Polkadot Integrates ICON’s BTP For Cross-Chain DeFi Solutions And True Interoperability

Announcements, Blockchain, News | April 2, 2021 By:

Blockchain Transmission Protocol (BTP) Working Group has announced its first integrations of BTP into the Polkadot ecosystem.

BTP Working Group is a team of ICON core members and third-party developers working towards true blockchain interoperability. Currently, the group has three third-party developer groups (Edgeware, ICON DAO, and Web3 Labs) learning the BTP architecture and working on implementations. By the end of 2021, the group’s goal is to grow the BTP Ecosystem larger than any other interoperability solution currently available on the market; not only in the number of blockchain integrations but also in the number of tangible use cases.

In a press release, the group said that Acala, Moonbeam, Edgeware, and Plasm, four of the top parachain candidates in the Polkadot ecosystem, will be the first integrated into BTP, enabling developers to build complex applications tapping into different blockchain infrastructures.

“Acala brings a robust, EVM-compatible Polkadot DeFi ecosystem, Moonbeam brings unmatched Ethereum compatibility and the largest and most robust portfolio of live integrations across the DeFi, NFT, and gaming spaces, Edgeware brings decentralized community governance, and Plasm brings a DApp hub and layer 2 solutions for the Polkadot Ecosystem,” BTP Working Group stated. “We look forward to working closely with all four of these teams and envision many collaboration opportunities across all of our ecosystems.”

The next milestone for the Polkadot integration is to have testnet implementations for BTP smart contracts completed by the end of Q2 2021 and main net support upon launch of ICON 2.0. ICONDAO, a passionate software development team and ICON validator, is spearheading these efforts for the working group and has already spent considerable time and resources familiarizing themselves with the Polkadot technology stack.

“ICON is excited to collaborate with Polkadot as we have similar ideals of a cross-chain world and a community of communities,” said Scott Smiley, Director of Strategy for the ICON Project. “The unique aspect of these integrations is the trustless security achieved through cryptography rather than other comparable technologies relying on trusted 3rd parties. The possibilities of this technology are limitless, but initially we’ll focus on token transfer capabilities for cross-chain DeFi solutions.”

At the end of 2021, ICON plans to announce multiple additional use cases and partnerships that entail fully decentralized cross-chain applications, such as cross-chain yield aggregators, cross-chain money markets, and cross-chain NFT marketplaces.