We are on a mission to make it super easy to build with Bitcoin. Today, we are releasing Gateway. Gateway allows users to directly onboard to BOB with a single BTC transactions (into
@tBTC_project
and
@WrappedBTC
).
The tBTC and wBTC are the Ethereum-native assets and can be
With BOB Gateway, onboarding to BOB is now just one
#Bitcoin
transaction away.
โคท Get yield on your BTC faster than ever
โคท Unlock use cases for your BTC across the BOB ecosystem
โคท Trustless swapping with seamless UX
Read more about it below ๐
Translating this:
@Polkadot
and
@kusamanetwork
ecosystems will not have to rely on node infrastructure providers like Infura.
Decentralization all the way to the user interfaces!
Smoldot
@Polkadot
's light-client just hit 1.0.0 and it now outperforms RPC! And with the Connect browser extension, there's not even a few seconds sync time on page load. Here it's used by several pages and for several networks including Westmint. Yup - works for parachains, too!
A short thread on why
@kusamanetwork
auctions are fantastic for both the community and the builders! If you have no idea what Kusama auctions are:
Thread ๐
Big thank you to
@XiliangChen
and the
@AcalaNetwork
engineering team for making chopsticks such a great tool to test substrate runtimes!
Give it a try:
There is so much happening in the academic
#blockchain
research space! It's hard to keep track of all the papers.
As a result, I have compiled a one-slide-per-paper overview:
I hope it might be helpful for others as well!
I think most people still need to fully grasp the modular scaling that you can build with the
@substrate_io
SDK, XCM protocol and
@Polkadot
to provide security.
Read ๐งต
Substrate will become the standard tech stack to build L2s.
Flexible accounts, Rust smart contracts, and the ability for EVM-compatible blocks.
And it comes with production code for decentralized sequencers, and sharding.
It's launch time
@kintsugi_btc
!
I'm super excited to share what the
@InterlayHQ
team has been working on for 2 1/2 years now and see it live!
The three highlights of the bridge in a thread.
Try ๐
Hands down I have never been happier about a single line of server logs before:
kintsugi: 2021-10-13 12:30:02 [Parachain] โจ Imported
#1
(0xf493โฆd4ca)
gm
@InterlayHQ
Can an attacker use flash loans to attack
@MakerDAO
? Find out!
We quantify the required MKR and show that an attacker can increase his chances by:
- combining loans from
@dydxprotocol
and
@AaveAave
to increase liquidity
- oracle tampering on DEXs
๐ ๏ธ Long-time builder perspective
Since we've been building
@InterlayHQ
since 2019 on
@substrate_io
, I thought it worth sharing my perspective on substrate dev experience. A lot has happened since then so let's unpack it!
Marvelous to see
@kintsugi_btc
grow. The first 3 BTC have been bridged via the first permissionless Bitcoin bridge as we ramp up the collateral ceilings.
Next up: increase collateral to 7500 KSM:
Courtesy of
@PolkaHaus
Very impressive turnout for our
@polkaBTC
testnet.
๐ more than 9 testnet BTC locked
๐ more than 230 have filled out our feedback form
๐ 630 PolkaBTC mintings executed
๐ 244 PolkaBTC redeems executed
We are working hard to improve and are super thankful for the feedback!
Happy to introduce our new optimistic merged mining protocol we developed at
@build_on_bob
!
tl;dr
- Add Bitcoin security to any sidechain or rollup (yes, even to rollups on Ethereum)
- Get fast block production and protect against miner attacks at the same time
Let's do a
Today, weโre extremely excited to announce that we have successfully completed a BIG milestone in our Bitcoin Renaissance mission. ๐
BOB is now officially the first-ever Bitcoin rollup stack with EVM compatibility running on a public testnet. ๐งก
Kind of a stressful day if you are building a collateralized BTC bridge and you get a market downturn together with a "the big unlocking" (read positive supply shock) of the primary collateral asset. Let's see what this Sunday brings for
@kintsugi_btc
Bitcoin halving is going to be the most significant event for the Bitcoin ecosystem in years. Runes launching, Stacks upgrade incoming, BOB launching, and so many many more projects pushing out stuff.
We are building the best, cheapest, most user friendly, best community, greatest dev experience, sufficiently meme-coined, secure, fast, flexible, blobbed, inscription-friendly Bitcoin L2 out there.
Going to be good.
