RelayX Bridging Crypto with BitCoin
RelayX started as a Superwallet where assets across ledgers would become interoperable with one another and today we are announcing our latest endeavour — RelayX Bridge
Crypto is a $1 trillion industry that has captured the attention of the world’s talent and capital. Bridges have been made between the crypto ecosystem and the legacy world evidenced by products such as bringing BTC and ETH to the CME and ETFs in traditional finance and likewise the other direction like USD being bridged as a stablecoin in the form of USDC, USDT etc.
BitCoin has been missing a bridge to the crypto world and crypto assets have largely not been tokenised on BitCoin.
We are changing that. At RelayX, we experimented manually bridging SAITO onto the RelayX DEX and AMM with great adoption. We saw mutual cooperation that led to benefits for both chains. To this end, we want to continue bridging crypto together with BSV. Our roadmap on this front is outlined below:
- List selected ERC-20 tokens onto BSV as RUN tokens
- Enable withdrawals of existing ERC-20 based RUN tokens (i.e. USDC, SAITO, WOO)
- Enable deposits of selected ERC-20 tokens
- New listings with full deposit and withdraw support
- Mint BSV as an ERC-20 token, wBSV, to take advantage of existing DEX/AMMs on other chains
- Consider building bridges to other chains
Why is RelayX doing this?
Many of our customers want access to assets that aren’t natively issued on BitCoin in addition to all of the newly minted tokens by creators on RelayX. As centralised exchanges delist BSV and those who still support BSV enforce 200+ confirmations (36+ hours) for deposits, it has become increasingly difficult to move coins on-chain between dApps and accessing liquidity on centralised venues. Our goal is to bring that liquidity to BSV itself by listing crypto assets. You delist, we list.
We aim to become the easiest way for people around the world to create, trade, and use assets, be it non-fungible tokens or fungible tokens. We have been at the forefront of innovations like Trademail and the Superwallet, and the Relay Bridge will be built in native form factors that we hope will delight our customers.
Long term we believe more and more of the assets people use on-chain will be natively minted on BitCoin and our efforts here are in support of that transition, not against.
But isn’t Crypto going to disappear?
The Ethereum ecosystem has seen a Cambrian explosion of dApps, DAOs, DeFi, NFTs and more. With multiple L2 scaling solutions like zkEVM, it’s clear the network effects of Ethereum are here to stay for the foreseeable future.
Through Vitalik Buterin’s strong leadership and vision, Ethereum has formed token standards like ERC-20 for fungible tokens and ERC-721 for NFTs. These token standards have persisted beyond the Ethereum chain — where even the “Ethereum killers” like BNB launched first as an ERC-20 token.
There is a deep understanding of the value of interoperability and composability within the Ethereum ecosystem. With a Metamask wallet you can connect with all EVM compatible chains like Binance Smart Chain, Polkadot, Fantom, Polygon and more.
BSV conversely has gone down a naive and overly optimistic approach. The same mentality of interoperability and composability has not been present, leading to eight separate token standards with none having significant network effects within BSV. By being caught up in legal battles and an attitude that has been anti-crypto, the price of BSV has come back to ATLs again as liquidity dries up from exchange delistings and market makers leaving BSV.
We acknowledge the leadership of Xiaohui Liu and Craig Wright’s recent pivot who have both signaled attempts to bridge BSV with the Ethereum ecosystem, i.e. with the BSV Solidity Transpiler.