Zeus Network is leveraging the secure Chainlink CCIP and proof of reserve to bridge Bitcoin to Solana in a decentralized way.
More and more companies are rolling out advancements in cross-chain bridges. On Tuesday, May 20, Zeus Network, a cross-chain communications layer for Bitcoin and Solana, implemented Chainlink CCIP. This widely adopted standard for bridging crypto assets now enables users to transfer Bitcoin to Solana securely.
Users can now move Zeus’s Bitcoin-backed token, zBTC, across Ethereum, Base, and Solana. All zBTC tokens are backed 1:1 by Bitcoin, which users can verify in real time using Chainlink’s Proof of Reserve.
According to Zeus Network founder and CEO Justin Wang, this integration is key to addressing longstanding security concerns with cross-chain transfers. Cross-chain bridges are often centralized, exposing users to risks such as hacks and rug pulls.
“Wrapped BTC tokens are flawed because they aren’t decentralized — many of them still require KYC, have third-party entities involved in the trading, and ultimately take control away from the user. The Chainlink standard enables this to solve these issues and provide an enhanced experience for our users,” Justin Wang, Zeus Network.
Bitcoin liquidity is now available on Solana
Wang emphasized that the integration gives Bitcoin users a decentralized way to access DeFi on Solana, while also bringing Bitcoin liquidity to the Solana ecosystem.
“zBTC offers users a truly decentralized Bitcoin asset compatible with the Solana ecosystem, now able to be easily transferred across the most widely used chains thanks to our integration of Chainlink CCIP. We are excited to unlock the vast liquidity potential for DeFi on Solana by leveraging Chainlink, powered entirely by Bitcoin,” Justin Wang, Zeus Network.
Zeus Network is not the only firm that recently integrated Chainlink CCIP. For instance, in April, Ronin, one of the most popular blockchain bridges, moved its legacy bridge to Chainlink’s standard. Ronin itself suffered a $650 million hack in March 2022.
No Comment! Be the first one.