Kinetex Network partners with Succinct to develop BTCX, a Bitcoin ZK light client for DeFi evolution
Posted: February 23, 2024 12:28 PM Updated: February 23, 2024 12:34 PM
Correction and fact check date: February 23, 2024, 12:28 p.m.
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Kinetex Network is collaborating with Succinct to develop BTCX, a Bitcoin ZK light client tailored for EVM-compatible chains.
Kinetex Network is developing BTCX, a Bitcoin ZK light client tailored to EVM-compatible chains. The project aims to enable secure BTC transactions within the Ethereum DeFi ecosystem. Kinetex is building BTCX leveraging Succinct Labs’ infrastructure for programmable truth. Succinct specializes in building core ZK infrastructure, including decentralized proof networks and the open source zkVM called SP1.
Kinetex Network’s flagship product, Flash Trade, facilitates user trading intent resolved through a network of professional market makers.
“Flash Trade integrates the ZK light client for cross-chain interaction, allowing the state of one network to be received by another without relying on third-party validators, eliminating the need to store funds in pools, excessive gas fees, and other Eliminates the problem. It has been hindering the growth of DeFi for a long time,” Tigran Bolshoi, co-founder of Kinetex Network, told Mpost.
“Based on Succinct’s infrastructure, Flash Trade integrates the ZK Lite Client, giving users a new level of swapping experience, including fast trade execution, extremely low fees, direct payments without intermediaries, and much more affordable and affordable gas prices. I will.” Added.
Additionally, the Kinetex network aims to verify the ZK proof of Bitcoin’s root of state on Ethereum with just 300,000 gas through BTCX, allowing users to safely trade BTC within the Ethereum DeFi ecosystem.
Succinct and Kinetex Simplify ZKP Integration on BTCX
Succinct’s decentralized proof network, combined with an open source zero-knowledge virtual machine (zkVM) called SP1, forms the backbone of the BTCX infrastructure. Although still in development, this network promises to provide a decentralized and trustless environment for verifying cryptographic proofs, ensuring the integrity of transactions and smart contracts in a variety of blockchain applications.
According to Kinetex Network founder Tigran Bolshoi, the Succinct tool simplifies ZK circuit development, replacing months of deploying custom infrastructure for ZKP creation and enabling production deployment using a custom SDK. Succinct also tracks the progress of your latest circuit builds and proof systems to optimize debugging and release preparation.
“By verifying the status of Bitcoin on Ethereum with minimal gas costs, Flash Trade eliminates the need for third-party validators and dependence on liquidity pools and enables direct two-way exchange between Bitcoin and Ethereum, enabling BTC trading. Simplify further. Liquidity pools and external validators for Bitcoin liquidity,” Bolshoi told Mpost.
Backed by a network of professional market makers, Flash Trade’s decentralized intent-based trading model simplifies the cross-chain exchange process, ensuring rapid execution with no slippage and minimal gas costs.
Kinetex addresses the potential risks associated with assuming liveness for the creation of critical proofs on the BTCX bridge through a network of staked nodes called maintainers. These nodes support liveness assumptions by ensuring that the bridge is updated to the latest state. Nodes operate in a permissionless and trustless layer, meaning that only one honest participant can contribute a valid block to the Bitcoin network, ensuring correct state updates.
Kinetex also leverages Succinct’s open source libraries, such as plonky2x and Curta, to build optimized circuits for fast verification times. Open source libraries such as plonky2x and Curta greatly optimize circuits for fast proof generation and improve the efficiency of BTCX.
Plonky2x improves code readability and maintainability while allowing for various optimizations. Likewise, the Curta AIR-builder library integrated into the Succinct interface optimizes SHA-256 calculations to reduce proof time.
The collaboration between Kinetex and Succinct marks an important milestone in the advancement of decentralized finance, combining cutting-edge technologies to push the boundaries of what is possible in blockchain and digital asset trading. With BTCX, users can look forward to a future where secure and efficient cross-chain transactions become the new standard, ushering in a new era of financial freedom and innovation.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.