Bitcoin is having a moment.
It's the ETF, it's Ordinals, it's the Halving, it's BitVM, it's
@TaprootWizards
and
@Stacks
, it's a wave of Bitcoiners who are ready to use BTC as an active asset again.
Thankfully, we've built a bridge for that ☺️
1/ The cat's out of the bag. For the last 10 months, the
@keep_project
team, building on the work of
@summa_one
, has been quietly building a trustless bridge from Bitcoin to Ethereum. The spec is up at .
We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It's embarrassing that we still can't easily move between the two largest crypto ecosystems trustlessly.
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
💏
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.
1/ The cat's out of the bag. For the last 10 months, the
@keep_project
team, building on the work of
@summa_one
, has been quietly building a trustless bridge from Bitcoin to Ethereum. The spec is up at .
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.
After months of flirting, it's time to make Bitcoin and Ethereum kiss 🥰
@bloomberg
's all over it - check out this piece by
@mattleising
on what bringing Bitcoin to Ethereum might mean for both chains and communities.
#tBTC
goes live on April 27th.
Until recently, I've struggled with the
@Uniswap
v3 passive LP hurdles.. but damn, when it works, it works.
$92k TVL backed $1.34m in 24h hour volume, and earned $13.41k in fees. Looks like an entrepreneurial LP set up a 1% v3 pool and is cleaning the v2 pool's clock
We've just published an extensive incident analysis of the tBTC pause on May 18th, including a response timeline, bug fix, and process improvements.
Thanks to
@lightfiend
@_prestwich
@SloanThompson
@LauraWallendal
and others for getting this out.
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.
Discussion at Satoshi Roundtable this morning:
Lightning will suppress tax fees.
What about the Bitcoin fee market?
Well, we might have to introduce a low inflation rate to Bitcoin once the block reward gets too low.
cc:
@twobitidiot
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.
5/ We’ve put together a small team to ship a wallet that’s built for a new, open internet. That means a wallet ecosystem that is
⚖️ fairly launched
🤲 sustainably aligned with users
👪 wholly owned and governed by the community
6/ What does a wallet for a new, open internet look like? At launch,
@tallycash
will focus on DeFi, with follow up releases including native L2 and NFT support.
11/ Our first incentive program will launch with
@NexusMutal
. $NXM holders that stake to provide cover for tBTC minters will be rewarded by KEEP, weekly. This program means any depositor will be able to buy cover for their deposits through the Nexus Mutual dApp.
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 😳
1/ I've been thinking a lot about "money crypto" versus "tech crypto" lately. Working on a project to bring Bitcoin to Ethereum will do that to you I guess.
$7.53M in ETH is already backing the tBTC bridge... and that's before we've opened up the public stakedrop
😳
The release is guarded for BTC depositors, but stakers are still gearing up.
I bet the
@THORChain
team feels embattled, fighting off "haters". It's a natural response.
But after an incident like this is exactly when you should slow down, self reflect, and learn a little humility.
Screw the token price, consider your reputation. And ya know. User safety.
1/ Excited to see this proposal from
@wormholecrypto
on the Threshold governance forum.
TL;DR: Wormhole's proposal would bring
@tBTC_project
to 20+ chains, and induce up to 26,000 BTC ($780M) in value bridged through the system.
Let's dig in 👇
I've just published our proposal to the
@ZcashFoundation
to work alongside the
@ElectricCoinCo
as a major dev fee recipient, and our vision
@thesis_co
for Zcash as the privacy layer for the Internet of Money.
@zooko
beat me to the punch here 👇
We've just published an extensive incident analysis of the tBTC pause on May 18th, including a response timeline, bug fix, and process improvements.
Thanks to
@lightfiend
@_prestwich
@SloanThompson
@LauraWallendal
and others for getting this out.
4/ The most popular gateway to Web3 today — and many users’ first introduction to Ethereum — is restrictively licensed, exclusively enriching a small number of corporate owners, including JP Morgan.
We can do better.
Detailed token transition plan to merge $KEEP and $NU into $T, including wrapping mechanics, on a brand spanking new Github org from
@piotrdyraga
. This is getting real.
We are thrilled(!!) to announce that Electric Coin Co. and
@ZcashFoundation
have approved a modified ZIP 1014, which funds
#Zcash
development for another 4 years — starting at NU4 activation.
