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

Nvidia Introduces OpenShell Reference Architecture for AI Agents

Nvidia has introduced the OpenShell Reference Architecture, a design for managing autonomous AI agents, at GTC Berlin.

user avatarNguyen Van Long

OpenAI Announces $1 Billion Commitment to Cybersecurity

OpenAI announced a $1 billion commitment to enhance cybersecurity measures through its AI program, Daybreak, aimed at providing subsidized access to advanced AI tools for defenders of critical infrastructure.

user avatarSatoshi Nakamura

Elon Musk Proposes Merger of SpaceX and Tesla

Elon Musk announced that SpaceX and Tesla have formed special committees to explore a merger that could create a corporation valued at approximately $35 trillion.

user avatarJesper Sørensen

Standard Chartered to Acquire Zodia Custody

Standard Chartered has signed definitive agreements to acquire Zodia Custody Limited, enhancing its digital asset safekeeping services.

user avatarRajesh Kumar

Critical PHP Vulnerability Leads to Global Website Shutdowns

A critical vulnerability in PHP has caused panic worldwide, leading several countries to take down government websites and urging organizations to shut down their PHP-based sites.

user avatarLucas Weissmann

Probly Showcases Innovative Prediction Market Solutions at TOKEN2049

During TOKEN2049, Probly showcased its innovative approach to prediction markets, emphasizing accessibility, broad market coverage, and onchain settlement.

user avatarFilippo Romano

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.