# Interlay

> One app, all things Bitcoin DeFi

Interlay is a Bitcoin DeFi protocol. It lets users lock BTC with collateralized vaults to mint iBTC and use it to swap, borrow, and lend across multiple blockchains.

Interlay is a Bitcoin DeFi protocol that connects Bitcoin to other blockchains through a decentralized bridge. Users lock BTC with vault operators to mint iBTC at a one-to-one ratio and redeem it for native BTC at any time. It serves Bitcoin holders who want to use their holdings in DeFi without a central custodian.

Vaults are permissionless and back each deposit with collateral in assets approved by governance, which is slashed to reimburse users if a vault fails. The bridge runs as a Polkadot parachain, and INTR holders govern it through on-chain voting. Anyone can run a vault and earn fees on bridged BTC.

The Interlay DeFi Hub combines swaps, lending, and borrowing for iBTC in one app, and Kintsugi runs the same bridge as a Kusama canary network. Vault operators, liquidity providers, and Bitcoin holders use the protocol.

- Type: Company
- Sector: Finance
- Status: Active
- Founded: 2019-01-01
- Profile: https://thegrid.id/profiles/interlay

## Products

- [Kintsugi](https://thegrid.id/profiles/interlay): Kintsugi is the canary network of Interlay's Bitcoin bridge, running as a Kusama parachain. Users lock BTC with collateralized vault operators to mint kBTC at a one-to-one ratio and redeem it for native BTC at any time. Its app adds swaps, lending, and borrowing for kBTC, and KINT holders govern the network. (Bridge, Live)
- [Interlay DeFi Hub](https://thegrid.id/profiles/interlay): Interlay DeFi Hub is the Bitcoin DeFi app of Interlay, combining a DEX, a borrowing market, and a lending market in one interface on the Interlay parachain. Users swap iBTC for other assets, borrow against iBTC collateral, or supply assets to earn interest from borrowers. It routes cross-chain liquidity through iBTC so Bitcoin holders can use their holdings across multiple networks. (Decentralised Borrowing & Lending, Live, Main Product)
- [interBTC](https://thegrid.id/profiles/interlay): interBTC is a trustless bridge that lets users lock native BTC with decentralized vault operators and mint iBTC at a one-to-one ratio on the Interlay parachain. Vault operators deposit overcollateralized assets approved by governance as insurance, with collateral slashed to reimburse depositors in the event of vault failure. iBTC is redeemable for native BTC at any time without reliance on a central intermediary. (Bridge, Live, Main Product)

## Assets

- [Interlay (INTR)](https://thegrid.id/profiles/interlay): INTR is the governance and utility token of the Interlay protocol. It is used for staking and voting on protocol proposals, paying transaction fees on the Interlay parachain, and serving as collateral for vaults that back iBTC. New INTR is distributed as vault rewards and staking incentives, with ongoing inflation directed to the protocol treasury. (Governance)
- [Kintsugi BTC (KBTC)](https://thegrid.id/profiles/interlay): KBTC is a fully decentralized 1:1 Bitcoin-backed asset issued on the Kintsugi Kusama parachain. It is minted when users lock native BTC with overcollateralized vault operators and redeemable for native BTC on the Bitcoin blockchain at any time. KBTC serves as the primary reserve asset within Kintsugi's experimental DeFi environment, usable for swapping, lending, and borrowing. (Wrapped Tokens)
- [Kintsugi (KINT)](https://thegrid.id/profiles/interlay): KINT is the governance and utility token of the Kintsugi network, Interlay's experimental Kusama parachain. It is used by holders to stake and vote on network governance proposals, pay transaction fees on the Kintsugi chain, and serve as collateral in vault operations backing kBTC issuance. KINT mirrors the role of INTR on Interlay but operates in the higher-risk, faster-moving Kusama environment. (Governance)
- [Interlay BTC (IBTC)](https://thegrid.id/profiles/interlay): IBTC is a 1:1 Bitcoin-backed asset issued on the Interlay Polkadot parachain through the interBTC bridge protocol. It is minted when users lock native BTC with overcollateralized vault operators and is redeemable for native BTC on the Bitcoin blockchain at any time without reliance on a central intermediary. IBTC is usable across the Interlay DeFi Hub for swapping, borrowing, and lending, and is transferable to other networks via cross-chain messaging. (Wrapped Tokens)

## Links

- [Main](https://www.interlay.io)
- [Whitepaper](https://gateway.pinata.cloud/ipfs/QmWp62gdLssFpAoG2JqK8sy3m3rTRUa8LyzoSY8ZFisYNB)
- [Documentation](https://docs.interlay.io)
- [Terms of Service](https://drive.google.com/file/d/1_oA3ZHoqzIFcE7Z-YeNTJ8g3bpeB9Glt/view)
- [Privacy policy](https://static.interlay.io/Interlay%20Privacy%20policy.pdf)
- [Governance](https://interlay.subsquare.io)
- [Closed Source](https://x.com/InterlayHQ/status/2065344161788670027)
- [Twitter / X](https://x.com/interlayHQ)
- [YouTube](https://www.youtube.com/@InterlayHQ)
- [Medium](https://medium.com/interlay)
- [Telegram](https://t.me/interlay)
- [Discord](https://discord.com/invite/interlay)
- [Telegram](https://t.me/interlay_community)
- [GitHub](https://github.com/interlay)
- [LinkedIn](https://linkedin.com/company/interlay-network)

## Legal

This data is provided under two licensing models.

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Model 2 - commercial licenses. The Grid Data Service (TGDS) is also available as a commercial license. See [Web Services Terms](https://about.thegrid.id/legal/web-services-terms) for commercial use that is not covered by the open data service.

The following applies to both licensing models.
- All data is provided AS IS with no guarantees of accuracy.
- The Grid does not provide investment, legal, or tax advice, and
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- [Data Licensing & Disclaimers](https://about.thegrid.id/legal/data-licensing-and-disclaimers): Licensing models and disclaimers
- [Open Data (ODbL)](https://about.thegrid.id/legal/open-data): Open Database License terms and scope for The Grid's open data service.
- [Attribution Guidelines](https://about.thegrid.id/legal/open-data-attribution-guidelines): How to attribute The Grid's data when using the open data service.
- [Web Services Terms](https://about.thegrid.id/legal/web-services-terms): commercial Terms for using data services.
- [All Legal Documents](https://about.thegrid.id/legal): Full index of terms, policies, and disclosures

## Optional

- [TGS Field Descriptions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-field-descriptions.md): Schema field definitions for The Grid's data model
- [TGS JSON Structure](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-json-structure.md): Data model structure and relationships
- [Product Type Definitions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-definitions.md): Definitions for each product type
- [Product Type Classification](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-classification.md): Guide for classifying products into types
- [Grid MCP Guide](https://github.com/The-Grid-Data/workspace-public/blob/main/grid-search/skills/grid-query/references/grid-mcp-guide.md): How to query The Grid programmatically via MCP