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Crypto Reporter

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DLC.Link Launches Self-Wrapped Bitcoin “dlcBTC” Leveraging Discreet Log Contracts

April 15, 2024 By Crypto Reporter PR

DLC.Link, a self-wrapping trustless bridge to DeFi, has launched its key offering, dlcBTC. The dlcBTC token is a safer wrapped Bitcoin alternative, utilizing Discreet Log Contracts (DLC), a Bitcoin scaling technology enabled in Bitcoin’s Taproot upgrade two years ago. dlcBTC represents a significant advancement in decentralized finance (DeFi), allowing users to seamlessly utilize Bitcoin across the Ethereum ecosystem while retaining full ownership of their assets.

Using DLCs, dlcBTC enables “self-wrapping” or minting dlcBTC by locking BTC in self-custody. First invented at MIT by Tadge Dryja, co-creator of the Lightning Network, DLCs enable conditional payments between two parties. Each DLC is created with two parties and one or more attestors, with the attestors refereeing the transaction. Using Dryja’s original DLC framework, DLC.Link has created a trustless bridge between Bitcoin and Ethereum that transforms Bitcoin’s role in DeFi.

Aki Balogh, Co-founder and CEO of DLC.Link, said: “Years of research have gone into determining how we can best leverage discreet log contracts to help crypto users eliminate their reliance on intermediaries and custodians. This solution, dlcBTC, lets users self-wrap their own BTC using Bitcoin L1, preserving self-custody and user sovereignty as a fundamental principle. dlcBTC integrates smoothly with existing DeFi protocols, providing institutions with seamless, safe access to decentralized finance.”

The newly launched dlcBTC enables depositors to engage in trading, lending, and hedging while maintaining self-sovereignty. DLC.Link is initially deploying dlcBTC on the Arbitrum network, to take advantage of fast execution times and low-cost transactions.

With dlcBTC, security is reinforced by the entire hashing power of the Bitcoin network, removing the reliance on external custodians, bridges or intermediaries. To facilitate liquidity and adoption within the ecosystem, Amber Group, a leading digital asset trading firm, will serve as the first merchant, liquidity provider and market maker for dlcBTC.

The project is launching with 7 attestors, including HashKey Cloud, Republic, OKX, P2P, Stakin, Dextrac and DLC.Link, ensuring a robust and secure system for users. DLC.Link’s roadmap for dlcBTC also includes plans for integration into other prominent DeFi protocols as well as expansion to other chains, providing fully automated self-wrapped BTC across ecosystems.

About DLC.Link
DLC.Link harnesses the power of Discreet Log Contracts (DLCs) to establish a trustless bridge between Bitcoin and Ethereum. DLC.Link launched dlcBTC, enabling depositors to self-wrap their Bitcoin for DeFi on Ethereum while retaining full custody of their assets. This innovation transforms Bitcoin’s role in DeFi, empowering depositors to engage in trading, lending, and hedging while maintaining self-sovereignty. For more details, visit www.dlc.link

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