Symbiosis: Innovative BTC cross-chain solutions lead the new development of multi-chain ecology

robot
Abstract generation in progress

New BTC Cross-Chain Solution: Innovative Implementation of Symbiosis

In the cryptocurrency field, cross-chain operations of Bitcoin (BTC) have always been a challenging topic. Although there are existing solutions like WBTC and tBTC that wrap BTC, there are still certain barriers for ordinary users to directly exchange these wrapped tokens back to native BTC. At the same time, directly exchanging native BTC for assets on other chains also faces technical difficulties. Against this background, Symbiosis has proposed an innovative BTC cross-chain solution, providing users with an alternative option besides Thorchain.

The cross-chain process of Symbiosis mainly includes the following key steps:

  1. BTC Monitor

    When a user initiates a cross-chain transaction, the BTC monitor component in the system begins to operate. Its main responsibility is to continuously monitor the Bitcoin network, waiting for the user to transfer BTC to the specified address. Once the monitor detects that the user has successfully sent BTC, it immediately sends a confirmation signal to the system, triggering subsequent operations.

  2. Relay Network

    Next, the relay network takeover process. This network acts as an information transmitter between different blockchains, ensuring that all operations remain synchronized. Its main task is to confirm that the BTC to be cross-chain has been locked and to notify the target chain that the BTC is ready for the next operation.

  3. syBTC minting

    During the cross-chain process, since the underlying mechanism of the Bitcoin network cannot be directly altered, the native BTC will not be directly transferred to the target chain. Instead, it will be locked in a secure storage within the Bitcoin network, which is managed by the relay network. Meanwhile, the system will mint an equivalent syBTC token on the target chain.

  4. Target Asset Exchange

The final step is to exchange syBTC for the desired target asset on the target chain. Currently, although the supported trading volume is still relatively limited, this functionality has been implemented.

Overall, although the implementation of Symbiosis appears complex, the core logic is actually relatively simple, mainly based on the "lock-issue" model. Its uniqueness lies in the relatively decentralized locking method and its focus on specific market areas. The project's goal is to continuously expand the supported blockchain networks and asset types, providing a more convenient way for BTC liquidity in the multi-chain ecosystem.

It is worth mentioning that the Symbiosis project has gained favor from several well-known investment institutions, raising 2 million USD. The project adheres to the concept of "activating more BTC," which is very much in line with the current development trends in the cryptocurrency market. With the continuous growth of cross-chain demand, Symbiosis is expected to play an important role in the BTC cross-chain field.

SIS0.41%
BTC0.58%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 4
  • Repost
  • Share
Comment
0/400
AirdropDreamBreakervip
· 7h ago
This cross-chain solution looks normal, but how is the underlying part handled?
View OriginalReply0
GasFeeCrybabyvip
· 7h ago
The BTC bridge has been updated again. Let's see how long it can last.
View OriginalReply0
TideRecedervip
· 7h ago
This project is like footbinding cloth, both stinky and long, difficult to understand.
View OriginalReply0
OnchainDetectiveBingvip
· 8h ago
Cross-chain is easy to use, just play around with it. If you're not at ease...
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)