DOT.News » Kintsugi BTC

All the latest news about Polkadot, Kusama and its strong ecosystem

Interlay Dev & Ecosystem Update #2

Published date: July 12 2021

The last two week have been extremely intense for Interlay and we can’t wait to share some of the most exciting news with you!

To never miss a story and stay up to date, follow us on Twitter, or join our community on Telegram or Discord.

interBTC: the trustless way

First and foremost, Interlay has rebranded PolkaBTC to interBTC as part of its expanded mission to bring trustless wrapped BTC to all major blockchains, including Ethereum, Cosmos and Polkadot.

InterBTC allows anyone to invest, earn and pay with their BTC on any blockchain — the true DeFi way.

It is radically open and secured by insurance. No centralized services. Anyone can run a vault.

To Cosmos and beyond

Interlay has also won the Interchain Foundation Grant to bring interBTC into the Cosmos ecosystem via Cosmos’ IBC protocol and contribute to a more vibrant and interconnected economy.

As part of our expansion, we also had a new take on our visual identity to better communicate and serve Interlay community and partners.

Beta Testnet

King of the Hill Challenge just finished round 2

We had an amazing participation from Vaults and Relayers who helped us stress-test the PolkaBTC bridge and also got the chance to earn some DOT!

  • Nr issued coins: 2 BTC issued since Jun 14. (2.46 BTC issued since genesis)
  • Nr redeemed coins: 0.46 BTC redeemed since Jun 14 (0.661 since genesis, 0.0042 BTC in fees)
  • Total number of transactions:
  • Since June 1438,183
  • Since genesis47,711

Parachain stats:

Beta Testnet Challenges 5 Lottery: One week left! Last chance to try your luck on— we pay 20 DOT to a randomly selected issue and redeem request as well as 10 DOT to a randomly selected replace request.

New Tech

New constant-time staking pallet. To ensure that the new nomination protocol is scalable, we have developed a new staking pallet in Substrate. It ensures Nominators receive proportional rewards to their “stake” in a particular Vault.

Report double payment call to catch Vault BTC exfiltration. In collaboration with Informal Systems, we identified a protocol exploit that would enable Vaults to steal BTC. Our previous theft reporting would only check the validity of a single Bitcoin transaction. If a Vault were to make two identical payments, our system would have accepted both as valid.

Fixed issue where block from fork after reorg did not become usable. After a fork overtakes the main chain, the blocks that used to be inside the fork couldn’t be used in payment proofs.

If for some reason no bitcoin blocks are being relayed, requests will no longer expire. In the unlikely case that no bitcoin blocks are being relayed, vaults and users would be unable to make the required payments, and as a result their issue/redeem/replace could become cancellable. We fixed this by requiring a certain number of bitcoin blocks before they can be cancelled.

UX improvements: We simplified the issue and redeem processes, made design improvements to the transaction history tables, and added improved error handling.

Merge vault & relayer client. We have merged the Vault and Relayer clients. From now on, Vaults will be tasked with submitting Bitcoin blocks to BTC-Relay to keep interBTC up to date with Bitcoin. The Relayer role has been removed.

Interlay Dev & Ecosystem Update #2 was originally published in Interlay on Medium, where people are continuing the conversation by highlighting and responding to this story.