Polyhedra Network partners with EigenLayer to launch double pledge mechanism for Bitcoin zkBridge
Posted: January 26, 2024 6:14 AM Updated: January 26, 2024 6:16 AM
Correction and fact check date: January 26, 2024, 6:14 AM
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Polyhedra Network has partnered with EigenLayer to connect Ethereum with the Bitcoin network via the zkBridge cross-chain protocol.
Zero-knowledge interoperability infrastructure polyhedral network announced a collaboration with Ethereum pledge protocol EigenLayer to further develop zkBridge, a cross-chain protocol that facilitates connectivity from the Ethereum (ETH) to the Bitcoin (BTC) network.
It ensures a seamless bridge between the Ethereum and Bitcoin networks by incorporating zero-knowledge proof technology, featuring a double pledge mechanism, and implementing a penalty mechanism to enhance network security.
Polyhedra Network previously introduced the zkBridge Bitcoin messaging protocol and improved Bitcoin interoperability by collaborating with multiple development teams spanning various infrastructures within the Bitcoin ecosystem, Bitcoin Layer 2 network, wallets, DeFi protocols and tools.
Expanding on this initiative, Polyhedra Network has partnered with EigenLayer to launch dual staking across multiple blockchains, leveraging Polyhedra Network’s BTC bridge. EigenLayer’s dual staking mechanism powers the proof-of-stake network with a more stable native token.
Polyhedra Network has integrated BTC, the largest cryptocurrency by market capitalization, for dual staking. This approach provides an opportunity for BTC holders to generate revenue and provides significant benefits to the entire BTC ecosystem. Following the EigenLayer AVS mainnet launch, EigenLayer’s dual staking and integration with AVS will be officially launched.
Bitcoin dual staking via zkBridge and EigenLayer
In a pioneering approach to dual staking, Polyhedra Network is collaborating with EigenLayer to leverage the power of zkBridge by integrating native tokens with Bitcoin. However, unlike existing dual staking systems that utilize native tokens and ETH, it incorporates Bitcoin as a secondary staking asset.
An important element of this system is the double verification requirement. To be recognized as valid on the Polyhedra Network blockchain, all transactions must be approved by two separate groups: the native token operator and the BTC support operator. This double verification process ensures a high level of security and consensus.
BTC-backed operators also introduce a unique element to the staking mechanism. Their views and confirmations are securely communicated through zkBridge, serving as a trusted and secure channel for their contributions. This integration of Bitcoin expands the range of staking assets and leverages Bitcoin’s market stability and reputation to provide additional trust and resilience to the process.
Additionally, the Polyhedral Network dual staking mechanism significantly improves the security and reliability of transactions by implementing separate quorums that include native and BTC-backed operators. This framework requires a more comprehensive consensus among different asset holders, thereby reducing the likelihood of unilateral decision-making or manipulation.
This strategy further expands the staking ecosystem, encouraging a broader range of participants and assets. Bitcoin holders will have additional opportunities to participate and contribute to the blockchain’s security and consensus processes, thereby driving overall participation and investment in the network.
Polyhedra Network’s collaboration with EigenLayer represents a pioneering advancement in dual staking, integrating native tokens and Bitcoin through the innovative zkBridge protocol. This collaboration contributes to the rapid expansion of the Bitcoin ecosystem by strengthening security, trust, and participation.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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