Matt Luongo ✜ Profile picture
May 15, 2020 β€’ 18 tweets β€’ 11 min read β€’ Read on X
Okay, we're doing this. tBTC is being deployed to mainnet.

Buckle up. #bitcoin #ethereum πŸ’
You can follow along signers bonding ETH at etherscan.io/address/0x7137…

Sorry, no fancy dashboards yet. Soon ℒ️
We're 80% through a dry-run on Ropsten. Once it's verified, we'll

1⃣ Deploy TBTCSystem to mainnet
2⃣ Verify all contracts
3⃣ Transfer the governance role to the @keep_project technical team multisig
4⃣ Ask @MakerDAO to pretty please to authorize the price feed πŸ˜ƒ
Okay, Ropsten is golden. Looking at gas prices on mainnet... things have calmed down a bit. Time to press the red button.

πŸ‘‰πŸ”΄
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! πŸ˜ƒ

In the meantime, we've deployed the staking dashboard for signers to dashboard.keep.network. @keep_project
Thanks @MakerDAO friends πŸ€—

ETH/BTC oracle authorized- onward!

etherscan.io/tx/0x63c8877b8…
Mk, we're running some test deposits. This would be an annoying time for a huge bull run or CryptoKitties launch - 🀞 both chains are copacetic!
They aren't! 🎒
This took some time but...

blockstream.info/tx/a351062d24b…
I'm proud to share the first TBTC minted on mainnet 😎 Image
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.
If you want to mint early like a 🀠, you can frontrun our testing with github.com/keep-network/t…

We do not recommend this.

#reckless
The token contract is here πŸ‘‡

etherscan.io/token/0x1bBE27…

and the system contract is here

etherscan.io/address/0x41A1…
Big props to the entire @keep_project & @thesis_co teams, past and present - @lightfiend @piotrdyraga @Gluzman @jnowakow8 @SloanThompson @CReckhow @NicholasEvans14 @liamzebedee @LauraWallendal @CorbinPon @JoshSRosenblatt @gonzo_becca and many many more- honored to build with you
Thanks to @_charlienoyes for pushing us to take this on, @_prestwich and @summa_one for their trailblazing, the @crosschaingroup, @FEhrsam, @matthuang, @danrobinson, @arjunblj, @zmanian, @hal2001, @ercwl and many more for their support and protocol feedback.
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 πŸ’
And finally.... thanks to Satoshi πŸ€ͺ

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More from @mhluongo

Aug 10
So, @MakerDAO is considering delisting WBTC, which makes up ~10% of DAI's backing.

1/ Image
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...

πŸ’β€β™‚οΈ An easy to use, permissionless bridge
🌐 Supported on Ethereum, Arbitrum, Base, Optimism, & Solana, with more to come
πŸ”’ Backed by a decentralized network of custodians @TheTNetwork
Read 7 tweets
Aug 18, 2021
1/ This Friday, August 20th, will mark the 1 year anniversary of @MetaMask stepping away from free and open source licensing.

github.com/MetaMask/metam…
2/ Since then, MM has launched Swap, an in-wallet trading service. Today, they’re earning ~$10M a month in fees, charging each user 0.75-1% per swap 😳

dune.xyz/tomhschmidt/me…
3/ MM has taken us far on this journey, and they deserve all the success they’ve achieved. But right now, that success is feeling very Web2.
Read 13 tweets
Mar 8, 2021
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/ What’s a hard merge?

@tbitls coined the term to describe two protocols merging into a third. It’s sort of like a hard spoon, but with multiple protocols coming together.

3/ Why?

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.
Read 9 tweets
Sep 22, 2020
1/ Big day.

After 3 months of testing, tweaking, and auditing, we've launched tBTC rc.1 on mainnet. I expect it will be the final release candidate for tBTC.

#bitcoin #ethereum πŸ’
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.

dapp.tbtc.network
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.

Read 14 tweets
Sep 5, 2020
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.
Read 8 tweets
Sep 2, 2020
So @corolari just shipped a Lightning <> tBTC bridge to Ropsten... ⚑️#bitcoin #ethereum πŸ’

ln2tbtc.com
It's early and I'm still digging in β€” 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 πŸ”€ and cross-chain SPV proofs πŸ§‘β€πŸ”¬ so you don't need to trust a central party for RNG or minting (!!!). Awesome, but expensive in terms of gas / blockspace πŸ’°πŸ”₯
Read 7 tweets

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