BendDAO introduces two new solutions for the Bitcoin-NFT bridge

BendDAO introduces two new solutions for the Bitcoin-NFT bridge

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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.

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