Sushi's DeFi Platform Brings Bitcoin to ZetaChain

• Sushi Expands to ZetaChain Layer-1 Blockchain to Introduce Native Bitcoin Trading
• Native Bitcoin Trading in DeFi
• Empowering Bitcoin Holders
• Enabling DeFi Applications
• Bitcoin's Market Status
• ZetaChain's Development

Sushi Expands to ZetaChain Layer-1 Blockchain to Introduce Native Bitcoin Trading

Decentralized finance (DeFi) platform, Sushi, recently announced it is broadening its reach to the layer-1 blockchain, ZetaChain, to incorporate native Bitcoin$42,260 -0.64% (BTC) support. This move comes after ZetaChain secured $27 million in funding earlier this year.

Native Bitcoin Trading in DeFi

The addition of ZetaChain in the DeFi platform represents the inception of native bitcoin trading. It allows users to exchange the leading cryptocurrency across thirty different networks without the need for wrapping. Wrapping is a process that enables a cryptocurrency to be used on a different blockchain than the one it was originally issued on.

Empowering Bitcoin Holders

The fundamental aim of this move is to equip Bitcoin holders with the ability to interact with key DeFi primitives such as trading, alongside more advanced applications including lending and borrowing. The new capability allows Bitcoin to transcend its conventional use as merely a store of value.

Enabling DeFi Applications

Given Bitcoin's status as the largest liquidity pool, there is a wealth of opportunity for developers to utilize the cryptocurrency in a wide array of DeFi applications.

Bitcoin's Market Status

Over the recent month, there has been a significant surge in Bitcoin's price and trading volume. This is primarily attributed to the growing anticipation surrounding the potential approval of a Bitcoin exchange-traded fund (ETF). The team behind ZetaChain stated that their current release is a product of years of work, and its timing coinciding with the market hype is merely coincidental.

ZetaChain's Development

Ankur Nandwani, the founder of ZetaChain and co-founder of Basic Attention Token, pointed out that previous efforts such as Colored Coins and Mastercoin have paved the way for their current innovations. He also recognized the burgeoning community of developers focused on Bitcoin utility. Nandwani noted that Bitcoin's utility is at a turning point. The focus is shifting from merely documenting Bitcoin transactions as hashes on the blockchain to developing applications that leverage actual Bitcoin.

Edited by Jonathan Stoker