We're thrilled to announce: ๐๐๐ ๐ก๐๐ฌ ๐ฌ๐๐๐ฎ๐ซ๐๐ ๐ $๐๐๐ ๐ฌ๐๐๐ ๐ซ๐จ๐ฎ๐ง๐ led by Castle Island Ventures, alongside other leading investors! ๐
This pivotal moment fuels our mission to launch the first hybrid L2 - a blend of Bitcoin's security and Ethereum's
BOB will be the cheapest L2 for Bitcoin by bringing in EVM innovations:
- Blobs are live on BOB reducing L1 data fees while having best in industry DA
- Fjord upgrade happened yesterday improving L2 compression and adding gas reductions
Show don't tell:
- Transfers: $0.0019
-
My
#bitcoin
ETH Denver takeaway:
I like OP_CAT.
Runes are great.
Yes, once BitVM works we can build Bitcoin rollups/1-of-m bridges.
No, your current zk rollup isnโt verified Bitcoin.
Everybody wants to build on Bitcoin.
@build_on_bob
is the future.
Wondering how to get privacy-preserving smart contracts in a scalable way? Very happy with our implementation of ZEXE into a Plasma construct for the
@ethereum
blockchain at
#EDCONHACK
! Check out our devpost:
1/8 New paper! Reduce deposits in cryptoeconomic protocols while maintaining the same level of security:
Joint work with Lewis Gudgeon,
@HatforceSec
and
@will_wjk
Next week is going to be exciting for
@polkaBTC
Loads of work by the entire
@InterlayHQ
team going into building our bridge and will finally be able to share the progress we made over the past 3 months!
I'm writing up my PhD thesis (finally!) and a large part of my work is about DeFI. Searching some inspiration for my intro still.
What are everyone's favorite DeFi use cases? Good ol' lending, exchanges, yield farming. Anything I'm missing here?
We launched
@build_on_bob
yesterday, and the great folks at
@daedalus_angels
already created a dashboard.
$71mm in TVL locked in less than 24 hours. This is going to grow as more and more Dapps are getting ready to launch on BOB.
A really nice thing about building a DeFi product on
@substrate_io
is the flexibility and ability to includes features.
For example, executing recurring tasks with on_block hooks is fantastic and definitely a clear advantage over EVM smart contracts.
BOB is a hybrid L2. We are a rollup on Ethereum that will receive Bitcoin PoW security through merged mining. Itโs the only rollup that combines security from both Ethereum and Bitcoin.
Since I got injured, I actually had some time on the weekend to do some fun software stuff again.
I tried to get started with formal methods to verify the
@substrate_io
based
@InterlayHQ
and
@kintsugi_btc
chains.
After exactly 15 months in development,
@polkadot
XCM version 3 is merged. This enables bridges, cross-chain locking, exchanges, NFTs, conditionals, context-tracking and more.
It was quite the experience to be the very first project to go through the new governance system with
@kintsugi_btc
.
Happy to see that much innovation in the Dotsama happening. NOw back to even more building.
The first
@polkadot
OpenGov Fellowship whitelisted root call on
@kusamanetwork
just got enacted! This involved the coordination of two separate referenda with two separate governance bodies each using their own optimistic turnout/approval curves.
๐จ Kintsugi Update ๐จ
We need the
#Kusama
community - your support is essential
We're asking for
#KSM
holders to vote on an emergency proposal to recover the Kintsugi parachain
Read more for the details โฌ๏ธ
Pretty nice to be one of the projects! Fun fact: going from the paper to the live product took us 2 1/2 years and the specification has now more than 220 pages.
Also, there are now a lot more people
@InterlayHQ
than when
@alexeiZamyatin
and I started this!
Only ten (active) blockchain projects have published their main design components at top security conferences ("big four" and three IACR flagship events). See Cryptape's latest blog for more details.
Want to try out
@build_on_bob
?
1. Get some BTC into a web wallet (Xverse, UniSat, OKX, BitGet, Leather supported right now)
2. Connect your Bitcoin and EVM wallet
3. Get tBTC with a single BTC tx:
4. Check out apps on BOB:
Earlier this year we described a flash-loan attack scenario on
@MakerDAO
. It seems like someone has actually executed an attack by utilizing a weakness in Maker's Governance Security Module (GSM):
Reference:
On my way back from EthCC. Takeaways:
- Bitcoin big topic at Eth events still. Discussion a lot more nuanced and critical of underlying technologies compared to Denver. This is good.
- UX improvements through better wallet experiences and intents. Feels like we are finally
PolkaBTC beta testnet is live!
