⚡ ThorCorn: Native BTC Bridging
Corn has partnered with Thorchain to enable the fastest and most secure way to bridge native BTC to and from the Corn network.
What is Thorchain?
Thorchain is a decentralized liquidity protocol that enables users to swap native assets, like Bitcoin or Ethereum, across different blockchains. It operates without the need for wrapped tokens, centralized exchanges, or third-party custodians. By using liquidity pools and smart contracts, Thorchain allows users to exchange assets directly, securely, and in a trustless environment. Its decentralized structure reduces risks and allows for cross-chain interactions, making it a powerful tool for decentralized finance (DeFi) applications between different blockchains.
How does the native BTC bridging work?
Unlike traditional bridges, where BTC is wrapped and custodied, Thorchain simplifies the process. Instead of depositing BTC and waiting for it to be wrapped and emitted on Corn, users will seamlessly swap their BTC for one of the synthetic BTC assets that backs BTCN. This enables the quickest and safest way to bring BTC to Corn.
Once the swap is completed, BTCN is minted from this synthetic asset on the Corn network through the Bitcoin Clearing House, which happens atomically through decentralized smart contracts, all in one click. Even though multiple steps occur under the hood, the user only experiences a quick, trustless transaction, making the entire process seamless.
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Once on the Corn network, users receive their BTC in the form of BTCN, fully redeemable for native BTC at any time following the reverse process.
Will there be a fee for bridging?
Bridging will be free for users, however, there will be a small fee for the swap on Thorchain as well as a small amount of slippage. Slippage is expected to be minimal given the high liquidity of the Thorchain pools.
Will there be alternative bridging options?
While the Thorchain bridge is the most efficient and secure way to bridge native BTC back and forth between Corn and Bitcoin, there will be other routes available for users. These include bridging BTCN back to Ethereum in the form of one of the assets that back it (enabled by LayerZero and the Bitcoin Clearing House). Once on Ethereum, users can redeem these assets for native BTC through their respective bridges and custody providers.
Where can I learn how to do it?
You can find the instructions on how to bridge native BTC to Corn and BTCN back to native Bitcoin here.
