### Proposal Summary

Parallel team proposes to list INTR/DOT and iBTC/DOT trading pairs on Parallel AMM. This addition of Interlay assets, iBTC especially, will open up new possibilities for the Parallel DeFi landscape and further consolidate the connection between Parallel and the rest of the Dotsama ecosystem.

### Background

Interlay is a decentralized network dedicated to connecting crypto-currencies like Bitcoin with DeFi platforms like Polkadot and Ethereum. The Interlay network is hosted as a Polkadot parachain and will be connected to Cosmos, Ethereum and other major DeFi networks. 
interBTC(iBTC), Interlay’s flagship product, is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant.
 
[Primary utilities of INTR token](https://docs.interlay.io/#/interlay/tokenomics):

- **Governance:** INTR holders vote on governance proposals.
- **Staking:** To participate in governance, holders stake INTR and earn INTR staking rewards in return.
- **Utility:** Interlay will support transaction fee payments in INTR.
- **Outlook:** INTR will be tightly integrated into the bridge, offering token holders additional security and product benefits.
 
INTR Statistics
![](https://ipfs.io/ipfs/QmUDfjcTHLNFezDu5trofWiu2pyBW23kk6YCJgQQoE2beZ?filename=%E6%88%AA%E5%B1%8F2022-09-15%20%E4%B8%8B%E5%8D%8811.50.51.png)

iBTC Statistics
![](https://ipfs.io/ipfs/QmVUnJrjmbxVmscJCfuWLH1HSSUYmKA3rpvPxFFtASHcjr?filename=%E6%88%AA%E5%B1%8F2022-09-15%20%E4%B8%8B%E5%8D%8811.51.03.png)

[Interlay](https://twitter.com/interlayhq?s=21&t=9jcJTShGdA0AYinzO9P1sQ) now has 20.9K followers on twitter and 7k members in [their discord group](https://discord.com/invite/KgCYK3MKSf). 
 
### Useful Links

- [Interlay website](https://interlay.io/)
- [Interlay Documentation](https://docs.interlay.io/#/)
- [iBTC Dashboard](https://app.interlay.io/dashboard)
- [INTR Tokenomics](https://docs.interlay.io/#/interlay/tokenomics)

### Expected Benefit to Parallel Finance

The introduction of iBTC into Parallel AMM will grant Parallel users a direct access to BTC, the largest and most important crypto asset. We believe BTC is a core asset for any DeFi ecosystem, and without a Polkadot native BTC bridge, iBTC is the most promising option for us to on-board this new asset class.

Additionally, having iBTC liquidity in Parallel AMM is the essential first step for our future integration of iBTC into Parallel Money Market. Given that iBTC is still in its early stage, first supporting its liquidity on AMM is the safest way for us to capture its potential growth, and become the largest iBTC market within the Dotsama ecosystem.

We believe this integration of the INTR and iBTC token into Parallel Money Market will attract an enormous amount of attention from the Interlay community and expand our general user base by offering them a chance to try out the core function of Parallel Finance. This integration will also likely to boost the TVL of Parallel Finance by introducing new assets into our money market, further solidifying our status as the leading DeFi protocol within the Polkadot ecosystem

### Rational

As the leading DeFi hub on Polkadot Network, Parallel Finance will be able to offer the Interlay community with the best trading solution to their native token INTR and their BTC derivative iBTC. The XCM integration with Interlay chain will allow seamless bridging between Interlay chain and Parallel chain, making trading INTR and iBTC on Parallel a frictionless experience for the Interlay community.

Based on the result of a [recent governance voting](https://voting.opensquare.io/space/interlay/proposal/Qmcum9dsS6hmfnwCdNcqUXytpUzkKD4Ttfq8L13okLjKav) by Interlay community, both INTR and iBTC token will be paired with DOT for the initial pair on Parallel AMM. 

### Initial Liquidity

We will actively work with the Interlay team for the initial liquidity support. There are potentially 2 routes we can go: 

1) Direct initial liquidity supplement from the Interlay team 
2) Incentive program to attract users to provide the initial liquidity

Depending on how the conversation with the Interlay team goes, one or both of these approaches will be implemented to ensure a reasonable initial liquidity for the INTR/DOT and iBTC/DOT trading pairs.



**Problem Statement and Audience:** 
- Problem Statement: The lack of a Polkadot native BTC bridge limits access to BTC for the Parallel DeFi ecosystem.
- Audience: Parallel Finance and the Interlay community.

**Significance:** 
- The addition of INTR/DOT and iBTC/DOT trading pairs on Parallel AMM will open up new possibilities for the Parallel DeFi landscape and further consolidate the connection between Parallel and the rest of the Dotsama ecosystem.

**Proposed Solution:** 
- List INTR/DOT and iBTC/DOT trading pairs on Parallel AMM to provide direct access to BTC and attract the Interlay community.

**Expected Outcomes:** 
- Increased liquidity and trading volume for INTR and iBTC on Parallel AMM.
- Expansion of the user base and TVL of Parallel Finance.
- Integration of iBTC into Parallel Money Market.

#900 Proposal | List INTR/DOT and iBTC/DOT Trading Pairs on Parallel AMM