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@cryptorewind
It enables cross-chain swaps: I can trade $ETH for $BTC How it works? (re: see image) The process is such that it incentivizes correct & honest behavior Disputes hurt both parties. because, it will cost roughly $100 in fees (not sure, if it will be paid extra or via collateral)
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SBF
@SBF_FTX
1) This is my fifth and final post about The State of DeFi: PROJECT SERUM Previously: How is DeFi? twitter.com/SBF_Alameda/st Trust and Centralization: twitter.com/SBF_Alameda/st Tonight We are Young: twitter.com/SBF_Alameda/st Doing It Right: twitter.com/SBF_Alameda/st
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@cryptorewind
If Bob doesn't send BTC to Alice, then see how disputes works... (see image) Few unanswered questions - What happens when both are wrong. e.g. : Alice sent less $ETH than promised, also Bob sent less $BTC than agreed. Does SC take care of that both can't be wrong?
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@cryptorewind
One thing however which I couldn't find is if it uses $SRM token for the swap anywhere - in fees or anywhere else. That would be unnecessary and really ruin the UX. I hope not. Excited to try this. Till now the best $ETH $BTC swap I tried was
@summa_one
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SBF
@SBF_FTX
Replying to
@cryptorewind
@sourcex44
and
@summa_one
Agreed--and we won't do it unless it makes sense. $SRM will earn fees from burns, have specialized governance, and stake in nodes. Possible we'll have some multi-collateral. But I don't like the idea of $SRM being the only collateral for swaps--you want low vol, not upside!
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@cryptorewind
Replying to
@SBF_FTX
@SBF_Alameda
and
@summa_one
Also, is there a possibility that both can be wrong? Alice says 1 ETH for 0.03 btc, but only transfers 0.99 ETH. Whereas Bob, says 0.03 BTC but only transfers 0.0299 BTC. Or does the smart contract ensure that one (re: trade initiator) is always right.
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@cryptorewind
Replying to
@SBF_FTX
@SBF_Alameda
and
@summa_one
I still don't understand Can both of them lie? If yes, then what happens? I am asking this because, in the above e.g. it's possible both didn't purposely lie but sent a little less than expected. even then it might be disputed & pay high fees and maybe lose their collateral?
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