Interlay PriceINTRInactive

What is Interlay (INTR)?

Interlay (INTR) is a modular, programmable layer positioned between Bitcoin and the multi-chain ecosystem, designed to unlock decentralized financial use cases for BTC. The project describes itself as a decentralized network dedicated to connecting cryptocurrencies like Bitcoin with DeFi platforms such as Polkadot and Ethereum, with the stated goal of allowing any blockchain to connect and interact with any other blockchain seamlessly. Its flagship product is interBTC (iBTC), a 1:1 Bitcoin-backed asset that is interoperable and censorship-resistant, secured by a decentralized network of vaults and cross-chain light clients. According to CoinMarketCap registry data, the launch date is March 10, 2022, and INTR was listed on CoinMarketCap on May 30, 2022. INTR is the governance and utility token of the network. The total supply of INTR is 1,000,000,000 tokens, with an emission schedule of 1 billion INTR over the first four years followed by 2% annual inflation allocated to the protocol treasury. The project has announced the orderly wind-down of the Interlay and Kintsugi networks.

Key Specifications & Tokenomics

• Name: Interlay
• Ticker / Symbol: INTR
• CoinMarketCap ID (UCID): 20366
• Official Website: https://www.interlay.io/
• Launch Date: March 10, 2022 (CoinMarketCap registry data)
• Blockchain / Host Chain: Polkadot parachain
• Category: Blockchain Service, Polkadot Ecosystem
• Tags: DeFi, Smart Contracts, Governance
• Total Supply: 1,000,000,000 INTR
• Max Supply: Unlimited — 1,000,000,000 INTR is emitted over the first four years, after which a 2% annual inflation allocated to the protocol treasury means supply has no hard cap
• Circulating Supply: 67.02M INTR
• Emission Schedule: 1B INTR over first 4 years, then 2% annual inflation to protocol treasury
• Distribution: 70% community (30% vault rewards, 5% governance staking, 35% on-chain treasury), 10% reserve, 20% team and early backers
• Token Utility: Stake-to-vote governance, transaction and cross-chain fees, collateral for Interlay assets
• Consensus: Secured by a decentralized network of vaults with multi-collateral insurance and cross-chain light clients
• Contract Address: 2032 (Polkadot parachain ID)
• Block Explorer: https://interlay.subscan.io/

Who created Interlay?

Interlay was created by Alexei Zamyatin and Dominik Harz, who met in 2017 during their PhDs at Imperial College London; the first steps towards Interlay were made when the XCLAIM paper was presented at Scaling Bitcoin in 2018. Alexei Zamyatin serves as Co-Founder and CEO, holding a PhD from Imperial College London, while Dominik Harz serves as CTO and Co-founder. The two met in 2017 during their PhDs at Imperial College London, where they were the first researchers in the cryptocurrency lab. Both have been researching Bitcoin and Ethereum since 2015/16, authoring over 30 papers with more than 1000 citations, and have regularly presented their work at Bitcoin and Ethereum conferences including DevCon IV, EthCC, Building on Bitcoin, and Breaking Bitcoin. Other team members identified in public materials include Zhixi Nikki Zhang (Ecosystem Growth Lead), Chris Russell (Business Development Lead) and David Garai (Head of Operations).

How does Interlay work?

Interlay operates as a modular, programmable layer between Bitcoin and the multi-chain ecosystem. Its flagship iBTC product works through a four-step process. First, users lock BTC with a Vault or run their own Vault, with the BTC insured by Vault collateral such as USDT or DOT. Second, users mint iBTC at a 1:1 ratio to their locked BTC. Third, iBTC can be used across DeFi for earning, as collateral, trading, or generating passive income on any blockchain. Fourth, users can redeem iBTC for native BTC on Bitcoin in a trustless manner at any time. The security model relies on a decentralized network of vaults, with BTC deposits insured by a multi-collateral system and secured by cross-chain light clients. Anyone can operate a Vault and earn fees on BTC volume. Interlay states on its website that it has been audited by blockchain security firms; the audit reports are linked from the official site. Its technology has received W3F Grants including the Polkadot/BTC bridge specification and the Trustless BTC-Polkadot Bridge first delivery.

What makes Interlay unique and valuable?

The project describes iBTC as fully collateralized and insured by Vault collateral, and positions Interlay as building the safest and easiest way to use Bitcoin in DeFi. It describes itself as a one-stop-shop for all things Bitcoin including trading, lending, and more. Its key value propositions include self-custody, allowing users to earn on their Bitcoin while keeping control of their private keys, and decentralization through a globally distributed, permissionless network. The project emphasizes best-in-class economic security through collateral insurance, where locked BTC is insured by Vault collateral, and scientifically proven security built on cutting-edge, peer-reviewed research. The iBTC asset is described as the trustless way to earn with Bitcoin, secured by a fully transparent and decentralized network and fully covered by insurance. Interlay also supports Bitcoin dApp development on top of its modular network and has established XCM channels with multiple networks including Acala, Asset Hub, Hydration, Polkadex, Phala Network, Pendulum, and Zeitgeist. The project reports DeFi volume across 17 supported networks on its website.

