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Matt Luongo ✜ Profile picture
Matt Luongo ✜
@mhluongo
Founder @thesis_co building @fold_app, @tbtc_project @theTNetwork @MezoNetwork @taho_xyz @embodySpace & @acreBTC #bitcoin
Aug 10 • 7 tweets • 2 min read
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 — tBTC.

It's gone through tweaks and improvements over the years, balancing security and flexibility.
Aug 18, 2021 • 13 tweets • 8 min read
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…
Mar 8, 2021 • 9 tweets • 4 min read
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.

Sep 22, 2020 • 14 tweets • 4 min read
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 💏 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
Sep 5, 2020 • 8 tweets • 1 min read
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
Sep 2, 2020 • 7 tweets • 3 min read
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…
Aug 11, 2020 • 7 tweets • 2 min read
I've been thinking about "blind" staking — staking mechanisms that allow stakers to retain some amount of privacy. It's a fun problem. Stakers deposit funds into some sort of anonymity pool. Stakers then prove they are in the pool as of some height, and are "eligible" for whatever the staking enables.
Jun 27, 2020 • 5 tweets • 2 min read
Beautiful example of a clash of two engineering cultures here.

#bitcoin #ethereum 💏 1⃣ Young upstarts who write open source and play with cutting edge tech. They mess up a lot- but they learn, in the open, and they iterate.

Jun 27, 2020 • 4 tweets • 2 min read
Looking forward to your thoughts on @Liquid_BTC moving 800+ BTC to centralized custody @francispouliot_. These are the professionals, after all. Let's hear it.
Jun 27, 2020 • 4 tweets • 2 min read
A sidechain that's backed by the full discretion of a 2-of-3 multisig. Smdh, looks like @WrappedBTC has a stronger fundamental trust model than @Liquid_BTC. Turns out I also trust the custodians at more- it's @BitGo's actual business.

Obviously I want to move to a more decentralized peg, but let's first focus on the basics on honesty and transparency with depositors, hm?
Jun 27, 2020 • 5 tweets • 3 min read
Man, what's @Blockstream 's excuse with this 2-of-3 thing @notgrubles? Funny that our goof never risked depositor funds or gave us centralized custody 😳 I'd also love to see you guys own your shit the way we did. I'll be waiting for the post-mortem @adam3us.
Jun 18, 2020 • 5 tweets • 2 min read
Saying this out loud for the world- we'd love to seriously improve dev tooling for Ethereum at @thesis_co but it's not clear how to get the work funded consistently. Today's nit- I started experimenting with a Solidity upgrade, only to realize that neither Truffle nor Waffle support multiple Solidity compiler versions in one project.
Jun 5, 2020 • 6 tweets • 2 min read
I grew up outside Atlanta, in the shadow of Stone Mountain... a monolith memorializing the Confederacy & the birthplace of the KKK.

The only thing that made living next to that mountain bearable was thinking times had changed.

They have.. but not enough

I got into crypto to protect individual liberties.

We say Bitcoin is about sound money and censorship resistance, but what it really does is protect the rights of the minority.
May 22, 2020 • 10 tweets • 3 min read
We've just published our plans for the tBTC's relaunch

blog.keep.network/an-update-on-t… We launched tBTC with a governance design leaning more Bitcoin than Ethereum- without the ability to upgrade contracts.

2 days later, we found a critical vulnerability in the system. We used one of the few options we left ourselves to protect user funds

May 18, 2020 • 15 tweets • 4 min read
tBTC lasted on mainnet two days. Alas, it was born before it's time.

Goodnight, sweet prince🌹

We've pulled the red lever, pausing deposits for the next 10 days, and are helping users drain funds. We'll publish a full post-mortem when confirmed... and we will rise again. Here's the emergencyPauseNewDeposits() call for those interested.

etherscan.io/tx/0xc5c08e982…

It pauses new deposits for 10 days, then reopens, giving the dev team time to notify users.
May 17, 2020 • 4 tweets • 1 min read
My favorite thing about crypto is all of the folks who don't think it solves a problem.

"I have great credit and am KYC'd on every exchange, why would anyone need this?!"

"I store my wealth in USD and the stock market, why would anyone need this?"
May 15, 2020 • 18 tweets • 11 min read
Okay, we're doing this. tBTC is being deployed to mainnet.

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

Sorry, no fancy dashboards yet. Soon ™️
May 13, 2020 • 5 tweets • 3 min read
So excited for the latest work threshold DSA work from @rgennaro67 and @sgoldfed, and humbled to make the motivating intro @keep_project. Huge protocol improvements in the pipe thanks to this! You should give the paper a read, but the TL;DR for the cryptocurrency space is a stronger, "off-chain" approach to multisig that's indistinguishable from single-sig.
May 6, 2020 • 5 tweets • 2 min read
We're in the middle of a health and financial crisis. The last one led to Bitcoin's invention. Who's building the next Bitcoin?

thesis.co/shipping-in-th… Pay attention to the teams who keep shipping through Covid, and see this as opportunity and inspiration, not just hardship.
Apr 29, 2020 • 20 tweets • 5 min read
1/ The first phase of tBTC's launch happened Monday. At the end of the week, @keep_project stakers will come online, and after a week of bootstrapping, user deposits will open up. Time to talk deposit security before anyone gets crazy.

Here's a thread on tBTC's security 👇 2/ I've just hit publish on an overview of the security model.

tbtc.network/developers/tbt…
Apr 23, 2020 • 9 tweets • 4 min read
1/ Next week, we'll finally share the last 3 years of our work with the world. We're taking @keep_project and #tBTC to mainnet.

As we move forward, I wanted to share exactly what that looks like so you'll know what to expect, when. 2/ Tomorow, the @MakerDAO commmunity will vote to finalize the tBTC price feed, an ETHBTC feed they maintain. This is a huge step toward bringing Bitcoin collateral to MCD.

vote.makerdao.com/polling-propos…