Persistence One is proud to unveil the testnet launch of its BTC interoperability solution. Over the coming weeks, a handful of users will be able to test the user-friendly cross-chain swapping solution for various BTC assets, all powered by the magic of Intents.
The testnet rollout will occur in three phases, gradually expanding access to accommodate more users.
Our goal is to help solve the fragmentation problem in the BTCfi world by connecting the BTC variants from multiple L2s and institutions together, making it easier to move BTC around in all its forms.
The Three Rollout Phases of the Testnet
The testnet rollout will occur over three distinct phases, enabling us to progressively enhance the product based on user feedback.
Phase one begins November 11th with an exclusive, invite-only group of our closest partners and collaborators. This group will provide essential feedback to refine the user experience.
In phase two, users will have the opportunity to be among the first to test our Interoperability product. Users can complete a form to receive access codes via email and Telegram, which will be valid throughout the testnet. The form will be available mid-week, and we encourage everyone to sign up within the first 72 hours to participate in this exciting phase. Codes will be sent to users on November 18th, allowing them to participate from the week commencing November 18th.
Phase three will introduce public access and is expected to launch on the week commencing November 25th. During this phase, users will complete daily tasks on a quest platform to receive access codes within 24 hours, granting them entry to the testnet.
By rolling out our testnet in three separate phases, we ensure the product can handle progressively larger loads and allow for multiple iterations based on user feedback.
The first version of the beta testnet will ship with BTCB and cbBTC integrated, with new L2 BTC Variants being gradually introduced over the weeks.
What is Persistence One?
Persistence One is building the number one BTC cross-chain interoperability product for Bitcoin-related assets across multiple ecosystems.
The Bitcoin ecosystem is experiencing a resurgence as multiple builders enter the ecosystem. The resurgence is primarily due to technical upgrades on the network that allow developers to introduce smart contract functionality and scalability to the network.
As a result, the number of L2s is rising, and most of them are introducing their own BTC variants. There are now dozens of BTC variants across these L2s and sidechains, and that number continues to grow with wrapped versions of BTC being introduced from major institutions like Binance (BTCB) and Coinbase (cbBTC).
Unfortunately, the liquidity in these individual BTC-variants is siloed, making it difficult to swap one for another across multiple ecosystems.
This is the problem that Persistence One intends to solve with its interoperability solution.
We want to make moving Bitcoin around in all its forms easier.
In short, by bringing interoperability to the BTCfi world, the ecosystem can:
- Onboard more users
- Boost DeFi activity
- Allow users to chase opportunities across multiple chains
- Create efficient markets
- Provide a better user experience in BTCfi.
Why Are We Using Intents?
The Persistence One mechanism for interoperability forgoes the traditional route of centralized bridges and AMMs and utilizes a cross-chain Intent-based solution.
A cross-chain intent is a mechanism that allows a user to specify the “what” of a particular swap without expressing the “how” it is achieved. It will enable users to simply broadcast the “intent” to make a cross-chain swap while letting experts (referred to as Solvers) use their deep liquidity sources to execute the swap.
They’re on-chain expressions of a user’s desired action and can be executed by Solvers in any arbitrary way. These Solvers play a crucial role in the process, as they are responsible for executing the swap in the most efficient and cost-effective way.
Intents provide a variety of benefits compared with other swapping solutions, including:
- More user friendly
- No slippage
- Zero-TVL required
- No need to incentivize liquidity
- More opportunities
- Interoperability
Overall, we’re excited to launch the testnet in the coming days and proud to be building on Bitcoin at the nascent stage of BTCfi.
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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