LI.FI, a cross-chain liquidity supplier, has introduced its assist for native Bitcoin swaps via ThorChain, in keeping with an Aug. 14 assertion shared with CryptoSlate.
This integration, facilitated by SwapKit, enhances Bitcoin transfers between Ethereum Digital Machine (EVM) chains and simplifies the alternate of the flagship asset for different cryptocurrencies inside these networks.
Boosting adoption
LI.FI’s new characteristic goals to develop Bitcoin entry and allow its use in DeFi and different monetary improvements.
In keeping with the agency:
“This improvement presents a considerable alternative for wallets, DeFi platforms, and enterprise functions to reinforce their choices by offering their customers a safe and simple approach to purchase BTC or swap between it and different property on EVM chains.”
The corporate additionally highlighted that this characteristic addresses difficulties confronted by EVM customers in buying Bitcoin. Customers can now purchase Bitcoin immediately or swap it for different property utilizing their most well-liked wallets.
Moreover, ThorChain has been added to LI.FI’s supported bridges and provides customers optimum charges for token swaps and cross-chain transfers.
ThorChain is a decentralized cross-chain protocol that facilitates native swaps between totally different blockchains. Final 12 months, it briefly paused operations to handle the circulation of illicit funds through its platform.
Bitcoin layer-2
LI.FI additionally plans to increase its assist to Bitcoin Layer-2 (L2) options, aiming to spice up utility flexibility and capitalize on the Bitcoin community’s rising potential.
Bitcoin L2s are protocols designed to resolve Bitcoin scalability issues, enhance transaction speeds, and decrease transaction charges. Notably, a few of these options introduce good contract performance to the blockchain, which considerably broadens its potential.
The protocols have turn into more and more common over the previous 12 months, and so they collectively raised almost $100 million through the second quarter of this 12 months. Nonetheless, Alex Thorn, the pinnacle of analysis at Galaxy Digital, warned that the networks face important long-term challenges because of the excessive value of posting knowledge on BTC.
