- The idea is to connect decentralized stabelcoins and L1 coins to the Lightning Network ecosystem
- Founder Alexey Zamyatin talks about the project
Yesterday, May 7, Interlay Labs founder Alexey Zamyatin announced the company’s new project. The studio is developing a new token standard – BRC-21.
Its main feature is to support transfers in the Lightning Network ecosystem.
“This is the BRC-21 standard proposal for a mint of fully decentralized Bitcoin-based cross-chain tokens.
This will allow to convert both L1-assets, such as ETH, SOL, DOT, and stabelcoins such as DAI, LUSD into bitcoins with further connection to LN,” Zamyatin said.
For information about the offer, please click here. It’s only a “blueprint” so far, but it gives a good idea of what the idea is. The idea is to deploy decentralized stabelcoins in the Lightning ecosystem.
At the same time, the company believes that this method of minting and redeeming to/from Bitcoin has a much better chance of mass adoption. The project is based on BRC-20 with some modifications.
“If you want Bitcoin and Lightning to continue to evolve, they must become better. This is one of the many ways in which innovations from other networks can be linked to Bitcoin,” Zamyatin emphasized.
Interestingly, Emblem Vault developer and co-founder Michael Sullivan commented on the news. He noted that he, too, is working on BRC-21 as an extension of BRC-20.
The introduction and popularization of the BRC-20 standard has led to a spike in unconfirmed transactions on the Bitcoin network.
This, in particular, affected the commissions. Recall that last night, May 7, the average transaction value exceeded $19.