Coindesk reported that USDC is planning to expand to Stacks.
This is a narrative violation that DeFi is not possible in the Bitcoin ecosystem.
So what are the benefits of USDC on Stacks? Thread👇
1/ USDC transactions would benefit from the security of Bitcoin.
USDC transactions on Stacks automatically settle on Bitcoin. To rewrite the history of these transactions, you’d need to rewrite the history of Bitcoin.
2/ Availability of USDC would open doors for USDC/BTC atomic swaps, i.e., with BTC on the main Bitcoin chain.
(@fmdroid already has a prototype of STX/BTC atomic swaps.)
3/ Developers will get access to USDC to innovate with Bitcoin products.
Example: put up a USDC collateral to borrow BTC. Such a lending app keeps your BTC on the Bitcoin main chain.
4/ Stacks, the gas asset, functions like a “Bitcoin bond” with a yield in pure BTC.
Developers can explore USDC deposits for accessing BTC yields native to Stacks (and not available elsewhere).
5/ USDC issuance on Stacks will use the decidable Clarity language and benefit from the security, precision, and formal verification of Clarity contracts.
Developers can sleep easier at night if their contracts are decidable vs. Solidity that has a bigger attack surface.
6/ The USDC planned expansion to Stacks is a big step for Bitcoin DeFi.
Bitcoin law: Successful experiments in crypto will eventually come to Bitcoin.
Exhibit A: USDC 👊
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How and when did NFTs start? How are they evolving? Tweet thread👇
1/ Non-Fungible Tokens (NFTs) are crypto assets that are one of a kind.
The value of one unit of cash or Bitcoin is the same as another. NFTs are the opposite of that and are unique.
It might seem like NFTs are a recent thing--they're not. NFTs have been around for a decade.
2/ Decentralized domains were the original crypto NFTs.
A decentralized domain is unique, i.e., non-fungible. Namecoin pioneered decentralized domains in 2011, launching at Bitcoin block 19,200 with merged mining.
Bitcoin is often misunderstood within the crypto industry. Here is how:
Tweet thread👇
1/ People don’t think beyond the Bitcoin base layer.
L2s in Ethereum or subnets in Avalanche bring additional features to base layers.
Similarly, Bitcoin layers, like Lightning for payments or RSK/Stacks for smart contracts, bring additional functionality to Bitcoin.
2/ Bitcoin is for settlements, not payments.
The additional layers, like Lightning or Stacks, is where payments happen. On Lightning, people use sats, and on Stacks, people can use stablecoins like xUSD or Bitcoin-based assets like xBTC.