We're 80% through a dry-run on Ropsten. Once it's verified, we'll
1β£ Deploy TBTCSystem to mainnet
2β£ Verify all contracts
3β£ Transfer the governance role to the @keep_project technical team multisig
4β£ Ask @MakerDAO to pretty please to authorize the price feed π
Okay, Ropsten is golden. Looking at gas prices on mainnet... things have calmed down a bit. Time to press the red button.
ππ΄
Contracts are up. Initializing all the things, and awaiting price feed authorization from our friends @MakerDAO cc @nanexcool
I'm not done tweeting, this part just takes a while! π
I'm proud to share the first TBTC minted on mainnet π
We're running a few more deposit and redemption tests, and have hardcoded the dApp to only offer 0.001 BTC lot sizes. Next week we'll start cleaning up the dApp UX, and loosen that restriction.
Most importantly, though, thanks to the Ethereum and Bitcoin communities. I know you don't always get along, but... we don't give a crap. It's time to interoperate! #bitcoin#ethereum π
And finally.... thanks to Satoshi π€ͺ
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So, @MakerDAO is considering delisting WBTC, which makes up ~10% of DAI's backing.
1/
2/ Since 2019, I've been working on a decentralized alternative to WBTC β tBTC.
It's gone through tweaks and improvements over the years, balancing security and flexibility.
3/ Today, tBTC is...
πββοΈ An easy to use, permissionless bridge
π Supported on Ethereum, Arbitrum, Base, Optimism, & Solana, with more to come
π Backed by a decentralized network of custodians @TheTNetwork
2/ Since then, MM has launched Swap, an in-wallet trading service. Today, theyβre earning ~$10M a month in fees, charging each user 0.75-1% per swap π³
1/ Recently, a couple @keep_project and @nucypher community members reached out to broker a call. Two whirlwind weeks later, and the teams are putting a joint proposal in front of our communities.
The proposal? To join forces in the first on-chain protocol hard merge.
2/ Whatβs a hard merge?
@tbitls coined the term to describe two protocols merging into a third. Itβs sort of like a hard spoon, but with multiple protocols coming together.
Both NuCypher and Keep are threshold cryptography networks. Both have off-chain actors that can custody parts of secrets and compute over them, giving on-chain contracts super powers.
Both communities value censorship resistance, privacy, and security β first.
2/ As far as I know, this release is the first permissionless, censorship-resistant Bitcoin bridge on Ethereum. Anyone can mint $tBTC by connecting to the Bitcoin and Ethereum chains, and no one can censor transactions or redemptions.
3/ Of course, censorship-resistance is on a spectrum. Today, there are ~67 signers powering the bridge- not 1000s. That number is increasing every hour, and I hope we'll see 500+ signers online before the end of the year.
What does a "fair launch" mean when the same players are showing up to mine liquidity, over and over? Fair to whom?
If a vanilla SHA-256 coin is launched and it accrues some modest value, it's a freebie for existing Bitcoin miners. The only real cost is the opportunity of the hashpower, but for them it's a drop in the bucket
Fair launches today in DeFi are a subsidy for whale LPs. A strong launch should bootstrap a new community or extend an existing one, not enrich the same 5 aggro DeFi hedge funds.
Minting tBTC on Ethereum's mainnet is a gas-heavy process. It involves a BLS-based random beacon π and cross-chain SPV proofs π§βπ¬ so you don't need to trust a central party for RNG or minting (!!!). Awesome, but expensive in terms of gas / blockspace π°π₯