Jack Lu, the Founder and CEO of Wanchain, announced on Twitter that the first-ever decentralized bridge between Bitcoin and Ethereum is finally operational.
“We have been working for years to make interoperable #DeFi a reality. Today, I sent the first ever #Bitcoin to #Ethereum using the decentralized #BTC-#ETH direct bridge. Thank you to the #Wanchain team and our incredible community for making this all possible. It's happening.”
Features of The New Wanchain Universal Multichain
Wanchain’s Universal Multi-chain Bridges with Shared Staking Assets has a cross-chain mechanism that introduces two significant advances:
- Shared staking assets: All staked wanBridges’ assets will now power the same collateral pool.
- BTC-ETH direct bridge: Users can now transfer Bitcoin directly to the Ehtereum network without requiring Wanchain as a router.
This is a significant step towards cross-chain interoperability. As WanLend puts it:
“Incredible achievement by the @wanchain_org community! $wanBTC and the #decentralised #BTC-#ETH direct bridge hint at a better tomorrow. Speaking of... $wanBTC will be live on #wanLend beginning tomorrow! #DeFi is for everybody.”
How To Upgrade To The New Chain
The existing BTC-ETH bridge in Wanchain will be upgraded to the BTC-ETH cross-chain contract. The current wanBTC holders must first convert their tokens before having access to the BTC-Ethereum direct bridge. The old BTC cross-chain token will now be displayed as wanOBTC in all Wanchain wallet and DAPP interfaces. The new BTC-ETH bridge token is displayed as wanBTC.
Users can utilize WanMask and WanSwap to convert the old tokens into new ones painlessly. The exchange rate between wanOBTC and wanBTC is exactly 1:1.
Ever since the bridge has opened to the public, the demand has been sky high. Wanchain pointed out this demand with the following tweet:
"In under 3 hours, nearly 30 $wanBTC have already been minted! The people have spoken! They demand truly interoperable #DeFi! $wanBTC makes the world's first #decentralised #BTC-#ETH direct bridge a reality! Be a part of history and mint $wanBTC!"
Wanchain is a cross-chain blockchain infrastructure designed to facilitate asset transfers and host dApps for the financial industry. According to their medium page:
“Wanchain is the infrastructure connecting the decentralised financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralised, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.