🎖️ ₿ Bitcoin Futures, Options, Leverages on Harmony's b.country 🧡
Our goal is to make useful products for Harmony’s DeFi ecosystem. Onchain ₿ Bitcoin derivatives – such as futures, options, leverages – are the best market fit for a fast blockchain.
Like Bitcoin, to stay robust among all market conditions and to avoid any governance attacks, the smart contracts should require no configurable parameters to deploy or even become immutable against upgrades.
Developers and traders, come join our b.country – a premium top-level domain dedicated for everything ₿! Also, our partner AnotherWorld has a great game and community on our 9.country with Bitcoin assets.
Bitcoin ∩ Harmony = b.country
At Harmony, we are building a sustainable product with this premium name:
Shard 1 with 500ms finality: Uniform scaling with our 100+ validators; Gas-sponsored transactions + $0.001 fees; No single sequencers or fraud proofs.
Onchain orderbooks & matching: Unified 1000x leverage pool; Perpetual futures & options based on swap liquidity; Visualized, composable strategies.
$BTC from Bitcoin Layer 2s: Superchain bridge & AI bots; Formal security proofs for deploy-time specialized contracts; Dependent typed languages.
The Bitcoin faithful have a few options when trying to access leverage against their holdings: use an illiquid product like Sovryn on Rootstock, wrap their Bitcoin and send it to Ethereum (centrally custodied by BitGo), or deposit it on THORChain and obtain a loan against it. Zetachain enables a similar path to THORChain with validator-controlled, decentralized custody in a TSS address. But as a smart contract platform that can attract app builders and have a wider suite of products, it could prove to be more appealing than borrowing on THORChain.
https://docs.anotherworld.gg/token-gamification-platform
Another World is building its cross-chain infrastructure combining BTC mempool and EVM Cross-Chain Interoperability Protocol (CCIP) to bring seamless BTC-to-EVM experiences in gameplay.
Metaverse is the key intersection between AI-generated content and web3 tokenized economy. As GenAI has changed the pipeline of game asset creation, building a digital world can be more participatory, dynamic, and even decentralized.
https://members.delphidigital.io/reports/high-off-the-halving
Bitlayer uses STARKS for constructing the zk proofs of valid state transitions. In the traditional FRI challenge game, the prover reveals all the intermediate states (polynomial evaluations) on-chain. The verifier then checks if these revealed states would cause the corresponding gates (computation steps) to execute incorrectly. If so, the verifier can obtain the prover’s staked amount
Revealing all intermediate states onchain can be costly, especially for complex computations with many intermediate states. Even if we pack each leaf script with 400KB, there may still be many intermediate states to reveal.
Bitlayer uses Taptree to replace the traditional Merkle Tree used in FRI. In Bitcoin Friendly FRI, instead of committing to the intermediate states in a Merkle Tree, the prover commits all the polynomial evaluations (corresponding to the committed polynomial) in the Leaf Script of the Taptree. This leads to a reduced need of revealing the states from 3N to N.
Following successful local tests, the developer broadcasted a series of transactions to Bitcoin’s Signet testnet network that would execute the entire script. To optimize on-chain usage, the STARK proof, based on Starkware’s open-source Stwo implementation, is split into concurrent transactions chained together using an OP_CAT based covenant.
“We started with nothing. There’s no information about ZK proofs on Bitcoin. There’s no information regarding the mathematical operations to follow. We had to build the full stack, which eventually led to the implementation of the STARK verifier.”
https://x.com/mempooldao/status/1761968143977841101?s=46
这种策略被称为长距离攻击(Long Range Attack),它利用了PoS链中验证节点解质押后,回到他们还是质押者身份的某个历史区块,启动一条分叉链的可能性。这个问题是PoS系统固有的,无法仅通过改进PoS链的共识机制本身来彻底解决,不论是以太坊还是Cosmos等PoS链都面临着这一挑战。
为了解决这个问题, POS 链的发明者和支持者包括Vitalik ,提出了Weak Subjectivity (弱主观)或者叫Social Concensus(社会共识),指的是POS链确实存在靠自己无法解决的问题,不过可以通过链的参与者,定期地在线下形成一个链下共识--Block100应该长这样, Block1000应该长这样,通过这种方式来达成共识,从而避免接受其它分叉。
Molecule's decision to adopt the Solana Virtual Machine (SVM) lies in its thriving developer ecosystem and the wide adoption of Rust as a programming language. Solana boasts over 3,300 active developers as of late 2023, according to Electric Capital.