$ZEC
#ZcashDevFund
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
.
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 👇
12/ I'm also proposing what I expect will be a big boon to early liquidity- a new
@CurveFinance
$tBTC pool. Curve will allow early tBTC minters to build liquidity and, soon, to mine rewards.
Most importantly, though, thanks to the Ethereum and Bitcoin communities. I know you don't always get along, but... we don't give a crap. It's time to interoperate!
#bitcoin
#ethereum
💏
Hey $LINK army. I'm a dev doing a cool thing that needs a price oracle, and let me be clear- I have absolutely no interest in using your Rube Goldberg machine. Thanks!
@mhluongo
@ChainLinkGod
@chainlink
Multi-sig, multi-source, data aggregator, data verifier, data authenticator via TEEs, off-chain computation, reputation system for evaluating trust based on on-chain metrics, marketplace for data
@kelseyhightower
Show me a Web2 project that isn't about turning users into the product. That isn't about squeezing us for data, slowly and systematically undermining our shared belief in a right to privacy.
Go on. I'll wait.
Do it in a decentralized way with multiparty ECDSA instead, good opportunity for a staking utility token. Ratchet an interest rate on any custodied BTC up/down based on the tokens market cap (see: Augur token model), make faults attributable, and allocate yield based on stake.
In case anyone is wondering, yes,
@TornadoCash
still appears to effectively be custodial 😭
Do we all want
@udiWertheimer
to be right forever? Is there no one who will just throw away their keys?
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.
2024 will be the revenge of Bitcoin.
Still to be decided: whether the Bitcoin ETF will be good for freedom, or just our bags.
Check out my piece on
@CoinDesk
👇
@keep_project
@summa_one
2/ The premise is simple. Existing federation-based approaches to Bitcoin sidechains are broken, exposing users to risks of censorship and theft of funds. These aren't acceptable tradeoffs, and they've kept us from better scaling and building with Bitcoin.
Interested in funding Bitcoin on Ethereum work? The
@keep_project
team has been funding an efficient BTC relay used by multiple projects, and pioneered by
@_prestwich
. We're working with the Strudel team to open the relay it to outside funding.
Who'd be interested?
@BadgerDAO
?
The risk surface of DeFi is growing exponentially.
This is a combo of:
- Contract bugs
- Poor protocol parameterization
- On-chain congestion
- Oracle failure
- Keeper bot/LP failure
Risk is amplified by contract composability and leverage.
I hope everyone understands this.
These exploits are no longer in the "this space is hard" arena, they're now in the "any security scanner would've caught this" camp. Be real here, own up, and improve.
Thoughts on
@THORChain
1) 2nd exploit was not new bug. It was already there
2) it was known to be unaudited. Obv a little irresponsible, but also to be expected
3) Thorchain is probably the most complex crypto thing in the world other than bleeding edge ZKP stuff
Wgmi
WBTC is issued by BitGo. Its entities are in in South Dakota and New York. They must obey OFAC sanctions or face million dollar fines and jail time for their execs.
So I've been thinking a bit about the Zcash Founder's Reward, the
@ZcashFoundation
, and de facto cryptocurrency governance.
Thought process below, or you can jump to the outcome of those thoughts here 👇
Check out my discussion with
@APompliano
on
#tBTC
, the Bitcoin / Ethereum cultural divide, and crypto'ing in the time of Covid-19.
Unfortunately, the virus is still spreading 😷
Thanks for having me on
@APompliano
!
New episode with
@mhluongo
!
We discuss bringing the worlds of Bitcoin & Ethereum together, how he is a monetary maximalist, what tBTC is & the value it brings to DeFi community, & how crypto companies are prepared for working through the COVID-19 crisis.
Crypto is inherently political; what could be more political than money? Building on Bitcoin means building an alternative to the status quo, & threatening those in power.
Come build with us at
@thesis_co
@fold_app
@keep_project
.
Pretty excited to ship, it's been too long. But also now I'm watching people risk tons of money maybe a *little* too quickly... sleep will be elusive the next few months 😅
BitVM BRIDGES JUST WANT TO WATCH THE WORLD BURN
BitVM is an exciting discovery that allows for verification of general computations using the bitcoin network
this is really cool.
but “bridges” built with BitVM are not cool.
recently, multiple bitcoin “L2s” proposed using