Don’t know how many security experts are in here who understand this in details but hope there are few guys.
Knowing you and the way you guys work i assume you pay for professional security testing or this comes later when community test it first ?
I understand that all trades and balances would reset periodically. However it might frustrate a lot of devs if they have to go through the whole process of recreating their account, re-generating the API key and replacing it in their implementation all over again every four days. Don’t you think?
large liquidity pools in Eth hook up to 3rd party exchanges
Kyber is onchain and slow causing deviations from market spot price
Nash is offchain & crosschain = fast and simpler, safer products
with speed we can provide superior 3rd party exchange pricing to these liquidity pools
with crosschain channels we can provide native products BTC over the convoluted WBTC
Wbtc forms 96% of the current leading 3rd party Eth exchange … see below.
this product is replaceable … not only is it replaceable but it makes up all their demand
WBTCs days are numbered.
This is the likely frontrunner in the tethered bitcoin space: https://tbtc.network/
If you read the specification you’ll see that it has poor capital efficiency right now but maybe that will change.
Would be nice to have a tBTC/BTC market on Nash for arbitrage!
I mean, when Nash has non-custodial cross chain real BTC trading, there will no longer be a point in using any wrapped or tethered BTC in general. Why do that when you can hold and trade the real thing cross-chains?
@Hatertots I am well aware of the limitations of tethered bitcoin. Please see my post from Jan 2019.
To answer your question as to why this has any point: not everything is about trading
tBTC is simply a trust minimised version of liquid, rsk or wbtc - i.e. an improvement
This would allow the use of bitcoin within the ethereum ecosystem and all the DeFi protocols that this includes e.g. lending on compound, collateral in maker dai
tBTC is by no means perfect but it is a step towards greater interoperability between bitcoin and ethereum
Someone is trading on the BTC-USDC pair, surely a temporary transfer issue.
USDC is an ERC-20 token, so I’m pretty sure if they’ve achieved trading it against Bitcoin, ETH isn’t far behind. The team probably just enabled 1 pair for now to limit the scope of testing.
The app looks pretty unstable right now. Keep in mind that they haven’t announced it was successfully deployed just yet. Maybe they’re still rolling out some parts as we speak.