Aurora Labs introduces a Bitcoin Light Client and Relayer, bridging Bitcoin and NEAR Protocol to enable new decentralized finance (DeFi) opportunities and enhance web3 interoperability.
Aurora Labs has launched the Bitcoin Light Client and Relayer, creating the first connection between the Bitcoin network and the NEAR protocol. This integration is set to enable new DeFi opportunities and enhance interoperability within the web3 ecosystem.
The Bitcoin Light Client, developed by Aurora Labs, functions as a smart contract on the NEAR network. This integration allows NEAR-based dApps to verify Bitcoin transactions, ensuring access to the most current Bitcoin blockchain state. The light client is a foundational component of an upcoming Bitcoin bridge, which will facilitate the use of Bitcoin assets within the NEAR ecosystem.
Aurora Labs also released a Relayer Service, designed to keep the light client synchronized with the Bitcoin network. This service acts as a bridge, continually updating the NEAR smart contract with the latest Bitcoin transactions, ensuring smooth and continuous interoperability.
In conjunction with these developments, Proximity Labs introduced a chain signature service for NEAR. This service is pivotal for creating native Bitcoin bridges, enabling BTC transfers to and from the NEAR network.
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The launch of the Bitcoin Light Client marks a significant advancement toward a unified web3 experience, facilitating seamless asset transfers between Bitcoin and NEAR. This release sets the stage for innovative applications, broadening the possibilities for developers working on NEAR.
The forthcoming Satoshi Bridge will enable direct BTC deposits into NEAR and interactions with NEAR dApps, further enhancing this integration. Beyond simply bringing BTC onto NEAR, this bridge will support the integration of Rune and Ordinals, paving the way for new DeFi applications that combine the strengths of both Bitcoin and NEAR.
Aurora Labs’ CEO, Alex Shevchenko, commented, “There’s significant untapped potential in the Bitcoin ecosystem. NEAR Chain Signatures are a solid step, but unlocking Bitcoin’s full potential requires the ability to read and act on its state. That’s why we developed a trustless Bitcoin Light Client as a smart contract. Together with Chain Signatures, we’re enabling Bitcoin’s entry into the DeFi world.”
Kendall Cole, founder of Proximity Labs, added: “The BTC light client is a critical part of the Bitcoin stack that NEAR now enables. When combined with chain signatures, developers will be able to create an entirely new set of applications for Bitcoin users, including money markets, DEXs, launchpads, stablecoins, and more, all with seamless user experiences.”
After laying the groundwork, Aurora Labs is transferring the project to NEAR One, the research and development hub focused on NEAR Protocol’s infrastructure, to ensure its continued growth and innovation.
About Aurora Labs
Aurora Labs is the driving force behind Aurora, a cutting-edge network of Virtual Chains designed to leverage NEAR’s scalability and robust infrastructure. This platform facilitates the seamless deployment of preconfigured blockchains, making it easier for developers to build and scale decentralized applications. Aurora integrates a high-performance Ethereum Virtual Machine (EVM), the trustless Rainbow Bridge, and advanced Cross Contract Call technology, ensuring full Ethereum compatibility while enabling a broader multichain ecosystem. Aurora Labs is at the forefront of innovation, paving the way for a more connected and efficient blockchain environment.
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