Aurora unveils new products to connect Bitcoin and NEAR

Source: Crypto Briefing

Aurora Labs, the team dedicated to the development of the Aurora ecosystem, has unveiled Bitcoin Light Client and Relayer, its new products created to bridge the Bitcoin network with the NEAR protocol, the team shared in a Tuesday press release.

The integration aims to open up new possibilities for decentralized finance (DeFi) applications and broaden Web3 interoperability, Aurora Labs stated.

Developed by Aurora Labs, the Bitcoin Light Client functions as a smart contract on the NEAR network. It enables NEAR dApps to verify Bitcoin transactions and maintain access to the most current Bitcoin chain state, essentially laying the groundwork for a forthcoming Bitcoin bridge that will facilitate the use of Bitcoin assets on NEAR.

“There’s a lot of untapped value in the Bitcoin ecosystem. NEAR Chain Signatures are a solid step forward, but to really unlock Bitcoin’s potential, we need the ability to read and act on its state,” said Alex Shevchenko, Aurora Labs CEO.

“That’s why we created a trustless Bitcoin Light Client that works as a smart contract. With this and Chain Signatures together, we’re opening the door for Bitcoin to finally enter the DeFi world,” Shevchenko added.

While the Bitcoin Light Client enables transaction verification, the Relayer keeps the light client synchronized with the Bitcoin network. It will act as a conduit that continuously updates the NEAR smart contract with the latest Bitcoin transactions, according to the team.

In addition to the two products, Aurora Labs has released a chain signature service from Proximity Labs, which supports the creation of native Bitcoin bridges, enabling BTC transfers to and from the NEAR network.

“The BTC light client is a critical part of the Bitcoin stack that NEAR now enables,” said Kendall Cole, founder of Proximity Labs. “When combined with chain signatures, developers will be able to create an entirely new set of applications for Bitcoin users, including money markets, DEXs, launchpads, stablecoins, and more, all with seamless user experiences.”

Aurora Labs also revealed plans to deploy the Satoshi Bridge, the next step in connecting the Bitcoin and NEAR ecosystems. The bridge will allow users to directly transfer Bitcoin (BTC) onto the NEAR blockchain.

Plus, it will support Rune and Ordinals, creating even more possibilities for developers to build innovative DeFi applications, the team hinted.

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Author: Vivian Nguyen