Interlay

Interlay offers DeFi solutions, focusing on blockchain interoperability. Its main product, InterBTC, brings BTC to DeFi ecosystems securely, maintaining liquidity and enabling BTC use across multiple blockchains without compromising sovereignty.

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Description

Interlay is a DeFi-focused project aiming at blockchain interoperability with its flagship product, InterBTC, which brings Bitcoin to decentralized finance ecosystems. InterBTC allows users to engage in DeFi activities such as investing and transacting with Bitcoin across any blockchain while maintaining security and liquidity. It is a decentralized and trustless solution for using BTC on non-Bitcoin blockchains, preserving user sovereignty over funds. Kintsugi (KINT), Interlay's experimental canary network on Kusama, shares its codebase and promotes innovation with its product, kBTC—an algorithmic stablecoin pegged to Bitcoin. Kintsugi offers decentralized governance via KINT tokens. Interlay (INTR) operates as a Polkadot parachain and employs the XCLAIM framework to allow secure asset movement across blockchains like Polkadot, Ethereum, and Cosmos. Both Interlay and Kintsugi emphasize security, decentralization, and community-driven governance, drawing from their founders' expertise in blockchain security and interoperability.

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FAQ

What is Interlay's primary purpose in the DeFi ecosystem?

Interlay aims to enhance decentralized finance (DeFi) by fostering interoperability across various blockchain networks. By connecting platforms like Bitcoin to DeFi applications through products like InterBTC, it offers a trustless and decentralized approach to leverage Bitcoin's value across non-Bitcoin blockchains, ensuring security and liquidity without sacrificing the core tenets of blockchain technology.

How does InterBTC function within the Interlay ecosystem?

InterBTC is a flagship product of Interlay designed to bring Bitcoin to DeFi by allowing users to invest, earn, and pay with BTC on any blockchain. It is fully decentralized, trustless, and censorship-resistant, enabling Bitcoin's liquid and secure use across ecosystems while maintaining user sovereignty over their funds.

What advantages does Interlay offer compared to other DeFi solutions?

Interlay stands out in the DeFi space through its focus on interoperability, allowing seamless asset movement across blockchain ecosystems. By using products like InterBTC, users can benefit from the liquidity and value of Bitcoin while engaging in diverse DeFi applications, all without compromising on security or decentralization.

How does Kintsugi contribute to Interlay's mission?

Kintsugi serves as Interlay's canary network on the Kusama platform, providing a testing ground for new features ahead of the mainnet. Its flagship product, kBTC, is a Bitcoin-backed stablecoin offering insurance-backed security. It enhances Interlay's mission by connecting cryptocurrencies like Bitcoin to DeFi platforms, such as Polkadot and Ethereum, using its native KINT token for governance.

What role do INTR and KINT tokens play in the Interlay ecosystem?

INTR and KINT are utility tokens within the Interlay and Kintsugi networks, respectively. INTR governs the interBTC parachain on Polkadot, supporting staking, transaction fees, and integration into the Interlay bridge. KINT is used for governance, protocol upgrades, and transaction fees on Kintsugi, helping secure and operate its decentralized finance solutions.

What are common troubleshooting steps for using InterBTC?

When troubleshooting InterBTC, ensure you have the latest version of associated wallets and that your network fees are set appropriately for timely transactions. Verify that your connected blockchain supports InterBTC and check network status for any delays or outages. Access Interlay's support resources or community forums for guidance on specific issues.

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