BendDAO introduces two new solutions for the Bitcoin-NFT bridge

BendDAO introduces two new solutions for the Bitcoin-NFT bridge

user avatar

by Max Nevskyi

3 years ago

BendDAO, a well-known decentralized autonomous organization (DAO), has introduced unique solutions for integrating Bitcoin-NFT into the DeFi ecosystem. These solutions aim to unite Bitcoin-NFT and Bend DAO, using Bitcoin liquidity pools (wBTC) as loan assets.

The first proposal involves using a third-party bridge protocol that allows connecting Bitcoin NFTs from the Bitcoin network to BendDAO in the Ethereum network. This process includes transferring Bitcoin-NFT to an external bridge, which creates a corresponding ERC721 token. These tokens can then be used in BendDAO for borrowing ETH, USDT, or wBTC.

The second solution involves a system of multi-signature wallets acting as intermediaries between the Bitcoin and Ethereum networks. Users send Bitcoin-NFT to a multi-signature wallet managed by BendDAO. After the transaction is verified by the custodian, a corresponding ERC721 token is created.

These innovations open a new era in DeFi, offering users advanced solutions for utilizing their assets. BendDAO plays a key role in bridging the gap between different blockchain networks, promoting compatibility and flexibility in the world of decentralized finance.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

BitFuFu Reports Decrease in Bitcoin Production Amid Rising Network Difficulty

BitFuFu reported a decrease in Bitcoin production, mining 137 BTC in October compared to 167 BTC in September, due to increased network difficulty.

user avatarLuis Flores

Strive Reports Significant Bitcoin Accumulation and Financial Performance

Strive reports a GAAP net income of $509 million for Q3 2026, with significant Bitcoin acquisitions totaling 23,260 BTC.

user avatarArif Mukhtar

Bitcoin's Potential for a Major Rally

Crypto analysts observe a pattern on Bitcoin's weekly chart reminiscent of 2023, suggesting a possible upcoming rally.

user avatarMaria Gutierrez

Ethereum Foundation Announces Delay in Glamsterdam Testing

On November 6, the Ethereum Foundation announced a delay in the Glamsterdam testing due to concerns about proposed gas changes affecting existing applications.

user avatarDavid Robinson

Zcash Price Consolidation Signals Potential Breakout

Zcash (ZEC) is currently consolidating in a price range that resembles its previous breakout pattern, suggesting a potential upward movement.

user avatarZainab Kamara

Zcash Upgrades Enhance Network Functionality

Recent upgrades to the Zcash network, including NU7 and Ironwood, are expected to improve transaction speeds and security.

user avatarAndrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.