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 change of the flagship asset for different cryptocurrencies inside these networks.
Boosting adoption
LI.FI’s new function goals to increase Bitcoin entry and allow its use in DeFi and different monetary improvements.
In response to the agency:
“This growth presents a considerable alternative for wallets, DeFi platforms, and enterprise purposes to boost their choices by offering their customers a safe and straightforward means to purchase BTC or swap between it and different belongings on EVM chains.”
The corporate additionally highlighted that this function addresses difficulties confronted by EVM customers in buying Bitcoin. Customers can now purchase Bitcoin instantly or swap it for different belongings utilizing their most popular wallets.
Moreover, ThorChain has been added to LI.FI’s supported bridges and presents customers optimum charges for token swaps and cross-chain transfers.
ThorChain is a decentralized cross-chain protocol that facilitates native swaps between completely different blockchains. Final yr, it briefly paused operations to deal with the movement of illicit funds by way of its platform.
Bitcoin layer-2
LI.FI additionally plans to increase its assist to Bitcoin Layer-2 (L2) options, aiming to spice up software flexibility and capitalize on the Bitcoin community’s rising potential.
Bitcoin L2s are protocols designed to unravel Bitcoin scalability issues, increase 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 widespread over the previous yr, and so they collectively raised almost $100 million through the second quarter of this yr. Nonetheless, Alex Thorn, the pinnacle of analysis at Galaxy Digital, warned that the networks face important long-term challenges because of the excessive price of posting knowledge on BTC.
