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Rift Profile picture
Rift
@riftdex
the first peer-to-peer bitcoin trading protocol // secured by TEEs // backed by @paradigm
Nov 7 • 4 tweets • 2 min read
Introducing RIFT: the first peer to peer Bitcoin trading protocol

Self custody swaps between Ethereum and Bitcoin, with no middle men.

Powered by Uniswap liquidity. Secured by TEEs.

Now live on mainnet ⬇️ Unlike other cross chain protocols, Rift has no multisig.

Instead, tokens are sent to TEE controlled wallets that only unlock upon user payment, which is verified by Bitcoin and Ethereum full nodes running inside the TEE.

Learn how it works here:
Nov 7 • 15 tweets • 5 min read
Rift runs Bitcoin and Ethereum nodes inside cloud TEEs to escrow and release funds upon user receipt of funds.

Since security is enforced by hardware rather than staking, Rift has best in class capital efficiency for Market Makers and users.

Let's deep dive how swaps work ⬇️ Image ERC20->BTC

Step 1: User requests quote from Market Makers

Users starting with ERC20s (ETH, USDT, USDC, etc) are routed through an on chain pool to cbBTC. Market Makers quote a cbBTC<>BTC exchange rate. Image