DeFi
OKX Ventures Announces Investment in DLC.Link, the First Native Bitcoin DeFi Protocol
SINGAPORE, March 14, 2024 /PRNewswire/ — OKX Enterprisesthe investment arm of OKXthe world’s leading cryptocurrency exchange and Web3 technology, is proud to announce its investment in DLC.Link, the first native cross-chain Bitcoin protocol that leverages Discrete Log Contracts (DLC) to enable Bitcoin from being used in DeFi protocols while being held. in personal custody wallets.
DLC.Link is a revolutionary project that aims to bring the power and innovation of DeFi to the Bitcoin ecosystem without compromising security, decentralization or user experience. DLC.Link partners with institutions (called “dlcBTC merchants”) to create dlcBTC, a decentralized wrapped Bitcoin. Unlike other forms of wrapped Bitcoin, dlcBTC does not require Bitcoin deposits to be held with a custodian or linked to a separate blockchain.
To create dlcBTC, Bitcoin depositors “self-wrap” by locking their collateral into a DLC that can only pay out to the original depositor. Thus, dlcBTC provides an “anti-theft” protocol, in the sense that Bitcoin deposits cannot be lost through hacking, theft or fraud. Additionally, because only the original depositor can recover the funds, dlcBTC is more censorship-resistant than current forms of wrapped Bitcoin.
Unlike Bitcoin L2 or sidechains, which require additional modifications to Bitcoin, support for DLC was added in Bitcoin’s Taproot upgrade. This means that DLCs can leverage the security, liquidity, and network effects of Bitcoin, while bridging DeFi protocols on Ethereum without requiring separate validator nodes. Instead, DLC.Link provides a network of DLC attestations running Ethereum validators, provided by popular node operators such as OKX, HashKey Cloud, Republic, P2P, Dextrac and others.
Aki Balogh, co-founder of DLC.Link, said: “wBTC has reached Top 15 token status, despite its centralized custody model. In contrast, dlcBTC is the only wrapped Bitcoin that is created from self-custody. to Bitcoin in 2021, enabling an anti-theft wrapping mechanism without the need to introduce a bridge or L2 chain will boost the adoption of Bitcoin in DeFi and has the potential to become a top 10 token.
Dora Yue, founder of OKX Ventures, said: “DLC.Link is a pioneering project aimed at bringing the power and innovation of DeFi to the Bitcoin ecosystem, without compromising security, decentralization or user experience. We are happy to support the vision and mission of DLC.Link OKX Ventures believes that DLC.Link will unlock more value and potential within Bitcoin and create a more open, inclusive and decentralized financial system.
To learn more about DLC.Link, Click here.
For more information, please contact:
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About OKX Ventures
OKX Ventures is the investment arm of leading cryptocurrency exchange and Web3 technology company OKX, with an initial capital commitment of $100 million. It focuses on exploring top blockchain projects globally, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investment in long-term structural value.
With its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Learn more about OKX Ventures here.
About DLC.Link
DLC.Link leverages the power of Discreet Log Contracts (DLC) to establish a trustless bridge between Bitcoin and Ethereum. This spring, DLC.Link will launch dlcBTC, allowing depositors to self-wrap their Bitcoin against DeFi on Ethereum while retaining full custody of their assets. This innovation transforms Bitcoin’s role in DeFi, allowing depositors to engage in transactions, lending, and hedging while maintaining self-sovereignty.
For more details, visit www.dlc.link
SOURCE OKX Ventures