The crypto market is evolving every day meeting new challenges and compatibility problems. One of the recent and major issues that enthusiasts are encountering is Bitcoin and DeFi interaction.

DeFi forms a new vision for finance and banking with its peer-to-peer transactions through blockchain that eliminates the involvement of traditional banks. The aim of DeFi is to make the world of finance available to anyone with the Internet connection. DeFi services are predominantly built on Ethereum and other smart contract platforms which has now become an issue.

However, there are so many people on the market who own Bitcoin and want to be a part of DeFi too. Now they need to use wrapped versions of Bitcoin such as wBTC to operate with revenue and loan protocols.

Interchain Communication Layer for Ren Protocol

We love to be pioneers in everything we do and this case is not an exception. With the powerful potential of Bitcoin it was essential to invent a method of DeFi and Bitcoin compatibility and we created an interchain communication protocol that helps to enter renBTC and add unique opportunities for Bitcoin owners.

We bring our innovation to the market announcing the start of a new crypto era! With our interchain communication protocol, we can get access to renBTC and interact with Bitcoin directly.

The whole process is pretty seamless for the users — it’s cross-chain and only one transaction is sent to the blockchain, where the user has tokens to exchange.

Symbiosis uses the Ren Protocol on BNB to perform exchanges for BTC. The Ren Protocol burns the renBTCs on BNB and sends BTCs to the user’s address on Bitcoin blockchain.

L1/L2 Liquidity Unleashed

Our interchain communication protocol is a big first step towards the development of Bitcoin integration with DeFi protocols. We are working on expanding this functionality to open up new opportunities for Bitcoin holders.

Authors:

Alexey Lushnikov Advisor

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