Persistence One is thrilled to announce that it is integrating the LayerZero protocol as a communications layer for its BTC Interoperability solution. This solution is designed to provide cross-chain BTC swaps with near instant fulfilment through intents.
Persistence One is on a mission to decrease fragmentation in the BTCfi world by building the number one venue for swapping BTC and its variants across multiple networks.
LayerZero is one of the industry’s leading communications protocols that will be integrated into the Persistence One solution to send messages and data between two separate blockchains during cross-chain swaps.
What is LayerZero?
LayerZero is an omnichain protocol at the heart of cross-chain interoperability. As the number of blockchains rises, communications between these siloed ecosystems are vital—this is where LayerZero steps in.
LayerZero allows separated blockchains to be connected by transferring data across networks. The platform wants to be the base layer for an extensive collection of blockchains that can function independently while communicating data between ecosystems.
Founded by Bryan Pellegrino, Ryan Zarick, and Caleb Banister in 2021, LayerZero is now supported by 70+ blockchains. With their combined expertise and vision, LayerZero has facilitated over $50 billion in value transfer across networks, with over 200 applications deployed.
Why Integrate Persistence One Into LayerZero?
LayerZero will serve as the communications layer for the Persistence One interoperability system.
As our interoperability platform is a cross-chain swapping solution powered by intents, a communications layer is required to relay messages between the two blockchains—the source and destination.
Intents are an innovative swapping solution that simplifies the user experience. Users only need to specify the ‘what’ of a cross-chain swap, while the ‘how’ is handled by solvers. These market makers use their unified liquidity to complete the transaction, providing the best rates with near instant order completion and zero slippage.
The persistence One smart contract is integrated into the source and destination chains. For the cross-chain intent to work, users must escrow their funds on the source blockchain, and the Solver completes the swap on the destination blockchain.
The LayerZero integration is a crucial piece of infrastructure that notifies the smart contract on the source chain that the swap has been completed on the destination chain, releasing the funds to the Solver.
How Does It Work?
The following user flow breaks down the BTC cross-chain swaps process:
- The user requests a quote for a BTC swap between two networks.
- A Solver provides a quote.
- The user accepts the quote.
- The user sends the signed order to the persistence backend.
- The solver then submits the order on the source chain smart contract and escrows user’s funds.
- The Solver sends the desired BTC variant to the Persistence One smart contract on the destination chain which is then sent to the users’ address indicating intent fulfilment.
- Destination chain smart contract uses LayerZero to pass the message to the source chain indicating that the swap has been completed..
- The Persistence One smart contract on the source chain releases the escrow to the Solver.
Best of all, this can all be completed in just a few clicks for the user, with solvers handling the rest. This provides a seamless process that takes just a few seconds for users, ensuring an efficient and quick experience.
What is Persistence One?
Persistence One is a Bitcoin-focused cross-chain swapping solution. Our platform will use a cross-chain intents-based solution, which allows users to specify the outcome of a particular swap while allowing the Solvers to choose their routes to make it happen. Essentially, it will enable users to specify the ‘what’ of a specific swap, such as the desired asset and quantity, while leaving the ‘how’ it is executed to the experts. Solvers can utilize unified liquidity across the entire market and take on the finality risk for users to provide incredibly fast swaps between chains with zero slippage.
To learn more about cross-chain intents, take a look at this blog.
Most importantly, Persistence One and its interoperability product will be secured by Bitcoin, leveraging the security-sharing infrastructure introduced by Babylon Labs.
As you can see, we’re very BTC-orientated, and our service for BTC builders will only integrate BTC-aligned or BTC-related assets. Our goal is to make it easier to move Bitcoin around in all its forms and help bring the BTCfi world closer together in a cohesive ecosystem to push the boundaries of what’s possible with BTCfi, and we welcome LayerZero into our ecosystem!
About Persistence One
Persistence One is building a Bitcoin interoperability solution to enable cross-chain BTC swaps across Bitcoin Layer 2s.
The rapid rollout of Bitcoin L2s and side chains has led to fragmentation, hurting BTCfi scalability. Using the power of intents, Persistence One will enable users to move assets across Bitcoin Layer 2s more efficiently than traditional bridging, offering fast, secure, zero-slippage cross-chain swaps.
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