Sun. May 9th, 2021
DeFi #26, Free TON, Meetup

At the weekly meetup, participants discussed the issue of the Polkadot contest payouts, voting on the DEX contest and stablecoin contest updates. They also mentioned the topic of Atomic Swaps in Bitcoin.

Weekly DeFi Governance Call #26

Atomic Swaps to Bitcoin

Working with bitcoin is quite difficult from the point of view of its structure on the frontend, since it is necessary to interact with signing custom transactions through hardware wallets such as Trezor. The SDK is not very stable. 

Transactions in bitcoin are very slow. This means that the timelock for htc contracts must be really high (up to 48 hours for a maker, up to 24 hours for a taker). In Ethereum and Free TON, these values ​​can be reduced to several hours.

We discussed this with several experts in the market. The real demand for direct swap for bitcoin is not that great as most professionals usually use WBTC (Wrapped Bitcoin) based on Ethereum, for example. WBTC or renBTC support gives much more value. However, we plan to return the support as soon as we finish the discussion with the Trezor team.

At the moment, the transactions for swap with bitcoin can be sold through the Wrapped version of through their renBTC. A working version will be presented shortly.

We will return to the issue of bitcoin support after the current stage of the bridge development is completed.

Stablecoin contest updates. Oracles

At the very beginning, Alex Vat proposed to make the oracle contest as the first stage for the stablecoin contest. Mitja suggested holding the stablecoin contest and the oracle contest separately. Alex thinks that in this case it would be better to hold the oracle contest first. A draft of this contest will be presented next week.

Digest from the TON Alliance, covering the main events of the DeFi world, is being prepared for publication. A bit delayed, but today everything will be published.

Polkadot contest payouts 

The rewards for the second stage of the Polkadot contest have been distributed. The next payout session will take place as soon as the first stage of the DEX contest ends.

DEX Stage 1 Voting

Speaking of the DEX contest, voting is in progress and will end within a day. Vladislav asks the jury to vote if they have not already done so.