Omnichain Ordinal Inscriber

Create Bitcoin-backed ordinal assets ( also other financial assets ) to inscribe data and use them within the Ethereum DeFi ecosystem through ZetaChain's omnichain network.

Built at ETHIndia 2023

ZetaChain: Best Contract for Bitcoin

Created on 9th December 2023

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Omnichain Ordinal Inscriber

Create Bitcoin-backed ordinal assets ( also other financial assets ) to inscribe data and use them within the Ethereum DeFi ecosystem through ZetaChain's omnichain network.

The problem Omnichain Ordinal Inscriber solves

Users can inscribe data permanently, backed by Bitcoin and create an ERC721 compatible NFT to be used in the all the EVM chains ( connected by zetachain ) This means you can mirror all the existing defi primitives with Bitcoin, starting out with NFTs with our protocol.
It was earlier impossible to create Bitcoin-backed assets and there weren't any bitcoin native defi protocols available. This presented a serious problem to wider use-cases the digital gold can provide. With our protocol, we allow users to create bitcoin backed NFTs and use them in a composable manner.
Zetachain's innovative approach to omnichain connectivity addresses critical interoperability challenges in the blockchainecosystem. This advanced functionality ensures that users are not constrained by the limitations of protocols with lower liquidity.Instead, it facilitates seamless integration and utilization of Bitcoin-backed financial instruments across multiple Ethereum VirtualMachine (EVM) compatible chains. By leveraging this omnichain interoperability, users can efficiently migrate their assets to theEVM chain that offers the most advantageous Annual Percentage Yield (APY) and superior liquidity pools.
By integrating diverse blockchain networks, Zetachain effectively mitigates the prevalent issue of fragmented liquidity in thedecentralized finance (DeFi) space.
Bitcoin often follows Ethereum's price trends, but Ethereum stands out due to its higher yields and greater usability, driven by itsnumerous ETH-backed protocols in the DeFi space. Our new protocol addresses this disparity, enabling the use of Bitcoin instandard financial protocols, traditionally dominated by Ethereum. This innovation allows Bitcoin to be seamlessly integrated intothe DeFi ecosystem, enhancing its utility and yield potential in various financial applications.

Tracks Applied (5)

Filecoin Track

We used bitcoins to store the data (metadata/files/information) which becomes a hash (CID on filecoin ipfs) and gets ins...Read More

Filecoin

Alliance Track

As a startup, we want to solve the problem of detachment of Bitcoin from the solid >$50 Billion Defi ecosystem by allowi...Read More

Alliance

Lighthouse.storage Track

We are using lighthouse, as it builds upon filecoin in many ways. Which goes from offering much better encryption, to fa...Read More

lighthouse

ZetaChain Track

Zetachain allowed us to create bitcoin-backed inscriptions and mint them as NFT to be used in the ERC721 ecosystem. Bitc...Read More

ZetaChain

Scroll Track

Link to Verified Contract deployed on Scroll: https://sepolia.scrollscan.dev/address/0x51a1ceb83b83f1985a81c295d1ff28afe...Read More

Scroll

Technologies used

Solidity

Chainlink

Spheron

Lighthouse.storage

Scroll

Polygon-Mumbai

zetachain

arbitrum-stylus

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