Blockchain News

Bitcoin DeFi is Here: Internet Computer Debuts $ckBTC/$ICP Swaps

The team at Dfinity has unlocked Bitcoin DeFi and the first swaps are available on a growing number of DEXes on the Internet Computer.

ICPSwap Launches Chain Key Bitcoin Swaps

The era of Bitcoin Decentralized Finance (DeFi) is upon us. Or at least on the Internet Computer. Decentralized Exchanges (DEX) on the ICP Network have debuted the first $ckBTC trading pairs and token swaps.

Just a few days after the Chain Key Bitcoin ($ckBTC) was minted on the Internet Computer and wallet functionality integrated, ICPSwap has become one of the first DEXes on the Internet Computer to offer tokenized Bitcoin with DeFi capabilities. $ckBTC is growing in availability across and can now be found on other DEXes like ICLighthouse.

Several other Decentralized Applications (Dapps) have onboarded the innovative Bitcoin tech to their platforms, including OpenChat where users can send messages that have $ckBTC tokens attached.

Users can head over to ICPSwap, and exchange some stablecoins into $ICP, the native token of the Internet Computer. From there, users can swap $ICP for $ckBTC and send it to each other in messages over OpenChat.

And with the tech of the Internet Computer, the $ckBTC effectively is sent via a layer-2 of the Bitcoin Network. Users can change that $ckBTC for $BTC 1:1. It’s all inter-compatible and analog.

The steps taken by the Internet Computer and the team at Dfinity are major milestones for the world of DeFi and Web3. The next steps are further product integration and Web3 growth for the entire ICP ecosystem!

What is the Internet Computer:

Internet Computer (ICP) is a set of protocols that allow independent data centers around the world to band together and offer a decentralized alternative to the current centralized internet cloud providers. The Internet Computer is a World Computer blockchain that can host and run mass-market social networks, online games, video streaming services, or enterprise systems entirely on the blockchain itself — eliminating the need for centralized IT and cloud services. The native ICP token is used for governance (holders can vote on the future of the network), to reward network participants for good behavior, and is used to pay fees for making transactions.

Where to find the Internet Computer:

Website | Twitter | Medium | Discord |

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