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Interlay Dev & Ecosystem Update #1

Published date: June 11 2021
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11 June 2021

We’re excited to announce the first edition of the Interlay Dev Newsletter! As Kusama auctions come closer and closer, interBTC development progress has exploded over the past weeks. To keep our community up to speed with all things that are happening at Interlay and PolkaBTC (now interBTC!) we have launched a bi-weekly dev newsletter.

To stay up to date even better, follow us on Twitter or join our Discord community channel!

News

PolkaBTC >> interBTC: we have started to rebrand polkaBTC to interBTC to emphasize that interBTC will be available not only on Polkadot, but also on Kusama, Cosmos, Ethereum and other DeFi blockchains.

Beta Testnet Challenge 4 Launched : King of the Hill: Calling all Vaults and Relayers! Want to help us stress-test the PolkaBTC bridge? Not only will you be a part of launching the best BTC bridge, you also get the chance to earn 200 DOT!

Beta Testnet Challenges 5 Launched: Lottery: Calling all testers! Try your luck on https://beta.polkabtc.io/ for a chance to win a combined 200 DOT

interBTC Bridge Bot: We have released our bridge bot to automatically interact with interBTC. Hot tip: if you want to increase your chance to earn some DOT as part of the Beta testing (Challenge 5: Lottery), run the bot and help us stress interBTC!

USD 5k Gitcoin Bounty for interBTC <> Liquiality Wallet integration: We’ve put up a Gitcoin Bounty with Liquality.io to integrate the Liquality non-custodial BTC browser wallet with interBTC as part of the Sovryn BTC DeFi hackathon.

New Tech

Beta Upgrade Completed: We have successfully upgraded the PolkaBTC chain, clients and the UI

  • Burn PolkaBTC. We will re-launch with a burn feature. This allows you to burn PolkaBTC for DOT when Vaults are liquidated. Any user can exchange PolkaBTC for DOT at a beneficial rate (in USD terms).
  • Issue BTC refund mechanism. One of the major feedbacks we got is that if a user sends the wrong amount of BTC to a Vault on issues, the BTC is lost. This is now updated: If a user sends too little BTC, the user can still issue this amount of BTC with the vault (needs to be done manually by the user). If a user sends too much BTC, we either (1) issue more PolkaBTC if the selected Vault has sufficient collateral or (2) ask the Vault to return the surplus BTC to the user.
  • Improved Oracle failure handling. In the beginning of the beta testnet, we experienced our oracles being offline. We are now extending the time to complete issue and redeem requests by the time that oracles are reportedly offline (have not submitted an exchange rate for 60 minutes).
  • Vault client stability. We made a lot of under-the-hood improvements to the Vault clients to prevent them from crashing and handle interrupted connections gracefully.
  • Chain performance improvements. We also made a lot of under-the-hood performance improvement to the chain itself.
  • There have also been various bug fixes.

If you are interested in all the changes, please check our release notes:

ORML-Tokens Multi-Currency Support: We have integrated the orml-tokens pallet as a first step towards multi-collateral support for interBTC.

Added P2WSH Support: InterBTC now also supports P2WSH Bitcoin addresses, allowing Vaults to maintain multisignature and other custom setups for their BTC locks.

Constant Time Reward Distribution Model: We have significantly optimized execution costs (constant time!) around Vault and Relayer reward distribution based on this paper.

Releases and release candidates

New releases and release candidates for interBTC. Please consider upgrading to new releases or helping to test release candidates.


Interlay Dev & Ecosystem Update #1 was originally published in Interlay on Medium, where people are continuing the conversation by highlighting and responding to this story.