dlcBTC Introduces dlcBTC Bitcoin Cross-Chain Solution

New York, NY — dlcBTC is excited to unveil dlcBTC, an innovative solution to securely enable Bitcoin within DeFi on Ethereum and other chains.

Slated for release in February 2024, dlcBTC enables Bitcoin holders to seamlessly engage in popular DeFi protocols such as Curve and AAVE without requiring custodians or intermediaries.

Innovative On-Chain Integration Using Discreet Log Contracts

dlcBTC leverages Discreet Log Contracts (DLCs), an MIT invention that became possible with Taproot’s introduction of Schnorr signatures.

DLCs were originally proposed by Tadge Dryja, the co-creator of the Lightning Network, as a way to enable smart contracts to conditionally move Bitcoin. 

The dlcBTC architecture enables the user to lock BTC into a DLC to mint dlcBTC.

The DLC itself is a special multisig UTXO where users retain one key. This innovative design safeguards Bitcoin deposits with the full hashrate of the Bitcoin network.

Furthermore, in the DLC, payout addresses are predetermined and locked in during the deposit phase, meaning that in the event of a breach, hackers are unable to redirect or steal the deposits. This innovation makes dlcBTC a “theft-proof” Bitcoin cross-chain solution.

Attestor Model Ensures Bitcoin Stays Yours, No Custody Required

With a traditional bridge, deposits are locked into a validator network, and are kept in pools in various wallets.

In stark contrast, DLC Attestors enforce the DLC locking mechanism without ever taking possession of user keys or assets.

dlcBTC is set to revolutionize the way Bitcoin is utilized in the world of DeFi. It offers a secure, impenetrable structure that respects the sanctity of user sovereignty and eliminates the common vulnerabilities associated with custodian-based bridges.

About dlcBTC

As a decentralized wrapped Bitcoin, dlcBTC leverages Discreet Log Contracts (DLCs) and Chainlink's Cross-Chain Interoperability Protocol (CCIP) to provide a theft-proof bridge to cross-chain DeFi, backed by the security of the Bitcoin network. dlcBTC unlocks yield for your Bitcoin in DeFi with the benefit of lower fees and merchant self-custody, empowering users to put their Bitcoin to work.

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