Aurora Labs has taken a significant step in blockchain integration by launching a Bitcoin Light Client and Relayer Service on August 13, 2024. This move connects the Bitcoin network with the NEAR Protocol, hence revolutionizing decentralized finance (DeFi) applications and expanding Web3 capabilities.

Enhancing NEAR with Bitcoin Integration

The newly developed Bitcoin Light Client operates as a smart contract on the NEAR network. This integration allows decentralized applications (dApps) on NEAR to verify Bitcoin transactions. Ensuring they have access to the most recent state of the Bitcoin blockchain. According to Alex Shevchenko, CEO of Aurora Labs, the value in the Bitcoin ecosystem is largely untapped, and this innovation marks a critical step in unlocking that potential. By enabling NEAR dApps to read and act on the Bitcoin blockchain’s state.

Moreover, this will facilitate the direct use of Bitcoin assets on the NEAR network. Complementing this, Aurora Labs introduced a Relayer Service that maintains synchronization between the Bitcoin network and the NEAR smart contract. This service continuously updates NEAR with the latest Bitcoin transactions, ensuring accurate and timely data.

Strategic Collaboration with Proximity Labs

Alongside Aurora Labs’ innovations, Proximity Labs has introduced a chain signature service for NEAR. This service is essential for creating native Bitcoin bridges and allows seamless transfers of Bitcoin (BTC) to and from the NEAR network.

Kendall Cole, founder of Proximity Labs, emphasized the critical role of the BTC Light Client in NEAR’s Bitcoin stack. This integration will enable developers to create a wide range of new applications for Bitcoin users, including money markets, decentralized exchanges (DEXs), launchpads, stablecoins, and more.

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