🧞Top challenges in Liquid Restaking and plans for EthCC!

+ 3 (!!!) great events at EthCC

May 20, 2024

GM and happy Monday frens🖖

Bitcoin is still standing strong - recently it had its best day since March, from time to time you can find predictions that it's going to cost 500K$ in 2025.

But it is almost never used in DeFi - you can see wrapped, staked, and restaked ETH, but not BTC

Today we'll understand the problem and find a solution.

So today we are going to talk about:

🎉 3 events for all Web3 and AI devs
💾 Bitcoin and omni-contracts
📰 This week's news

⛓️The biggest L2 event at EthCC

It's all about Layer 2 and modularity, baby.

Partners Starknet, zkSync, Cartesi, Zircuit, nil; Foundation, Limechain, NEAR, Boba Network, Morph and others have already joined!

⭐What to expect:

55+ speakers
700+ attendees
Developer focused

🗓July 9
📍Brussels

🥩Option for restaking fans

Restaking & Infra Day is a one-day event for web3 developers, tech founders and non-technical web3 enthusiasts who want to dive deeper into the rapidly developing field of restaking technologies & solutions.

Listen to speakers from Eigen, Picasso, Etherfi, Trust Wallet, Zetta Block and others!

🗓July 8
📍Brussels

Get me a ticket

🤖Hackathon for decentralized AI

This one for the AI lovers!

The online program kicks off on June 11 and is designed to immerse you in the world of decentralized AI, showcasing existing solutions and preparing you for the main event.

Expect sessions with leading experts from companies like Valory, Flashbots, Canonical, and NapthaAI, along with a workshop by Dorahacks on succeeding at hackathons

🗓June 11 – July 2
📍Online

🤿Deep-dive: How to bring Bitcoin with Web3

How to make Bitcoin great again - From Denis Fadeev, Head of Dev Experience @ Zetachain. Keynote from Restaking & Infra Day at Dubai, full version is here.

Bitcoin is underutilized in DeFi

Bitcoin is doing well, even better than ever, with a huge market cap and market dominance over 50 percent. It is the biggest and arguably the most important asset in crypto. We're seeing its growth in every single market.

But it's almost unused in DeFi. The most popular way to use Bitcoin in DeFi, wrapped BTC, is tiny compared to ETH.

So we have this huge market overall, and less than one percent is being used in DeFi.

Why's that?

Problem with Wrapped Bitcoin

One reason why WBTC is not as popular as Bitcoin should be is because of user experience.

We have a lot of Bitcoin users and most of them are very conservative. They might not know about other blockchains.
They don't really trust other blockchains. They hold Bitcoin and they want to keep using it.

However, there are not many opportunities for them to utilize their BTC in a meaningful, decentralized way that they prefer.

Zetachain's way to solve this problem

Zetachain is considering how to connect all these blockchains, not just EVM-compatible ones or those that are easy to connect, but all of them.

This concept is referred to as omni-chain contracts, where "omni" encompasses all blockchains, not just the ones favored or easily supported.

Instead of deploying smart contracts on every chain, creating a complex network for sending and receiving messages while synchronizing state, omni-chain contracts offer a more scalable solution. Deploying individual contracts on each of the numerous chains, especially as their number grows, is impractical and unsustainable.

A more scalable approach is to have a single contract capable of connecting to any blockchain, including Bitcoin. So with omni-chain contracts, only one contract needs to be deployed on Zetachain, by default compatible with all the connected chains.

Future

The end user sees their asset from one chain transformed into another asset on another chain without having to deal with wrapped assets. This is very powerful because the problem with WBTC and most other solutions is that users, especially Bitcoin users, already have a wallet. They can send a Bitcoin transaction, but they often don't know much beyond that and don't have tokens for gas or know how to use an EVM wallet.

With ZetaChain, they don't need to worry about these details. They just issue a Bitcoin transaction that triggers a deposit into your contract.