"InfinitySwap", which supports Bitcoin pledge, may be a new starting point for DeFi in the IC ecosystem

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2021-12-31 07:11

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Support sharing links to mainstream Web2 social platforms, attracting traffic from outside the circle to enter the IC ecology.

Among the public chains, the Internet Computer (IC) led by DFINITY can be said to be quite special.

The top applications on Ethereum, Layer 2 and other "competition chains" mainly fall in the DeFi and NFT fields. On the IC, projects such as games and social networking are occupying a central position as ecological pioneers. In terms of ecological construction, the previous ICs are taking a differentiated path. From the second half of this year, IC is also moving to the mainstream"move closer". Many efforts have been made, including integrating the Bitcoin network through proposals, using the Canister smart contract to transfer ICP tokens, etc., and planning to launch the first DEX on IC - InfinitySwap.

December 29,InfinitySwapAnnounced the completion of a $1.5 million seed round of financing, led by Polychain Capital’s Beacon Fund, with a16z and DFINITY as limited partners, and other investors including Draft Ventures, CycleDao and angel investors from DFINITY.

InfinitySwap is a platform for creating, pledging and exchanging tokens on IC, similar to Uniswap for IC, but InfinitySwap is not a simple copy of Uniswap.secondary title

BTC pledge using Chain-Key technology

In addition to the basic exchange function, the biggest feature of InfinitySwap is that it supports BTC pledge directly from the Bitcoin wallet.The Chain-Key technology it uses enables the Canister smart contract on the IC to control the BTC key. When paired with the InfinitySwap AMM, BTC wallet users can pledge assets through its protocol.

For DeFi, this innovation balances BTC's scene expansion and ownership. Currently, platforms such as RenVM require a third party to centrally keep users’ BTC funds. InfinitySwap returns control to users, enabling them to stake without centralized third parties.

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end-to-end decentralization

Due to the outage of Amazon Web Services (AWS), the decentralized exchange dYdX temporarily ceased operations, raising questions about the dependence of DeFi protocols on centralized services. according tohosting checker site, The Uniswap front-end also uses Amazon's centralized hosting cloud service. Uniswap Labs had restricted the trading of 129 tokenized stocks, mirror stocks, options and derivatives tokens on its protocol front-end in July, citing the changing regulatory environment. According to people familiar with the matter, the US SEC once investigated Uniswap Labs, the Uniswap development team.

a reporta reportIt found that 61.6% of all Ethereum nodes run on centralized clouds, with Amazon Web Services accounting for 25% of the total.

InfinitySwap circumvents this problem by virtue of the characteristics of IC.

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