Bifrost plans to launch native Bitcoin staking service BTCFi

Bifrost announced plans to launch a native Bitcoin collateral service called BTCFi. BTCFi runs on a decentralized protocol, without the need for intermediaries or third-party custodians. The core of this protocol is BtcUSD, which is an over-collateralized stablecoin backed by BTC. To support native BTC integration into BTCFi, the team will use fraud proofs to verify the operations of relayers, a method adopted by many Optimistic Rollup L2s on Ethereum. The team is currently porting the native BTC bridge from Ethereum to the Bifrost network.