Sushi Expands to ZetaChain: Bitcoin Integration in DeFi Horizon

Sushi, a platform in the decentralized finance (DeFi) sector, has recently unveiled plans for expansion onto the layer-1 blockchain ZetaChain, ushering in native support for bitcoin (BTC). This strategic maneuver offers users direct access to bitcoin liquidity within the decentralized finance arena, eliminating the necessity for intermediaries like wrappers.

ZetaChain, having secured $27 million in funding earlier this year, now serves as the host for the inaugural native bitcoin trading experience within the DeFi domain. This advancement enables users to effortlessly exchange the leading cryptocurrency across 30 networks without the conventional requirement of wrapping, a process that typically enables the utilization of a coin on a blockchain different from its original issuance.

Sushi, in an official statement, underscored the significance of this expansion, emphasizing its role in empowering bitcoin holders to participate not only in fundamental DeFi activities such as trading but also in more sophisticated applications like lending and borrowing. Jonathan Covey, a key contributor to ZetaChain, highlighted the transformative shift in bitcoin's conventional use, asserting that it transcends its role solely as a store of value.

Covey expressed optimism about the potential for innovation within the DeFi ecosystem, stating, 

"Bitcoin is the largest liquidity pool, and there's a lot of opportunity for developers to involve that in all sorts of DeFi applications."

The integration of ZetaChain with Sushi coincides with the recent surge in bitcoin's price and trading volume, driven by anticipation surrounding the potential approval of a bitcoin exchange-traded fund (ETF). However, Covey clarified that the ZetaChain team had been meticulously working on this expansion for several years, and the fortuitous timing with the heightened attention on bitcoin is purely coincidental.

Ankur Nandwani, founder of ZetaChain and co-founder of Basic Attention Token, shed light on the evolution of their efforts. He acknowledged the groundwork laid by past initiatives such as Colored Coins and Mastercoin, underscoring the current wave of innovation propelled by a burgeoning community of developers dedicated to enhancing bitcoin's utility.

Nandwani stated, 

"We're at an inflection point where we're moving beyond merely recording bitcoin transactions as hashes on the blockchain, to developing applications that utilize actual bitcoin."

 This insight signals a pivotal juncture in the integration of bitcoin into a more diverse and functional array of applications within the decentralized finance landscape.

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