the Moonbeam Network

Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.

About Interlay

The idea of Interlay is simple: use your Bitcoin on any blockchain. Under the hood, Interlay is a decentralized network for creating cross-chain, asset-backed stablecoins and synthetics. interBTC (iBTC), Interlay’s flagship product, is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. Interlay is hosted as a Polkadot parachain and will be connected to Cosmos, Ethereum and other major DeFi networks.

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