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

Circle Releases Technical Guidance for ERC20 Transfers Using CCTP

Circle has published a developer guide detailing how issuers can utilize its CrossChain Transfer Protocol (CCTP) for ERC20 assets beyond USDC.

user avatarAyman Ben Youssef

Curve Finance Launches StableSwap on Stellar Mainnet

Curve Finance has launched its StableSwap system on the Stellar mainnet, marking its first native deployment outside the Ethereum ecosystem.

user avatarTando Nkube

Ondo Finance Introduces Tokenized Investment Portfolios on Solana

Ondo Finance has launched seven investment portfolio tokens on the Solana blockchain for eligible investors outside the US, providing managed exposure to tokenized equities and ETFs.

user avatarKofi Adjeman

Market Implications of Aave's Tokenized Equity Lending Explored

A case study on the market implications of borrowing against tokenized equities following the launch of Aave's V4s Equities Hub, highlighting market liquidity and associated risks.

user avatarNguyen Van Long

Aave Launches V4s Equities Hub for Non-US Investors

Aave has launched its V4s Equities Hub, allowing eligible non-US investors to borrow USDC against selected tokenized US equities.

user avatarSatoshi Nakamura

Polygon Labs Launches New Payment Controls for AI-Agent Transactions

Polygon Labs has launched new payment controls for AI-agent transactions, allowing automated agents to make purchases within defined parameters while managing associated risks.

user avatarRajesh Kumar

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.