After a long time of building this with the
@InterlayHQ
team, we finally have the first version of our vision of a decentralized bridge!
What is different and why does it matter?
Hello World, meet Polkadot Assurance Legion (PALs).
The PALs are here to make parachain development and operation secure.
First stop:
๐ก๏ธ Audit scheduling and funding
Next on the list:
๐ซ Economic security audits
๐ฌ Automated verification
@RuneKek
I agree with you that the Solana bridge is right now centralized and many decided to go for multi-sig bridges.
But, itโs not correct that itโs impossible to build far better bridges. If you use a chain relay on both sides with permissionless relayers you only:
Got some more nice graphs for you!
All data has been fetched using polkadot.js directly
Prepare your KSM for
@kintsugi_btc
as well. The snek needs some BTC!
Oke, Snek did some digging yesterday.
470039 KSM will be unlocked in next 7 days
50% is being unlocked by 8 accounts
75% of the incoming KSM from 18 accounts
๐ณ are coming to pamp or dump?
I'm very happy to announce that our Balance paper has been accepted at
@acm_ccs
#ccs19
! We introduce a mechanism to reduce deposit sizes in cryptoeconomic protocols.
High level overview:
Paper:
Code:
First cross-uni blockchain research meet-up with KCL, Imperial, UCL, Portsmouth and Cambridge.
London is extremely rich in PhD-level blockchain research (ie security, eco-system, networks, PL, etc).
Thanks to
@primalbasehq
and
@1nst1tute
for hosting us!
3/ Govern the bridge.
By locking KINT tokens, you receive vKINT. These entitle you to participate in an optimistic governance system. Think about adding more collateral assets, increasing the collateral ceilings...
BALANCEใฎ็บ่กจใงใ๏ผๅๆฃ้่็ญใซใใใๆ ไฟใใปใญใฅใชใใฃใ็ถญๆใใคใคใฉใฎใใใซๆธใใใ by
@nud3l_
#blockchaintokyo
The Interlay 2.0 Roadmap is here ๐บ
The reliance on centralized exchanges, CeFi, and wrapped assets is a massive threat to the future of crypto. The world needs a trustless DeFi hub for
#Bitcoin
- good thing we've been building one
What's next? Read on ๐งตโฌ๏ธ
The Polkadot DeFi campaign is about to launch, driving demand for 22.5 more $iBTC. However, the
@InterlayHQ
$BTC bridge doesnโt have capacity to mint more $iBTC. We propose Polkadot treasury support for vaults to add more $iBTC capacity.
BOB Gateway launch has now seen more than 2000 users going directly from
#Bitcoin
to
@build_on_bob
.
We extend Gateway over the next weeks:
1. Publish the SDK to allow any project on BOB to onboard users directly into their apps from Bitcoin.
2. Automate transaction flow on BOB.
We are hosting a hacker house right before
@EthereumDenver
where you learn to build with
@Bitcoin
using
@build_on_bob
!
I'll be there to chat about how to use the BOB stack and we can hack together.
You can apply for the event:
Very much enjoyed the Crypto AMA hosted by
@spencernoon
on our latest paper on risks in DeFi and stablecoins. Thanks for having us!
PS: we summarize the paper here:
Joined work with
@aklamun
@ljfgudgeon
@orbxball
and Andreea Minca
Who's going to be in Brussels and wants to talk making building with Bitcoin easier/faster/cheaper/better?
I'll be around. Reach out if you want to meet up!
Today the ACM Advances in Financial Technologies conference is happening:
It's free to attend and I am specifically looking forward to the two econ sessions including stablecoins, price oracles, lonable funds, and layer-1 incentives!
Are you ready for another week of
#SamaNights
?
This week weโll kick things off with
@dominik0_
from
@InterlayHQ
to learn more about bridging $BTC and hear about their recent announcement ๐
Donโt miss it! Be sure to drop questions below ๐
Presenting
#xclaim
at
#EDCON2019
. XCLAIM is a research project to allow interoperability between different blockchains. Check out our website and the paper
We published a paper laying new foundations for the design and analysis of
#cryptoeconomic
systems.
The main focus is
#stablecoins
, but the models are well applicable to
#DeFi
protocols as well as
#crosschain
assets.
Giving easy and trustless access to BTC, ordinals, and BRC20 from the EVM is going to be really cool. Especially with the evolving ordinals and BRC20 indexers itโs a fun project to work on.