Product Mechanism

How Persistence One's Bitcoin Cross-Chain Swap Works

Persistence One is revolutionizing Bitcoin Layer 2 solutions and sidechains with its intent-based cross-chain swap mechanism. This innovative approach removes the limitations of traditional bridges, providing a seamless, secure, and efficient user experience.

Step 1: Submitting an Intent 📝

The process begins when a user wants to swap Bitcoin or any BTC-pegged asset across different Layer 2 networks. Instead of dealing with the complexities of traditional bridges, users can simply create an intent on the Persistence One platform.

• Users initiate the process by creating an intent on the Persistence One platform.
• An intent is a user-defined instruction specifying swap parameters such as the source chain, destination chain, asset type, and amount.
  • Example: Swap cbBTC from Base to WBTC on the Bitlayer chain.
• The intent acts as a request for solvers in the Persistence network to fulfill, simplifying the process like placing an order.

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Step 2: Solver Competition and Selection 🔍

Here’s where the real magic happens. Persistence One’s system leverages a decentralized solver network to efficiently fulfil user intents.

• Solvers are incentivized participants who monitor incoming intents and compete to fulfill them with the best possible rates, minimal fees, and zero slippage.
• These solvers can be professional market makers, LPs, or even programmatic bots.
• The competitive nature of solvers guarantees that users always get the best possible deal.

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Step 3: Swap Execution and Settlement 🔄

The actual swap execution begins here. The entire process is designed to be trust-minimized, ensuring security and transparency.

• The solver facilitates the swap of assets between the source and destination chains, adhering to the predefined conditions set by the user in the intent.
• The system uses atomic swaps to ensure that assets are either swapped exactly as “intended”(based on user-defined parameters) or the entire transaction expires, eliminating any risk of partial fills or losses.
• If any transaction expires, the user has an option to reclaim its funds.

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Step 4: Confirmation and Delivery ✅

After the intent is fulfilled, the user receives their assets on the destination chain, usually in seconds.

• Persistence One’s integration with LayerZero ensures real-time communication between the source and destination chains, allowing for quick confirmations and funds are released to the solvers on the source chain.
• Users can also track their swaps through the Persistence One dashboard, providing complete transparency.

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Key Features and Advantages of Persistence One 🌟