In this talk, we'll introduce a novel mechanism to maintain 2-way pegs, as well an initial implementation of a Bitcoin peg on Ethereum. - Problem - Bitcoin's stable codebase is a strength. Developers are loathe to introduce significant changes, reasoning that a store of value should prioritize stable operation. While this cemented Bitcoin's place in the market, we all know the costs - Bitcoin's ossification at the expense of public experimentation and diverse use cases. In 2014, the answer to this problem was "sidechains". Trustless sidechains are the ultimate vaporware- and since 2014 the goalposts have moved. - Approaches - Blockstream's Liquid touted itself as the "first production sidechain," built on a multi-sig federation. No hashpower validates the sidechain -- funds are fully trusted to 15 Bitcoin multi-sig participants. BitGo's WBTC takes a similar tact-- but instead of building a new chain, custodians operate on Ethereum. Neat! Unfortunately, they require KYC :( These centralized projects have a few custodians that can be convinced by governments-- or their own interests-- to censor or seize funds. - Design - We propose a new approach-- the *bonded, multi-federated peg*. We believe this is the best candidate for a sufficiently trust-minimized alternative, unlocking Bitcoin for use in DeFi.