1/x Sharing some news that has now been a long time coming.
We're leaving behind ETH & our previous cross-chain approach to take a #Bitcoin-native approach to building all of our future products. #BitcoinOnly #BitcoinNativeDeFi
Time for a thread 👇👇👇
atomic.finance/blog/an-atomic…
We're leaving behind ETH & our previous cross-chain approach to take a #Bitcoin-native approach to building all of our future products. #BitcoinOnly #BitcoinNativeDeFi
Time for a thread 👇👇👇
atomic.finance/blog/an-atomic…
2/x A few months back, as a team, we began asking ourselves some tough questions about the ETH DeFi space and what kind of direction we should take as a company.
To answer this, we asked ourselves:
"Why did we start Atomic Loans in the first place?"
To answer this, we asked ourselves:
"Why did we start Atomic Loans in the first place?"
3/x The reality is almost all financial tools for #Bitcoin today do not share the same assurances as Bitcoin.
Censorship- & seizure-resistance, borderless, pseudo-anonymity, auditability, verifiability, and scarcity.
CeFi and wrapped BTC converts Bitcoin ➡️ Bitcoin IOU
Censorship- & seizure-resistance, borderless, pseudo-anonymity, auditability, verifiability, and scarcity.
CeFi and wrapped BTC converts Bitcoin ➡️ Bitcoin IOU
4/x We made it our mission to build sound financial infrastructure for sound money that shares as many of Bitcoin's assurances as possible.
Just as Bitcoin used code to remove the need for trust in humans to guide monetary policy, we wanted to do the same with financial tools.
Just as Bitcoin used code to remove the need for trust in humans to guide monetary policy, we wanted to do the same with financial tools.
4/x To do this, we originally built Atomic Loans as a cross-chain solution.
Lock BTC as collateral, and get a loan in an ERC20 stablecoin.
This was what we launched earlier this year.
Lock BTC as collateral, and get a loan in an ERC20 stablecoin.
This was what we launched earlier this year.
5/x However, the longer we stayed in the space, the more we became concerned with ETH DeFi infrastructure and ETH as a whole.
The Jenga tower nature of ETH DeFi was becoming more apparent.
The Jenga tower nature of ETH DeFi was becoming more apparent.
6/x Tokens being printed left and right. To compete with existing DeFi protocols, we likely would’ve needed to launch our own token.
There’s nothing that screams unsound money and unsound financial infrastructure than the rampant printing of money.
There’s nothing that screams unsound money and unsound financial infrastructure than the rampant printing of money.
7/x Getting rich quick was not why we're here.
De-generate finance was not the DeFi we signed up for.
High time preference thinking ETH projects follow - launch token + maximize liquidity - w/o considering long term ramifications on product & community.
Not our cup of 🍵.
De-generate finance was not the DeFi we signed up for.
High time preference thinking ETH projects follow - launch token + maximize liquidity - w/o considering long term ramifications on product & community.
Not our cup of 🍵.
8/x High gas fees, ETH 2.0 uncertainty, lack of consensus on L2's.
ETH did not seem to be a suitable foundation on which to build sound financial infrastructure for sound money.
ETH did not seem to be a suitable foundation on which to build sound financial infrastructure for sound money.
9/x So what's next?
We're going to take a Bitcoin-native approach to building all of our future products.
Things like DLC's, RGB, and latest updates from Lightning Network has us psyched about the future of Bitcoin-native finance!
@Suredbits @CryptoGarageInc
We're going to take a Bitcoin-native approach to building all of our future products.
Things like DLC's, RGB, and latest updates from Lightning Network has us psyched about the future of Bitcoin-native finance!
@Suredbits @CryptoGarageInc
10/x Our first product under this new direction is Atomic Odds.
Built using DLC's, we believe Atomic Odds is the simplest way to bet on any outcome in a P2P way, settled in Bitcoin.
Built using DLC's, we believe Atomic Odds is the simplest way to bet on any outcome in a P2P way, settled in Bitcoin.
11/x This is a product that we've been working closely with a few of our favorite Bitcoiners on.
(Thanks @jimmysong @pierre_rochard @GoingParabolic and @ck_SNARKs!)
At launch, you'll be able to easily challenge them to BTC-settled bets! Your chance to hold them accountable.
(Thanks @jimmysong @pierre_rochard @GoingParabolic and @ck_SNARKs!)
At launch, you'll be able to easily challenge them to BTC-settled bets! Your chance to hold them accountable.
12/x If this sounds interesting to you, sign up for early access at atomic.finance/odds and we'll get you going as soon as possible!
atomic.finance/odds
/FIN
atomic.finance/odds
/FIN
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