Maestro wants to include Bitcoin-based assets such as ordinals and enter the budding BTCFI ecosystem with the upcoming launch of a new “Metaprotocol indexer” for applications built on the internet computer protocol.
It promises to be an important piece of infrastructure for Bitcoin Defi developers who can use the way in which ordinals and runes can be used can be used by financial applications, which simplifies how they are used as collateral for decentralized loans, for example.
What the indexer does is to make trustless validation of runes and ordinals possible, which means that they can be verified without vulnerable cross-chain bridges or external preservators. In turn, this offers increased security for every Defi user.
Ordinals and Runen are a game-changing development in the Bitcoin ecosystem. These new protocols support the creation of non-fungal tokens and memecoins that live on the original Bitcoin blockchain, which increases usefulness. They have played an important role in helping to grow the Bitcoin ecosystem, transforming a store into a rich, digital asset platform that can provide a basis for decentralized finances.
However, the use of ordinals and runen in Bitcoin-based Defi has remained a challenge, especially in the context of cross-chain applications, because there is no easy way to bridge them from Bitcoin’s blockchain to other decentralized networks.
This is the challenge that Maestro tries to resolve, and to do this, a significant subsidy from the DFINity Foundation, one of the most important financial financiers of the internet computer protocol, has just been received. ICP, as it is called, is the maker of a popular Bitcoin integration that offers smart contract-like functionality to BTC assets and is used by developers to build advanced Defi applications with similar functionalities such as those on Ethereum, Solana and other smart contract chains.
Maestro explained that the indexer makes it easy for Defi applications to actively validate on ordinal or rune, so that they can be used by cross-chain applications such as liquidium, Odin.Fun and Almansheid, without taking the risks related to blockchain-bridges and managers.
Liquidium indeed wanted to proclaim that it is the first ICP -based application that uses the indexer of the Maestro. It wants users to be able to lock ordinals and run assets on the Bitcoin blockchain, so that they can be dropped off as collateral to borrow cryptocurrencies based on Ethereum such as USDC. By using the indexer to validate those assets native within ICP buses (smart contracts), liquidium can process decentralized loans much faster, and with fewer security risks, it said.
Co-founder of Maestro and Chief Executive Officer Marvin Bertin said that the integration will help to strengthen ICP’s lead within the Bitcoin Defi-Ecosystem and give developers the opportunity to develop new categories of Cross-Chain applications that can use liquidity-based liquidity. He added that the company is planning to make the Indexer Open Source, to guarantee complete transparency and to give developers the opportunity to adjust it to their needs.
Lomesh Dutta from Dfinity Foundation is of the opinion that the development has the potential to unlock a “huge wave of innovation” from developers who use ICP’s chain fusion technology. “The Native Indexer of Maestro adds a valuable stretch of infrastructure for the growing Bitcoin -Defi ecosystem on the internet computer,” he added.
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