The addition of ZetaChain, which raised $27 million earlier this year, introduces the first native bitcoin trading in DeFi, enabling users to swap the largest cryptocurrency across 30 networks without wrapping, Sushi said in a release. Wrapping a coin allows it to be used on a different blockchain than the one it was originally issued on.
"We're aiming to empower bitcoin holders to engage with key DeFi primitives, such as trading, along with more sophisticated applications like lending and borrowing," Jonathan Covey, a core contributor to ZetaChain, said in an interview with CoinDesk. By allowing bitcoin to be used with Sushi, it goes beyond its traditional use case as just a store of value, he said.
"Bitcoin is the largest liquidity pool, and there's a lot of opportunity for developers to involve that in all sorts of Defi applications," Covey said.
"We're at an inflection point where we're moving beyond merely recording bitcoin transactions as hashes on the blockchain, to developing applications that utilize actual bitcoin," he said.
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