axlWBTC

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Description

axlWBTC is a wrapped, multi-chain Bitcoin asset with each unit backed by BTC locked on the Bitcoin network. Secured by a dynamic validator set operating delegated Proof-of-Stake, axlWBTC can be acquired via DEX swaps, Squid router, or Satellite bridge. The project's security hinges on multiparty cryptography and distributed key shares, ensuring safe cross-chain communication.

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FAQ

What is axlWBTC and how does it work?

axlWBTC is a wrapped, multi-chain representation of Bitcoin, where each unit corresponds to a unit of BTC locked in an Axelar Gateway on the Bitcoin network. The security model of axlWBTC relies on Axelar’s dynamic validator set using delegated Proof-of-Stake and multiparty cryptography. This ensures secure cross-chain communication by distributing key shares among validators.

How can I acquire axlWBTC?

You can acquire axlWBTC through several methods: by swapping on various decentralized exchanges (DEXs), using Squid (a cross-chain liquidity router), or minting it via the Satellite cross-chain bridge. These options offer flexibility and accessibility for users wishing to obtain axlWBTC.

What are the benefits of using axlWBTC?

The key benefits of using axlWBTC include secure cross-chain Bitcoin transactions and the ability to engage with decentralized finance (DeFi) applications across multiple chains. axlWBTC harnesses Axelar’s robust security through a validator set using delegated Proof-of-Stake and integrated multiparty cryptography for enhanced security.

How is axlWBTC secured?

axlWBTC is secured through Axelar’s dynamic validator set, which operates on a delegated Proof-of-Stake mechanism, similar to the chains it connects to. The security model uses multiparty cryptography, with key shares distributed among validators, ensuring secure management of BTC locked in Axelar Gateways.

How does axlWBTC compare to other wrapped Bitcoin assets?

axlWBTC stands out from other wrapped Bitcoin assets by operating as a multi-chain representation of Bitcoin. It utilizes Axelar’s security model with delegated Proof-of-Stake and multiparty cryptography, enabling robust cross-chain transactions and compatibility with various blockchain ecosystems, enhancing its utility and adoption.

What should I do if I'm unable to mint axlWBTC through Satellite?

If you're experiencing issues minting axlWBTC via the Satellite bridge, ensure that you have enough BTC in your wallet and that the gateway is functioning correctly. It may be helpful to check for network congestion or updates on the Axelar network. Additionally, consider reaching out to Axelar support for assistance.

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