Rust, Solana’s development language, as playing a crucial role in the SVM’s success. With over 3 million Rust developers globally.. Molecule aims to integrate Solana’s execution layer (SVM) with ZK (zero-knowledge) verification for transactions on Bitcoin.
https://members.delphidigital.io/feed/bip347-op_cat
When Heilman and Sabouri released the current Op_Cat proposal, Udi Wertheimer and Eric Wall released the Quantum Cats inscriptions to help promote it. This collection of 3.3K inscriptions has been trading around a .2 – .5 BTC floor and has become one of the more successful inscription collections. My hunch around this collection is that owning it will probably have some sort of benefit/airdrop if/when BIP347 goes live.
https://members.delphidigital.io/reports/the-state-of-bitcoin-3#bitcoin-defi---scaling-4518
Today, we had the announcement of Citrea. This is a zk-rollup incubated by Chainway that uses the BitVM. Drivechains would allow people to temporarily lock their BTC on the main chain and then release it on a sidechain. Like other sidechains, drivechains could offer users low-cost payment transactions or smart contracts.
https://members.delphidigital.io/feed/coinbase-earnings-today-5-2-after-market-close
The Lava Vault draws heavy inspiration from older contributions from ex-Spiral developer Tankred Hase called the Photon SDK. Photon implements a seedless cloud backup similar to Casa’s early implementation of the mobile key wallet but is fully open-source though it hasn’t been maintained for some time. Maredia is persuaded that the 2-of-2 solution he has adapted from existing designs in the ecosystem can stand against most known attacks.
https://messari.io/report/babylon-bitcoin-shared-security-and-staking
Unlocking a new primitive of Bitcoin staking, making economic and Bitcoin security more accessible to other chains, and providing yield to idle BTC are elements that can catalyze Bitcoin's current explosive trajectory.
With EigenLayer potentially valued at $3 billion —$15 billion when sharing Ethereum’s $427 billion security, it is safe to say that Babylon can be a force to be reckoned with when sharing Bitcoin’s $1.4 trillion security.
https://bitcoinmagazine.com/technical/bridging-bitcoin-ethereum-bobs-hybrid-layer-two-solution-
Bitcoin-secured finalization: In OptiMine, Bitcoin miners validate the blocks produced by sequencers by embedding a reference hash of the BOB blocks within Bitcoin blocks, which are then added to the Bitcoin blockchain. This validation significantly reduces the harm that comes from relying on centralized sequencers.
HashKey Group, an HK-based exchange that only deals in Bitcoin and Ethereum, opened off its new “Global” initiative with an exchange based in Bermuda. HashKey announced this plan at the Web3 Festival, and the Bermuda operations are set to be just the first step in an ambitious undertaking: the long-term hope is to “overtake US-based crypto giant Coinbase in trading volume within five years." A very tall order.
Three of the largest asset managers in all of China have signed onto the project in quick succession, and it’s no small commitment; if these firms become ETF issuers, they’ll be entangled in a business with record-breaking trade volumes and broad international interest.
It would hardly be the first time that Chinese capital firms have invested heavily in Bitcoin-related ventures, but mining hardware in faraway Ethiopia is very different from financial instruments in a city that’s legally part of China. By making this leap, these firms have found a way to legally entangle themselves with the world of Bitcoin, and the entanglement will even predominantly involve Chinese citizens.
https://messari.io/report/state-of-bitcoin-q1-2024
The excitement and demand for programmability extended past base-layer meta-protocols and into the world of Bitcoin layers (i.e., protocols scaling or adding increased functionality to Bitcoin). BitVM opened the door for new bridging mechanisms and ideas for enforcing transaction validity.
BitVM is a strategy for executing arbitrary computation anywhere and then verifying it on Bitcoin. It’s important to note that BitVM is an abstract protocol, not a specific instantiation of a protocol; builders can implement BitVM-style verification for various tools or protocols, such as bridges, Super’s 8-bit CPU and Tapleaf Circuits, or Blake3 hash lock verification.
https://members.delphidigital.io/reports/mantle-network
Additionally, Mantle is deepening its involvement in the Bitcoin Ecosystem. Mantle is a core contributor to FBTC, an omnichain Bitcoin asset pegged 1:1 to BTC. FBTC is designed to enhance BTC accessibility and utility by providing seamless interoperability and diverse yield opportunities. This initiative is supported by robust expertise and a broad network to ensure long-term resilience and viability.
FBTC is optimally positioned to enable users to maximize yield returns on their idle BTC holdings, tapping into the expanding Bitcoin finance (BTCFi) scene. For more details, visit FBTC on X and FBTC on Medium.
https://members.delphidigital.io/reports/no-pain-no-gain
Futures positioning also indicates a more neutral stance on the DXY, while net long positioning in the EUR seems to be rolling over (which typically precedes further EUR weakness and USD strength).