Bitcoin, the pioneer of cryptocurrencies, has long been celebrated for its security and decentralisation, but it has also faced criticism for its limited programmability. Enter REE, a game-changing execution layer built on ICP Chain Fusion that brings Turing-complete smart contracts to Bitcoin without relying on asset bridges or non-Bitcoin wallets. This revolutionary approach enables a new world of decentralised applications and financial instruments on Bitcoin, expanding its capabilities while preserving its foundational principles.
REE’s approach stands out because it is entirely Bitcoin-native. Users can interact with REE smart contracts directly through Bitcoin wallets, eliminating the need for asset bridging or wrapping. This not only enhances security but ensures users retain full control of their assets, adhering to Bitcoin’s ethos of self-custody. By simplifying interactions and reducing intermediaries, REE minimises potential points of failure and streamlines the experience for users and developers alike.
Turing-complete programmability is at the core of REE, allowing the creation of complex smart contracts and decentralised applications (DApps) directly on Bitcoin. This functionality unlocks Bitcoin’s full potential, enabling sophisticated protocols and services that were previously only possible on other blockchains. REE’s composable infrastructure takes this further by allowing BTCFi protocols to share liquidity and components, fostering a highly integrated and efficient ecosystem.
The applications of REE are vast and transformative. Developers can build advanced BTCFi protocols, including automated market makers (AMMs), decentralised exchanges (DEXs), lending platforms, and staking systems. These tools bring the robust capabilities of DeFi, which have thrived on blockchains like Ethereum, to Bitcoin. For the first time, Bitcoin can compete in programmability while retaining its unmatched security and decentralisation.
REE’s open and permissionless design invites innovation. Anyone can build and deploy smart contracts and DApps on the platform, making it a fertile ground for creativity and decentralisation. By removing barriers to entry, REE empowers developers to explore new possibilities and push the boundaries of what Bitcoin can achieve.
Using REE to interact with Bitcoin DeFi protocols is straightforward. It begins with users negotiating transaction terms with BTCFi protocols, whether they’re trading on AMMs, participating in lending pools, or exploring other opportunities. The next step involves constructing a Partially Signed Bitcoin Transaction (PSBT) using REE’s front-end and software development kit (SDK). This ensures all parameters are clear and precise, enhancing accuracy and user confidence.
Once the PSBT is prepared, users sign the transaction terms with their Bitcoin wallet. The signed PSBT is then sent to the REE Orchestrator, which coordinates the final steps. This orchestrator ensures all parties involved sign the transaction before finalising and broadcasting it to the Bitcoin network. The result is a secure, seamless, and trustless transaction process, upholding Bitcoin’s decentralised values while introducing advanced functionality.
REE’s composability allows protocols to share liquidity and integrate seamlessly, fostering an interconnected and efficient financial ecosystem. By building on ICP Chain Fusion, REE delivers unmatched scalability and security, ensuring a stable foundation for innovative development. It bridges the gap between Bitcoin’s security and the programmability needed for modern financial applications.
This new execution layer is more than just a technical advancement; it represents a paradigm shift for Bitcoin. By enabling sophisticated decentralised applications and financial instruments, REE positions Bitcoin as a cornerstone of decentralised finance. It is an invitation to builders and innovators to reimagine Bitcoin’s role in the broader blockchain ecosystem.
