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January 26, 2024

Polyhedra Network Teams Up with EigenLayer to Launch Double Pledge Mechanism for Bitcoin zkBridge

Polyhedra Network and EigenLayer Forge Path with zkBridge, Unveiling Dual Staking with Bitcoin Integration

Zero-Knowledge interoperability infrastructure Polyhedra Network announced a collaboration with Ethereum re-pledge protocol EigenLayer to further develop zkBridge–a cross-chain protocol that facilitates a connection from Ethereum (ETH) to the Bitcoin (BTC) network.

It incorporates zero-knowledge-proof technology, features a double pledge mechanism, and implements a penalty mechanism to enhance network security, ensuring a seamless bridge between the Ethereum and Bitcoin networks.

Polyhedra Network has previously advanced Bitcoin interoperability, introducing zkBridge Bitcoin Messaging Protocol, cooperating with multiple development teams, encompassing various infrastructures within the Bitcoin ecosystem, Bitcoin Layer 2 network, wallets, DeFi protocols, and tools. 

Expanding on this initiative, Polyhedra Network collaborated with EigenLayer to launch dual staking across various blockchains, leveraging Polyhedra Network’s BTC bridges. EigenLayer’s dual staking mechanism employs native and more reliable tokens, reinforcing Proof-of-Stake networks.

Polyhedra Network incorporated BTC, the cryptocurrency with the largest market capitalization, for dual staking. This approach provides opportunities for BTC holders to generate profits and delivers substantial benefits to the overall BTC ecosystem. The official launch of the integration with EigenLayer’s dual staking and AVS will occur following the EigenLayer AVS mainnet launch.

Dual Staking with Bitcoin through zkBridge and EigenLayer

In a pioneering approach to dual staking, Polyhedra Network’s collaboration with EigenLayer will integrate native tokens and Bitcoins, harnessing the capabilities of zkBridge. However, unlike traditional dual staking systems that utilize native tokens and ETH, it incorporates Bitcoins as a secondary staking asset.

A crucial element of this system is the dual validation requirement. To be acknowledged as valid on the Polyhedra Network blockchain, any transaction must receive approval from two distinct groups: the native token operators and the BTC-backed operators. This dual validation process ensures a heightened level of security and consensus.

Furthermore, the BTC-backed operators introduce a distinctive element to the staking mechanism. Their perspectives and confirmations are securely communicated via zkBridge, serving as a dependable and secure channel for their contributions. This integration of Bitcoin broadens the range of staking assets and utilizes Bitcoin’s market stability and reputation, providing an additional level of trust and resilience to the process.

Moreover, by implementing separate quorums involving native and BTC-backed operators, the Polyhedra Network dual staking mechanism markedly enhances the security and reliability of transactions. This framework reduces the likelihood of unilateral decision-making or manipulation, as it mandates a more comprehensive consensus among diverse asset holders.

This strategy additionally broadens the staking ecosystem, encouraging a more extensive spectrum of participants and assets. Bitcoin holders will have an additional opportunity to engage in and contribute to the blockchain’s security and consensus processes, fostering increased overall participation and investment in the network.

Polyhedra Network’s collaboration with EigenLayer represents a pioneering advancement in dual staking, integrating native tokens and Bitcoins through the innovative zkBridge protocol. This collaboration enhances security, trust and participation, contributing to the rapid expansion of the Bitcoin ecosystem.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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