DeFi
Robin Linus Announces Zulu Network Breakthrough: First SNARK Proofs on Bitcoin, Paving the Way for Revolutionary DeFi Bridge
Singapore, Singapore, June 11, 2024, Chainwire
Coinscribble by Coinbound / Zulu Network broke new ground with the first Snark proofs on Bitcoin. This marks the beginning of a major step in creating a minimized trust bridge to revolutionize the DeFi landscape.
BitVM author Robin Linus recently wrote a tweet announcing the first Snark proofs on Bitcoin, a significant achievement attributed to the Zulu Network team. The inclusion of the first zip verification test, built with Bitcoin script, marks a crucial step in the advancement of blockchain technology. This breakthrough paves the way for further innovations, especially as Zulu Network begins work on the first trust-minimizing decentralized bridge peg and pull operation connecting the Bitcoin network and the Ethereum blockchain.
The introduction of this pioneering technology (as described in this tweet written by the Zulu team) is extremely promising for the future of Bitcoin’s native DeFi and the broader cryptocurrency industry. By enabling a seamless and secure connection between these two leading networks, Zulu Network’s initiative could revolutionize the way assets are transferred and used within the ecosystem. This development is poised to improve interoperability, foster greater liquidity, and generate increased efficiency, thereby enhancing the growth and sustainability of decentralized financial solutions. This initiative is more detailed in this blog post by the Zulu team.
As the industry continues to evolve, these groundbreaking achievements highlight the potential of blockchain technology to transcend existing boundaries and create new opportunities for users and developers. With the convergence of Bitcoin and Ethereum through the efforts of Zulu Network, we are at the dawn of a transformational era in decentralized finance and digital asset innovation.
Zulu Network is focused on providing the blockchain ecosystem with a UTXO innovation layer. By leveraging various liquidity layers of its own layer 2, other Bitcoin 2 layers, re-staking platforms and CeDeFi, it aims to provide users with unprecedented access to decentralized finance and innovation.
With over 700,000 users on its initial EVM liquidity layer testnet and multiple incoming liquidity layer sources, Zulu is poised to become a leader in the next creative DeFi movement launched by Ordinals and Runestones. While most of these assets involve adding text and JSON data on top of individual Satoshis (a basic measure of a Bitcoin shard), Zulu’s next UTXO Innovation layer will connect all of Bitcoin’s liquidity sources. layer 2 and will enable programmable states for UTXO assets enabling intelligent contacts and incalculable progress.
About the Zulu Network
Zulu Network is the first Bitcoin Layer 2 with a 2-layer architecture. ZuluPrime is EVM compatible, for scaling and BitFi; ZuluNexus offers UTXO programmability, a unique solution to continuously support Bitcoin-native innovation (cheaper, fast, scalable and programmable). Zulu’s other innovations also include its decentralized bridge and unique PoS/PoW hybrid mining design.
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Contact
Luke
luke@zulunetwork.io