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paoloardoino's profile
Paolo Ardoino
Paolo Ardoino
Paolo Ardoino
Verified account
@paoloardoino

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Paolo ArdoinoVerified account

@paoloardoino

CTO @bitfinex + CTO @tether_to [Views are my own]

London
github.com/prdn
Joined January 2010

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    1. Kyle Torpey‏ @kyletorpey Jun 28

      According to @Excellion, it's possible stablecoins closely tied to the traditional banking system, such as Tether and USD coin (USDC), could see a new competitor emerge in the form of a bitcoin-backed stablecoin issued on Liquid.https://cryptonews.com/exclusives/el-salvador-will-be-a-serious-test-for-bitcoin-s-layer-2-net-10837.htm …

      5 replies 6 retweets 52 likes
    2. Alex B.‏ @bergealex4 Jun 28
      Replying to @kyletorpey @Excellion

      I've been thinking more about it and that's a tough one. Who is the counter-party? Unless you have liquid market you're basically hedging a single position I guess you start w/ several market makers holding BTC balances and hedging against each other with DLCs.

      2 replies 0 retweets 7 likes
    3. Alex B.‏ @bergealex4 Jun 28
      Replying to @bergealex4 @kyletorpey @Excellion

      Federation participants probably have such market positions already on exchange (respective trading desks) and could possibly divert some of this liquidity to on-chain contracts to bootstrap the liquidity.

      2 replies 0 retweets 2 likes
    4. Alex B.‏ @bergealex4 Jun 28
      Replying to @bergealex4 @kyletorpey @Excellion

      @paoloardoino ?

      2 replies 0 retweets 0 likes
    5. Paolo Ardoino‏Verified account @paoloardoino Jun 28
      Replying to @bergealex4 @kyletorpey @Excellion

      I would love to see an algorithmic stablecoin running fully on Liquid

      4 replies 2 retweets 12 likes
    6. Alex B.‏ @bergealex4 Jun 28
      Replying to @paoloardoino @kyletorpey @Excellion

      I think we're getting there. We'll just need your liquidity :P

      1 reply 0 retweets 1 like
    7. Paolo Ardoino‏Verified account @paoloardoino Jun 28
      Replying to @bergealex4 @kyletorpey @Excellion

      Happy to help. Would be DAI style with liquidation event?

      1 reply 0 retweets 2 likes
    8. Alex B.‏ @bergealex4 Jun 28
      Replying to @paoloardoino @kyletorpey @Excellion

      I haven't thought this true completely but I'm sure @Chris_Stewart_5 has a better idea of scaled up DLC market?

      1 reply 0 retweets 2 likes
    9. Chris Stewart‏ @Chris_Stewart_5 Jun 28
      Replying to @bergealex4 @paoloardoino and

      Here is what I drew up awhile ago for how matching can occur on a CEX, but settlement/clearing happens later on the bitcoin blockchain https://docs.google.com/drawings/d/1PyUVGrzkBRFf_jIO3hdWKqyJUQqXif-NpZnfxl6gHrw/edit?usp=sharing … LMK if the permissions aren't right

      1 reply 0 retweets 3 likes
    10. Chris Stewart‏ @Chris_Stewart_5 Jun 28
      Replying to @Chris_Stewart_5 @bergealex4 and

      In general for decentralized match making, this really seems to be a limitation of the utxo model compared to the account model. IMO, this gives account chains a regulatory advantage as the "blockchain" does the match making.

      2 replies 0 retweets 3 likes
      Paolo Ardoino‏Verified account @paoloardoino Jun 28
      Replying to @Chris_Stewart_5 @bergealex4 and

      Finex new engine has support for JSON metadata that can even be semi-signed / raw bitcoin txs. Upon execution the trade contains the meta of the order. So ideally one can build a service that implements a market maker over Finex really easily, with chain settlement

      1:57 PM - 28 Jun 2021
      • 3 Likes
      • ros mac Samson Mow Chris Stewart
      1 reply 0 retweets 3 likes
        1. Chris Stewart‏ @Chris_Stewart_5 Jun 28
          Replying to @paoloardoino @bergealex4 and

          Chris Stewart Retweeted Chris Stewart

          Yeah, this is the ideal flow IMOhttps://twitter.com/Chris_Stewart_5/status/1409617015074140166 …

          Chris Stewart added,

          Chris Stewart @Chris_Stewart_5
          Replying to @bergealex4 @paoloardoino and 2 others
          The dream is you deposit into an echange like Bitfinex with Lightning, you get matched for a DLC, they print the bitcoin transaction from their matching engine, and you are now in a DLC. You can reduce your custodial exposure to under an hour
          0 replies 0 retweets 2 likes
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