Partner Updates

Bitfinity’s Blockchain Bash: High Five to Innovation

Join Blaze, the intrepid mascot of Bitfinity, as he forges new alliances with BitU Protocol, Bitroot, and Moonberg AI to revolutionize the Bitcoin ecosystem with cutting-edge technologies and innovative partnerships.

Blaze, the adventurous and tech-savvy mascot of Bitfinity, is on yet another exciting journey. With a knack for making friends, Blaze is this week determined to shake hands and lay the foundation of a new layer (Bitfinity) that will transform the Bitcoin ecosystem.

Today, we take a look at these new friends that are joining forces with Bitfinity to create a whole new ecosystem that will unlock the true potential of Bitcoin. Let's take a look at the partnerships we have this week.

Bitfinity and BitU 🤝

The BitU Protocol is a decentralized credit network and trading platform powered by the fully-backed BITU stablecoin.

What are BITU and sBITU?

BITU (BitU USD) is the protocol’s stablecoin, fully collateralized and designed to maintain stability in transactions. It facilitates minting, staking, and trading within the BitU ecosystem.
sBITU (Staked BITU) is obtained by depositing BITU into the BitU Staking Contract. Holders of sBITU benefit from the platform's Active Liquidity Management Module (ALMM) and can convert sBITU back to BITU by burning it after a cooldown period.

Minting and Staking Process

Users can mint BITU by providing collateral, which is securely held in on-chain custody. Staking BITU allows users to receive sBITU, earning yields automatically. Collateral can be redeemed at any time by burning BITU.

Yield-Bearing Stablecoin

BITU operates as a US-dollar denominated stablecoin but differs from others in that it is backed by overcollateralized Bitcoin rather than US Treasurys. This offers a potential hedge against risks such as US debt, inflation, and economic uncertainty.

Below is a comparison of this protocol to other stablecoins.

How Can One Mint BITU Stablecoin?

Currently, the process to mint BITU involves a whitelist system managed by the BitU team. Prospective minters must first:

Apply to the BitU team: Express their interest in minting BITU by applying for approval.
Undergo whitelist verification: Applicants are vetted and approved through a verification process to ensure compliance and security.

As stable tokens become more popular, US dollars will flow to purchase decentralized assets such as $sBITU or Bitcoin, which can be accepted as collateral for BITU, instead of US Treasurys that only enrich companies that become an extension of the status-quo.

The partnership between us and BitU is expected to impact our crypto community by providing more tools for asset and data transfers across different blockchains, as well as offering a decentralized credit network and a yield-bearing stablecoin backed by Bitcoin.

Connect and Learn More About BitU Protocol

Bitfinity and Bitroot 🤝

Bitroot is, as the name suggests, a root protocol (BRT20) based on the Bitcoin blockchain, introducing enhanced functions such as asset issuance, decentralized transactions, and smart contracts. With a significant $1 million investment from Moore Labs, the Bitroot Network has launched its mission to comprehensively enhance the Bitcoin ecosystem.

Most Bitcoin L2 solutions currently utilize Ethereum Virtual Machine (EVM)-based mapping technology. However, Bitroot introduces a native approach by enhancing Bitcoin’s capabilities to support smart contracts directly on its network.

Bitroot is instrumental in transforming Bitcoin by integrating smart contracts into its ecosystem. It comprises three core components:

Bitroot Protocol: This protocol facilitates the minting and transfer of native assets on Bitcoin. It enables the issuance of BRT20-compliant tokens and NFTs.
BRVM (Bitcoin Virtual Machine): BRVM acts as a 'Bitcoin Virtual Machine,' translating opcodes from EVM/WASM/JavaScript into Bitcoin Script, allowing for Turing-complete smart contracts to be verified on Bitcoin.
Bitroot Layer2: This is a high-performance Layer 2 solution that supports complex computations through zero-knowledge proofs and optimistic execution mechanisms.

Transaction Embedding and OP_RETURN

Bitroot leverages Bitcoin's OP_RETURN operation code to embed data into Bitcoin transactions. This method involves inserting up to 80 bytes of data into the output of a transaction, which is then "burned" or rendered unspendable.

This ensures that the embedded data does not affect Bitcoin’s money supply while enabling additional functionality.

Asset Issuance and Trading

Users can issue and trade custom digital assets by creating Bitcoin transactions formatted with specific metadata that defines the asset's characteristics. Once confirmed by the Bitcoin network, these transactions are recognized by Bitroot nodes, which then execute the corresponding asset creation and distribution.

Smart Contract Functionality

Unlike traditional Ethereum Virtual Machines (EVM), Bitroot extends Bitcoin's non-Turing-complete script to support simplified smart contracts. These contracts utilize Bitcoin’s script for basic operations like signature verifications.

Bitfinity, known for its next-generation EVM network and Layer Two solutions for Bitcoin, will enhance Bitroot's ability to introduce complex smart contract functionalities while maintaining the core attributes of Bitcoin.

This partnership marks a significant step forward for both protocols in integrating more advanced features into Bitcoin’s most secure model.

Connect and Learn More About Bitroot Protocol

Bitfinity and Moonberg AI 🤝

Moonberg

logo

Moonberg AI is an innovative platform that navigates through market noise, providing users with decision-making tools and the ability to process real-time data. This empowers you to be not just reactive to market news, but proactive in forecasting market trends.

