In the last couple of days, the Kusama auctions have been fascinating to watch as projects are caught in an intense competition with each other to get a slot. Communities are actively cheering, campaigning on Twitter and showing incredible support for projects they believe in, and it is a statement to each of them.
And as we approach a critical moment in the auction, we would like to remind all why Kintsugi should win a slot and how it will benefit not only Kusama network and our fellow competitors, but the crypto-industry as a whole.
The entire Polkadot ecosystem needs a bridge to Bitcoin as quickly as possible. Trustless BTC liquidity will help boost growth and bring a new wave of users into the ecosystem. That is why projects that have already won slots actively support Kintsugi.
Kintsugi’s BTC is tailored for DeFi. Other centralized wrapped BTC versions like in wBTC/renBTC pose a risk to DeFi: if they lose or have the BTC seized — the wrapped BTC will be worth 0. Over 10 billion USD is currently held in wBTC, renBTC and the like — posing a major risk to DeFi. With kBTC, this cannot happen. All kBTC is backed by (1) physical BTC and (2) multi-collateral insurance. Even if all BTC is lost, the insurance is enough to back up the value of kBTC.
Your BTC will no longer lie idle. As a Bitcoin holder, you made your money work by investing in Bitcoin. Now you can make Bitcoin work for you by minting kBTC and putting it to work in DeFi — in a truly trustless way.
Kintsugi’s kBTC will attract large funds to the Kusama ecosystem. Most of the money in the crypto industry is held in Bitcoin and in the hands of large investors. The bridge will become the gateway between the institutional investor and the Bitcoin owner and the Kusama ecosystem. This will help all projects grow and create new tools.
Kintsugi will also boost Kusama growth as a whole. Polkadot and Kusama set out to create interoperability with other chains in the original whitepaper. Kintsugi is a first step towards fulfilling this promise. Further, Kintsugi will use KSM as collateral, integrating fully into the ecosystem and putting not only BTC, but also KSM to use.
We are witnesses to the chaotic nature of Kusama in the ongoing auctions where things can change in a matter of hours and results still being unpredictable after weeks in. Kintsugi by its nature is designed to embrace the chaos and turn the shortcomings into perfection. Despite the fact that we’ve entered the crowdloan without a full-fledged community program as many do, we managed to attract one the most vigilant and avid supporters who are the backbone of the campaign to bring Kintsugi to Kusama.
So, if you appreciate the values Kintsugi is bringing to the crypto space, join us in our cause and be a part of the adventure.
Support the Kintsugi crowdloan: https://kintsugi.interlay.io/
Read mode about the crowdloan details: https://docs.interlay.io/#/kintsugi/crowdloans
Find us on Telegram, Discord and Twitter.
Join the Ambassador Program: https://medium.com/interlay/announcing-the-interlay-interbtc-ambassador-program-743553540698
Summary of resources and social media channels: https://linktr.ee/interlay
This article is co-written by lyn#2616 and Alexei Zamyatin