Originally published on: November 04, 2024
The cross-chain messaging protocol, Chain Fusion, of Internet Computer has experienced a remarkable 1,230% surge in usage over the past year, primarily driven by Bitcoin-native applications, as per a report by developer The Dfinity Foundation.
Popular Bitcoin apps like Rainbow Protocol, Tap Protocol, and Bitfinity are leveraging Internet Computer to deploy smart contracts and innovative programs on the Bitcoin network, Dfinity disclosed.
Chain Fusion enables the activation of smart contracts for Bitcoin, as ICP can seamlessly interact with the Bitcoin network without the need for trusted bridges, the developer mentioned in a statement to Cointelegraph.
Internet Computer is a collection of protocols that empower independent data centers globally to unite and offer a decentralized alternative to the traditional centralized internet cloud providers, according to Coinbase.
Dfinity reported a 150% surge in network activity across all Internet Computer protocols. The recent Taproot upgrade of the Bitcoin network has sparked the emergence of Bitcoin-native decentralized exchanges (DEXs) and layer-2 (L2) scaling solutions, with the total value locked (TVL) exceeding $2.6 billion, data from DefiLlama revealed.
While Bitcoin-centric DeFi is still emerging, limited interoperability among DEXs remains a challenge, as highlighted by Alex Luce, CEO of Bitcoin developer Rebar Labs, in a conversation with Cointelegraph.
To tackle this issue, Luce is creating a product called Rebar Shield to promote interoperability within Bitcoin’s fragmented DEX ecosystem. The focus for Chain Fusion now is to integrate with Solana, as outlined in Dfinity’s Internet Computer ecosystem report.
Notably, Solana’s TVL witnessed a significant uptick from less than $250 million at the beginning of 2023 to almost $6 billion by Nov. 4, based on data from DefiLlama.
In a groundbreaking move, DecideAI successfully shifted an AI model onto the Internet Computer blockchain in August, marking a significant milestone in the blockchain space.
Join our Finance Redefined newsletter to stay updated on the latest DeFi developments, receive expert analysis, and explore new financial opportunities every Friday. Subscribe now to make informed decisions with confidence!
