Singapore, Singapore, June 11th, 2024 – Coinscribble by Coinbound / Zulu Network has broken ground with the first Snark Proofs on Bitcoin. This ushers in a massive step in pioneering a Trust-Minimized Bridge to revolutionize the DeFi landscape.
BitVM author, Robin Linus, recently wrote a tweet heralding the first Snark proofs on Bitcoin, a significant achievement attributed to the Zulu Network team. The inclusion of the inaugural zip verifying test, crafted with Bitcoin script, marks a crucial milestone in the advancement of blockchain technology. This breakthrough paves the way for further innovations, particularly as Zulu Network begins work on the maiden trust-minimized decentralized bridge peg in and peg out operation linking the Bitcoin network and the Ethereum blockchain.
The introduction of this pioneering technology (as described in this tweet written by the Zulu team) holds immense promise for the future of Bitcoin native DeFi and the broader cryptocurrency industry. By enabling a seamless and secure connection between these two prominent networks, Zulu Network’s initiative could revolutionize the way in which assets are transferred and utilized within the ecosystem. This development is poised to enhance interoperability, foster greater liquidity, and drive increased efficiency, bolstering the growth and sustainability of decentralized finance solutions. This initiative is in more details in this blogpost by the Zulu team.
As the industry continues to evolve, such groundbreaking achievements underscore the potential of blockchain technology to transcend existing boundaries and create new opportunities for users and developers alike. With the convergence of Bitcoin and Ethereum through the efforts of Zulu Network, we stand on the cusp of a transformative era in decentralized finance and digital asset innovation.
Zulu Network is focusing on providing the blockchain ecosystem with a UTXO Innovation layer. By tapping into various liquidity layers from its own Layer 2, other Bitcoin layer 2s, re-staking and CeDeFi platforms, it aims to empower users with unparalleled access to decentralized finance and innovation.
With over 700K users on it’s initial EVM Liquidity Layer Testnet, and incoming multiple liquidity layer sources, Zulu is poised to be a leader in the upcoming creative DeFi movement pioneered by Ordinals and Runestones. While most of those assets involve adding JSON text and data on top of individual Satoshis (a base measurement of a Bitcoin fragment), Zulu’s upcoming UTXO Innovation layer will connect all Bitcoin layer 2 liquidity sources and enable programmable states for UTXO assets enabling smart contacts and untold advancement.
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