The need for seamless cross-network transfers and enhanced liquidity has become increasingly important. Multibit and Bitstable are two protocols that aim to address these challenges by leveraging the capabilities of Core Chain. Let's explore how Multibit and Bitstable, both live on Core Chain, contribute to the growth and development of the Bitcoin ecosystem.
Multibit is a protocol that seeks to bridge the gap between the Bitcoin network and EVM (Ethereum Virtual Machine) networks. It achieves this through the use of the Multibit Bridge, a secure and efficient bridging mechanism. The Multibit Bridge enables seamless cross-network transfers of tokens between the ETH chain, BNB chain, BTC network, and Core Chain thereby enhancing the liquidity of BRC20 tokens.
To facilitate interoperability, Multibit utilizes the BRC20 token standard. A fungible token created using Ordinals and Inscriptions and stored on the Bitcoin network. The BRC20 token standard differs from the token standards used in EVM chains, as it lacks the ability to interact with smart contracts like the EVM standard, and there is no real way to build a liquidity pool natively on bitcoin. By bridging the BRC20 assets to EVM chains, these assets can be traded in DEX venues with AMM mechanism.
The token deposit process begins by depositing Bitcoin BRC-20 tokens (BRC20s) into a unique address provided by the Multibit Protocol. Once the deposit is verified, Multibit mints an equivalent amount of tokens on Core Chain. These tokens are periodically consolidated and securely transferred to a unified cold wallet. When users want to withdraw their tokens, Multibit deducts the corresponding amount from the EVM chain and transfers an equivalent value from the secure cold wallet back to the user.
BitStable allows the creation of DAII using Bitcoin native assets such as ORDI, BTC, MUBI, BSSB, as well as EVM assets like USDT and FDUSD. BitStable will also incorporate additional Bitcoin-aligned assets such as CORE and Core Chain ecosystem assets.
Multibit's bridging mechanism enhances liquidity between the Bitcoin network and EVM networks, while Bitstable contributes to stability in the market. Core Chain's unique features, such as its hybrid score system and scalability, further strengthen the ecosystem. With these protocols and Core Chain working together, the potential for innovation and growth has no boundaries.
Core is a Bitcoin-powered blockchain unlocking EMV-Compatible BTCfi beginning with the first ever implementation of Non-Custodial BTC Staking and the world’s first yield bearing BTC ETP. Core is the most Bitcoin-aligned EVM blockchain with ~55% of Bitcoin mining hash power contributing to the network’s security and over 4,800 BTC natively staked in exchange for unlocking Bitcoin utility and rewards. This breakthrough has amassed millions of Core adopters - over 19M unique addresses and 260M transactions since its mainnet launch in January 2023.
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