Comprehensive AI-Powered Insights

It offers AI-powered insights that analyze on-chain data and social media, along with a personalized screener. This allows you to make more informed decisions quickly, without having to rely solely on social media posts or superficial data.

How Does Moonberg Compare to Existing Tools?

Moonberg is akin to a fusion of Bloomberg Terminal and ChatGPT, designed specifically for the cryptocurrency market. It provides a depth of data previously unavailable to the average investor.

Moonberg AI Airdrop

To celebrate the launch of Moonberg, an invite-only airdrop has been initiated. This special event is designed to engage early adopters and reward them for their participation.

The airdrop is structured in phases or seasons, each with its own criteria and rewards.

Season 1: Introduction and basic rewards
Season 2: Increased rewards and special bonuses
Season 3: Final phase with the largest rewards

This partnership integrates Bitfinity Network's Ethereum Virtual Machine (EVM) compatibility and advanced Chain-Key cryptography with Moonberg AI. This integration will enable Moonberg AI to process AI-powered insights and on-chain data securely and efficiently.

Connect and Learn More About Moonberg AI

Bitfinity and DotSwap 🤝

DotSwap was launched a year ago with a vision to empower the Bitcoin by enabling asset management and smart contracts directly on its own infrastructure.

DotSwap, now in its third iteration (V3), continues to offer robust features with enhanced security measures. Below, we delve into the critical aspects of DotSwap V3, including its security, interface, and functionality.

BTC Native: A Bitcoin-native DeFi experience that’s built entirely on BTC layer 1. This ensures that all operations are rooted in the inherent security and trustless nature of Bitcoin.
Swap with Ease: The most popular BTC assets such as Runes, BRC20, and ARC20 can be traded on Dotswap at any time and in any amount.
Trustless Operations: Fully on-chain atomic swaps through PSBT smart contracts, ensuring that all transactions are executed without requiring trust in a third party.
Rewarding System: Users can earn LP fees on every swap and accumulate LP points by becoming a liquidity provider.
Accessibility: DotSwap supports multiple BTC wallets and mobile devices, ensuring you can manage and trade your assets conveniently and on-the-go.
Enhanced Security: Each liquidity pool is safeguarded with an upgraded multisig scheme, combining Multi-Party Computation (MPC) and BTC-native multisig for unprecedented security.

How to Search for Tokens Dotswap?

Searching for specific tokens like Runes in the V3 and V1 markets is straightforward. Users can utilize the search function to quickly find detailed information on various aspects of the tokens, including:

Market Cap: Shows the total market capitalization of the token.
Holders: Indicates the number of individuals or entities that currently hold the token.
Change: Displays the percentage change in the token's value over a specified time period.
Volume (24h): Lists the total trading volume of the token within the last 24 hours.
Floor Price: Provides the lowest price at which the token was traded during a certain period.

If you want to learn more about Runes, you can read our previous articles, which cover the essentials and marketplaces in detail.

The partnership between Bitfinity Network and DotSwap is a good one and will be focusing on the compatibility of Bitcoin's new era protocols, such as Runes and inscriptions, that can be used on the Ethereum Virtual Machine of Bitfinity.

Several beneficial outcomes are expected, including enhanced EVM compatibility and performance improvements in using these new Bitcoin protocols to the extreme.

Connect and Learn More About Dotswap

Conclusion

As Bitfinity continues to create new bonds and partnerships, we hope to create a strategic vision that is ultimately aimed at broadening the scope and utility of Bitcoin. The need and urge to become something more than 'just' permissionless transacting and storing of value is here! Therefore, we are glad to welcome:

BitU Protocol, which brings a robust credit and trading framework underpinned by a stablecoin system to Bitfinity. It enhances the financial stability and credit options within the Bitcoin ecosystem.
Bitroot, which expands Bitcoin's capabilities with its native protocol for asset issuance and smart contracts, pushing Bitcoin beyond its traditional boundaries and enabling more complex financial instruments directly on the blockchain.
Moonberg AI, which leverages advanced AI to provide market insights and data analysis, enhancing decision-making processes and offering a proactive approach to market trends, integrated deeply with Bitfinity's technological backbone.
DotSwap, which ensures seamless asset management and smart contract functionality and enhances liquidity and trading efficiency on Bitcoin’s infrastructure.

Together we unite! Hereby these partnerships not only expand the functional landscape of Bitcoin but also ensure that its infrastructure becomes more diverse, secure, and adaptable to meet the demands of modern users and applications.

With our Bitfinity EVM, running on Chain Fusion technology, we are poised to succeed, and with all these new partners, we drive forward the integration of the Bitcoin blockchain to the next level.

For an in-depth exploration of how these strategic partnerships transform the Bitcoin ecosystem and to stay updated with the latest developments, keep an eye on the Bitfinity Blog and connect with us through our various channels.

Want to see where Blaze (our mascot) found his other partners and what they bring to the Bitfinity ecosystem? Take a look at our other 16 partners, in previous partnership articles here! 🦦👇🦦

Connect with Bitfinity Network

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Bitfinity’s Blockchain Bash: High Five to Innovation