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In brief
- The Internet Computer will host Bitcoin smart contracts by the end of the year.
- Smart contracts will enable lending, yield farming, derivatives, and other DeFi applications for Bitcoin.
“Internet Computer smart contracts will gain access to Bitcoin liquidity, and Bitcoin will gain powerful new smart contract functionality, without the need for insecure and cumbersome trusted bridging services,” said Dfinity founder Dominic Williams, in a statement accompanying the announcement.
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Bridging with Bitcoin
But Dfinity is not the only project working to integrate Bitcoin. Bridging technologies are the most popular method of doing so up to now.
DeFi project Portal , is also looking to build out a DeFi ecosystem for Bitcoin. On Tuesday it announced an $8.5 million raise, with Coinbase Ventures and ArringtonXRP Capital participating in the funding round.
“We're excited to see Portal's Bitcoin-native approach to multichain transfers go live and provide an alternative bridging mechanism to the growing number of active on-chain users,” Michael Arrington, founder of ArringtonXRP and TechCrunch, stated.
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In November, Bitcoin is due for its first big upgrade in several years. Dubbed, Taproot , the changes will make it easier for smart contracts to be created on the protocol
Bitcoin fan Jack Dorsey, the founder of Twitter and payments company Square, is keen to take advantage. In July, he announced that Square is working on a DeFi platform to integrate Bitcoin, and dubbed TBD
But all the activity has also captured the attention of regulators. They have raised concerns about the security and accountability of projects, and look to be doubling down on their vigilance of the sizzling hot DeFi space
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