What is Interlay used for?

INTR is the governance and utility token of the Interlay network and serves several functions. Through stake-to-vote, holders can lock INTR to participate in governance and earn staking rewards, with longer lock periods granting higher voting power and staking rewards. INTR can be used to pay transaction and cross-chain fees. Collateral — INTR can be used as one of the collaterals backing iBTC and other Interlay assets (Vault collateral examples include USDT and DOT). Looking ahead, the project indicated that INTR may offer stakers additional security and product benefits in the future, such as better liquidation and collateral rates or lower swap fees. The Interlay DAO governs the network through the voting power of INTR tokens, and a governance portal is available. The token distribution allocates 70% of supply to the community as airdrops and block rewards, with 30% going to Vault rewards, 5% to governance staking rewards, and 35% to the on-chain treasury controlled by network governance.

How Is the Interlay ecosystem developing?

The Interlay ecosystem includes more than 30 applications and 13 partners. Ecosystem applications include Moonbeam, HydraDX (Hydration), Astar, Talisman, Stellaswap, Acala, and Ledger. Partners include Acala, Amplitude, Bifrost Kusama, Bifrost Polkadot, Hydration, Karura, Moonbeam, Moonriver, OpenSquare Network, Pendulum, Shiden Network, SubQuery Network, and Subsocial. Interlay won Polkadot Auction #10 (lease March 16, 2022 – January 16, 2024) with a crowdloan that raised 2,751,954 DOT, and later won Auction #57 (lease January 21, 2024 – November 22, 2025) via a self-funded slot acquisition. On September 7, 2023, Interlay announced BOB, a new Bitcoin Layer-2 stack. In March 2024 the project published "Interlay: The Path Forward," following the July 2023 launch of its Bitcoin DeFi Hub. However, the project subsequently announced the orderly wind-down of the Interlay and Kintsugi networks. Separately, the exchange Anycoin states that INTR can no longer be traded on its platform and has been delisted.

How to mine Interlay?

INTR is not mined through traditional proof-of-work. Instead, tokens are distributed through the network's emission schedule, with 1 billion INTR emitted over the first four years and 2% annual inflation afterwards allocated to the protocol treasury. Participants can earn INTR through several mechanisms. Operating a Vault allows users to earn fees on BTC volume while helping secure the network. Governance staking, or stake-to-vote, lets holders lock INTR to earn staking rewards, with longer locks yielding higher rewards. Vault rewards account for 30% of the total supply distribution, while governance staking rewards account for 5%. The crowdloan reward pool comprised 100,000,000 INTR, representing 10% of total supply, with rewards distributed to contributors of the parachain auctions. Per third-party vesting data, rewards, staking and treasury allocations are fully unlocked, while crowdloan tokens vest from a 10% TGE with monthly releases, team tokens have a 10-month cliff, and reserves vest monthly.

How to keep your Interlay Coin safe?

Interlay emphasizes self-custody as a core principle, summarized by the value proposition "Your keys, your coins," which allows users to earn on their Bitcoin while keeping control of their private keys. For storing INTR and related assets, users should consider reputable multi-chain wallets such as Talisman, a multi-chain web3 wallet listed among Interlay's ecosystem applications, and hardware wallets such as Ledger, which provides state-of-the-art security for crypto assets. Because Interlay operates as a Polkadot parachain, INTR can be held on wallets supporting the Polkadot ecosystem. Users should also be aware that the project has announced the orderly wind-down of the Interlay and Kintsugi networks, and holders of external assets on Interlay or Kintsugi were advised on what to do. As with any cryptocurrency, users should verify official channels, safeguard private keys and seed phrases, and exercise caution when interacting with third-party services.

Risks and uncertainties

INTR and iBTC are subject to market risk, and their prices can fluctuate significantly. Regulatory treatment of cryptocurrencies, DeFi and cross-chain bridges varies by jurisdiction and may change, which could affect how the project and its tokens can operate. Technical risks include smart contract vulnerabilities, bridge and light-client design flaws, and collateral or liquidation failures in the Vault system. The announced wind-down of the Interlay and Kintsugi networks adds operational and liquidity uncertainty for holders. These points are not predictions; they describe factors that may affect the project and should be weighed alongside the project's own claims.