#iotex initiated a new proposal:
Btc is the largest depin project, and the motivation for iotex's proposal is twofold. First, by connecting Bitcoin to IoTeX, we aim to significantly increase the total value locked (TVL) of IoTeX by leveraging the massive assets in the Bitcoin market.
The initiative aims to enhance the attractiveness and functionality of the IoTeX ecosystem for IoTeX users, while indirectly allowing Bitcoin users to participate in the development of the DEPIN project and ecosystem. By doing so, it attempts to significantly increase the liquidity of these projects. The IoTeX network is identified as one of its key roles as a fundamental hub for DEPIN project liquidity.
Second, Bitcoin’s limited programmability and lack of open source bridging solutions pose unique challenges that require the development of custom solutions. This work will not only provide IoTeX with a direct link to the Bitcoin market, but will also demonstrate our ability to innovate and expand blockchain functionality.
example:
An example transaction connecting Satoshi between the Bitcoin testnet and the IoTeX testnet is provided to illustrate the functionality of this bridge:
600 satoshis bridged from Bitcoin testnet to iotex testnet
200 satoshis bridged back to wallet on Bitcoin testnet
Voting is ongoing and ends this week:
For details, please see: https://snapshot.org/#/iotex.eth
PS: This article does not constitute investment advice and only shares personal opinions.
