So @corolari just shipped a Lightning <> tBTC bridge to Ropsten... ⚡️#bitcoin #ethereum 💏
ln2tbtc.com
It's early and I'm still digging in — here's the Github. But if it works the way I believe it does, the impact will be significant.
github.com/corollari/ln2t…
Minting tBTC on Ethereum's mainnet is a gas-heavy process. It involves a BLS-based random beacon 🔀 and cross-chain SPV proofs 🧑🔬 so you don't need to trust a central party for RNG or minting (!!!). Awesome, but expensive in terms of gas / blockspace 💰🔥
On top of that, the price of gas is through the roof thanks to our degenerate finance friends 🤑
Good for Ethereum security, but suddenly smaller tBTC mints could be priced out of the market.
What's a new project to do? We've been discussing adding larger lot sizes shortly after launch (eg 10 BTC), but at the end of the day smaller users are still priced out.
Enter Lightning.
@corolari 's work here adapts submarine swaps to allow arbitrary amounts to move bi-directionally from BTC <-> TBTC.
Bitcoiners will be able to move cheaply from BTC's L2 to Ethereum and back, making this the perfect on and off ramp for BTC in DeFi 🔥
The work is early, and there are still open questions around node selection and griefing. Looking forward to other thoughts @gakonst @_charlienoyes @_prestwich - let's harden this thing and take it to mainnet!
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