Published on: 2021-12-27T12:05:36+00:00
In a Bitcoin developer mailing list, users discussed the ongoing development of the p2pderivatives DLC application. Yancy shared that the project is still under active development and provided a GitHub link to the project. Prayank mentioned the use of discreet log contracts for multi oracles and linked the p2pderivatives-client, p2pderivatives-server, and p2pderivatives-oracle GitHub repositories. The discussion also touched on the potential benefits of implementing OP_CTV in the project and explored the concept of unilateral derivatives. Thibaut introduced rust-dlc as another actively developed project that supports multi oracle contracts and other features found in the DLC specifications. They invited Jeremy to join their monthly DLC spec meeting to discuss how CTV could enhance the Bitcoin derivatives ecosystem and what aspects could be reused from DLCs. This conversation highlights the ongoing development and exploration of derivatives within the Bitcoin community.In an email exchange between Yancy and Prayank, it was revealed that the p2pderivatives DLC application is still being developed on GitHub using a single oracle. Yancy shared links to the repository for the client, server, and oracle components of the project. Prayank further discussed the use of multi-oracles in discreet log contracts and referenced the p2pderivatives project. The necessity of OP_CTV in the p2pderivatives project was questioned, to which Yancy responded that while not necessary, certain aspects of the project could benefit from its implementation. The conversation also delved into the concept of unilateral derivatives and how they could function even without a peer to take the other side of the trade. Both participants expressed interest in exploring derivatives as a lesser-explored area of Bitcoin projects that could potentially address various problems. Links to powswap.com and the bitcoin-dev mailing list were shared during the conversation.Prayank and Jeremy engaged in an email conversation discussing the implementation of threshold oracles in Bitcoin and their potential application in derivatives trading. They mentioned a project called P2P Derivatives that employs a similar approach but has not been used for real trades on the mainnet or further developed. The discussion then shifted to the advantages of unilateral opens, which enable one party to make payments into a derivative without requiring the counterparty to be online. This feature is particularly useful when dealing with counterparties who may not always be available. While CTV is not necessarily required for this, its implementation would enhance certain aspects and open up new possibilities for unilaterally opening these contracts. The conversation also touched upon the workings of unilateral options, involving the creation of a payment to the counterparty into an Option expiring next week, granting them the right to purchase a magnesium risk reversal contract from the sender, with settlement scheduled for the following month. The participants concluded by discussing how this pattern must be used in conjunction with DCFMP and PowSwap, where miners could commit to "trade specs," and an automatic market maker inside the DCFMP could attempt to match the miner with a counterparty seeking the opposite hashrate hedge.The message also mentions developer Jeremy Rubin's recent post about building options and derivatives on the Sapio platform. Further details and insights can be found in the full post, accessible at rubin.io/bitcoin/2021/12/20/advent-23. The brief message sharing this information was shared via Twitter.
Updated on: 2023-08-02T05:16:02.602032+00:00