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Bitcoin Bridge

Native Bitcoin on Harmony via Interlay's XCLAIM approach

Revised launch phases

Monday November 1, 2021 - Internal release & mainnet dry-run

  • Internal review complete for smart contracts
  • Unit/upgradability testing complete
  • Testnet testing by team complete
  • 2-3 vaults & 1 relayer run by Harmony
  • Limited TVL (1-2 BTC)
  • Selected partner exposure w/ mainnet release & feedback

Monday November 8, 2021 - First public release with vaults and relayers run by Harmony, limited TVL

  • External audit begins
  • Open to public with limited TVL (< 20 BTC)
  • Up to 5-6 vaults & 2-3 relayers run by Harmony
  • Campaign & marketing

Monday November 15, 2021 - Limited open participation with public vaults & relayers, limited increased TVL

  • Audit complete this week, fix audit bugs/suggestions, review complete
  • Chainlink price feeds available on mainnet
  • Onboard external 5-6 vaults & 2-3 relayers
  • Setting/revising vault, relayer, bridge fees
  • Governance for bridge & multisig controlled bridge protocol updates w/ vaults & relayers participation
  • Increase TVL (< 100 BTC)
  • Incentivized pools in DEX, Lend, etc

Monday November 29, 2021 - Open participation of public vaults & relayers, unlimited TVL

  • Remove TVL cap (Unlimited BTC locking)
  • Onboard more external vaults (10+) & relayers (5+)
  • Further incentivized pools & products around OneBtc
  • Further marketing & campaigns

Last mile tasks

1. Smart contract

  • oracle - upgrade to multile sources (currently chainlink only) - next feature release
  • relay contract & security - full module pending
  • issue - parameterize issue fee & request expiry period, issue griefing collateral, handle over payment, sla update
  • onebtc - double check verifyTx
  • redeem - parameterize redeem fee, inclusion fee,
  • replace - replace griefing collateral, security check in requestReplace, acceptReplace, withdrawReplace, vault liquidation logic
  • sla - full module pending
  • vault-registry - parameterize collateral threshold, oracle call, tryDepositCollateral

2. Clients

  • Security monitoring for vaults
  • Dockers for vaults & relayers
  • Integrate with upgraded contracts interfaces
  • Governance mechanism
  • Multiple relayer clients support
  • Update Documentation

3. Frontends

  • Mobile version support
  • Add mainnet full support
  • Integrate with upgraded contracts interfaces
  • Update SDK Documentation & Examples

3. Deployment

  • BTC mainnet node
  • Dashboard Mainnet
  • Vault Client Mainnet / Testnet
  • Frontend Mainnet / Testnet
  • Relayer Mainnet / Testnet

Weekly Milestones

Sep 6 to Sep 13, 2021

  • Testnet deployment of individual modules complete (Issue, Redeem, treasury, vault registry, collateral). User web client and relay client s development in progress. v1.0.0 release (base functionality) is planned for 9/20.

Bitcoin Bridge: contract-based wrapping and liquidity of BTC as in Interlay

We are adapting Interlay’s BTC<>DOT bridge to support finance products on wrapped Bitcoin. Our long-term value proposition is the utility of ETH<>ONE<>BTC hub as liquidity infrastructure. Keep’s tBTC, Interlay’s PolkaBTC and Thorchain are only reaching basic production but highly valued. Our bridge can then easily generalize to many Bitcoin-based assets such as Tether’s USDT, Litecoin and Bitcoin Cash. Along with our Ethereum bridge, we can enable a truly decentralized exchange across chains with BTC derivatives, USDT stablecoins and ERC20 assets.

Roadmap

09.20 - v1.0.0 (Base functionality) - Completed

09.20 → 09.30 - Testing v1.0.0 base functionality & bug fixing

09.30 - v1.1.0 (replace, vault client, dashboard) - Completed

10.18- v1.2.0 (security module, history charts, one wallet) - In progress

10.07 - Full functionality completed and deployed to Testnet
10.07 → 10.15 - Testing full functionality, bug fixing

10.25 - v1.3.0 (Test, SDK examples)

  • e2e Tests for all cases (Yuriy, Rachit)
  • Unit tests fo all cases (Yuriy, Rachit)
  • More examples for OneBtc SDK (Sergey)
  • Other Issues (reserve 40% time for Unforeseen Issues)
10.15 - Testing is finished and we are ready to launch on the mainnet
10.16 - Deploy all services to mainnet
10.16 - 10.30 Testing full functionality on Mainnet, bug fixing
10.30 Launch announcement - open for users