eigenbtc
restaking on bitcoin
Created on 1st March 2024
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eigenbtc
restaking on bitcoin
The problem eigenbtc solves
Restaking Bitcoin
- bitcoin staking is now possible via Babylon and others.
- no tooling yet to build restaking on bitcoin.
EigenBTC solves this problem!.
EigenBTC enables ethereum users to create BTC staking pools on babylon chain, using schnorr signatures on bitcoin and IBC. The staked rewards are sent to a MultisigThresholdPubkey on cosmos, but controlled via zetachain
Challenges I ran into
Eigenlayer on Babylon
The original goal was to build eigenlayer ontop of babylon chain. Babylon chain didnt launch a usable testnet until wednesday morning so the project got delayed until we could actually test the hypothesis.
It was challenging to figure out how to create multiparty bitcoin signatures, then connect to babylons testnet and wire everything up. The main issue was due to the number of different libraries and chains involved:
- bitcoin -> zeta
- bitcoin -> evm
- bitcoin -> IBC
doing cross chain dapp development is still unbelievelbly compleicated!
- evm to cosmos is hard
- evm to bitcoin is hard
- key generation and storage is hard
- none of the bitcoin providers supported signet BTC
on the last day of the hackathon babylon shut down their testnet so we were not able to demo our working prototype
Tracks Applied (6)
BUIDL with tBTC SDK
Threshold
Budl with TACo
Threshold
IBC Everywhere - Using Union infra to connect Ethereum and Cosmos
Union.fi Labs
ZBU Governance Innovation Hackathon
Zeebu
ZetaChain Best Omnichain Contract
ZetaChain
ZetaChain Best Use of Cross-Chain Messaging
ZetaChain
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