May 12TH, 2022
Stacks To Connect With 11 Public Blockchains as Orbit Bridge Moves To Testnet
by Louise Ivan on May 12th, 2022
There’s no doubt it’s a multi-chain world. The Stacks network is taking another step in connecting with other top chains by way of the Orbit Bridge. After the next major accepted Stacks network upgrade by the Stacks community, users can expect to bridge assets in and out of STX from 11 well-known projects such as Ethereum, Avalanche, Fantom, Celo, BNB, Polygon, Orbit, Klaytn, HECO, Icon, OEC, and xDAI.
The Orbit Bridge is now live on mainnet sandbox and developers can interact with the bridge.
The new bridge builds on the success of the Satoshibles NFT bridge, which is purpose-built to allow NFTs to move back and forth between Ethereum and Stacks. A more typical bridge, the Orbit Bridge instead allows for the movement of fungible tokens back and forth between networks. This opens up interesting possibilities for Bitcoin DeFi in a couple of main ways:
1. Users on other chains can bridge assets into Stacks to access Stacking or other Bitcoin DeFi protocols like ALEX or Arkadiko.
Other networks can now access novel funding and yield-bearing features that can leverage and settle down to Bitcoin. For fungible tokens, users can bridge them over and potentially Stack them to earn yield. This potentially helps derisk investments as users recoup their principle in BTC.
2. Stacks holders can bridge their STX to more easily participate in other popular DeFi protocols, opening up the utility of Stacks even further.
Any SIP-based token could be instantly paired with the chosen ecosystem token standard. These native token pairs allow projects built on Stacks such as ALEX, DIKO, STSW or others to become composable with almost all apps in the selected ecosystem, making it much more attractive for developers to push Bitcoin DeFi.
In the future, we expect bridges to and from Stacks to give other networks interesting and novel ways to interact with Bitcoin via the Clarity smart contract language and to see further activation of Bitcoin capital via the Stacks network.
What’s next?
The majority of the integration work for the main bridge is complete, so the Ozys team, who drives Orbit Chain and Bridge development, is turning their attention to enabling interoperability for Stacks-based tokens including ALEX, DIKO, STSW, and all following the SIP-010 standard.
The new bridge builds on the success of the Satoshibles NFT bridge, which is purpose-built to allow NFTs to move back and forth between Ethereum and Stacks. A more typical bridge, the Orbit Bridge instead allows for the movement of fungible tokens back and forth between networks. This opens up interesting possibilities for Bitcoin DeFi in a couple of main ways:
1. Users on other chains can bridge assets into Stacks to access Stacking or other Bitcoin DeFi protocols like ALEX or Arkadiko.
Other networks can now access novel funding and yield-bearing features that can leverage and settle down to Bitcoin. For fungible tokens, users can bridge them over and potentially Stack them to earn yield. This potentially helps derisk investments as users recoup their principle in BTC.
2. Stacks holders can bridge their STX to more easily participate in other popular DeFi protocols, opening up the utility of Stacks even further.
Any SIP-based token could be instantly paired with the chosen ecosystem token standard. These native token pairs allow projects built on Stacks such as ALEX, DIKO, STSW or others to become composable with almost all apps in the selected ecosystem, making it much more attractive for developers to push Bitcoin DeFi.
In the future, we expect bridges to and from Stacks to give other networks interesting and novel ways to interact with Bitcoin via the Clarity smart contract language and to see further activation of Bitcoin capital via the Stacks network.
What’s next?
The majority of the integration work for the main bridge is complete, so the Ozys team, who drives Orbit Chain and Bridge development, is turning their attention to enabling interoperability for Stacks-based tokens including ALEX, DIKO, STSW, and all following the SIP-010 standard.
About Orbit Chain (Orbit Bridge)
Orbit Chain is a multi-asset hub blockchain that stores, transfers, and verifies information and assets on various public blockchains through decentralized Inter Blockchain Communication (IBC). Currently, Orbit Chain supports more than 11 public chains, including Bitcoin, Ethereum, Binance Smart Chain, Huobi ECO Chain, Polygon, Ripple, Klaytn, ICON, and Terra. Orbit Chain is committed to researching the interoperability of chains and further developing the DeFi ecosystem with better products and services.
Ozys, the team behind Orbit Chain, is a company spearheading blockchain development in South Korea, working tirelessly to create unity in the fragmented and dissociated blockchain world. Working under the ethos of “Connecting the Unconnected,” Ozys’ projects utilize cutting-edge technologies to bridge different ecosystems together. Ozys is a member of the Klaytn Governance Council alongside multinational businesses and organizations, including Binance, Huobi, MakerDAO, LG Electronics, and Kakao.
Orbit Chain Official Sites & Communities
Orbit Bridge: https://bridge.orbitchain.io
Orbit Chain: https://orbitchain.io
Orbit Chain Global Telegram: https://t.me/OrbitChainGlobal
Orbit Chain Twitter: https://twitter.com/Orbit_Chain
Orbit Chain is a multi-asset hub blockchain that stores, transfers, and verifies information and assets on various public blockchains through decentralized Inter Blockchain Communication (IBC). Currently, Orbit Chain supports more than 11 public chains, including Bitcoin, Ethereum, Binance Smart Chain, Huobi ECO Chain, Polygon, Ripple, Klaytn, ICON, and Terra. Orbit Chain is committed to researching the interoperability of chains and further developing the DeFi ecosystem with better products and services.
Ozys, the team behind Orbit Chain, is a company spearheading blockchain development in South Korea, working tirelessly to create unity in the fragmented and dissociated blockchain world. Working under the ethos of “Connecting the Unconnected,” Ozys’ projects utilize cutting-edge technologies to bridge different ecosystems together. Ozys is a member of the Klaytn Governance Council alongside multinational businesses and organizations, including Binance, Huobi, MakerDAO, LG Electronics, and Kakao.
Orbit Chain Official Sites & Communities
Orbit Bridge: https://bridge.orbitchain.io
Orbit Chain: https://orbitchain.io
Orbit Chain Global Telegram: https://t.me/OrbitChainGlobal
Orbit Chain Twitter: https://twitter.com/Orbit_Chain
Louise Ivan leads growth efforts at the Foundation, with particular focuses on increasing worldwide token access and empowering regional communities.
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