Good question. They just launched
Kyber: https://blog.kyber.network/renbtc-is-now-available-on-kyber-network-8f39ce70c4ab
Matcha 0x: https://twitter.com/matchaxyz/status/1287043855552921600?s=20
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tbtc has no battle testing, because bugs were discovered shortly after launch, and the devs took it down.
SMH that it is even in the conversation…
True i guess i forgot sBTC is legit too. So that makes 3 in my book w, ren, s. Maybe im, p or t; but im not seeing it yet for any of the 3
tBTC failed in day one ! They launched the product with zero auditing! They was in rush to launch it before Ren but they fucked it up. Ren have audited the code with several auditing teams(you can find the list of 3rd parties that audited ren code on ren medeium).
About open soucing argument, ren team have reason to not open source all the code yet, they spent a lot of time and ressources to build the protocol, and they will make sure to take their market chare before open sourcing all the code, cuz many competitors are waiting to copy paste the code then spend their resources on marketing…
Another way, if ren protocol is not trusstless so what make big names like Maker, bankor,matcha 0x, curve, Acala(on polkadot)… integrating or listing renBTC or building with ren team?!
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By the way, sBTC is just a syntetix, its just a image of the value of BTC…!
RenBTC is a tokenized BTC 1:1 and you can redeam it 1:1 at any time you need
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I don’t think we should put off a BTC pool; you’re just waiting for something that will never arrive.
All stablecoins suck in their own way, yet we haven’t shied away from using them.
While renBTC might be a great project. They have $17.7m bonded in darknodes. $17.5m minted BTC in circulation.
As YFI holders, WBTC just makes the most sense currently. They’re more scalable and they have the most in circulation. WBTC makes the most sense if you want to attract the most capital to the yVault.
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If we are waiting for a few months, then in a few months Ren will be fully open source and in the next phase which means signatures must include darknodes as well as greycore. This negates all arguments for lack of trustlessness and their will also be significant adoption and liquidity by then.
Having both darknodes and greycore also makes it impossible to collude and compromise the network unless 1/3 of greycore nodes are also compromised.
The value locked/value bonded ratio only makes it possible to compromise the system once the threshold is reached, but the ability to control 1/3 of greycore and 1/3 of a 100 node shard at any one time, while shards are shuffled every day, is near impossible. Ren is an excellent system. There are more integrations coming as well that will increase velocity and token value without adding to the bonded value.
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You are right, renBTC isn’t trustless (yet, because they will open source the code eventually and move to next phase where everything will be decided by decetralized Darknodes) but wBTC is even worse because of KYC. I think there is no truly trustless solution right now so we should consider what is available and what is used on other platforms.
Voted for renBTC.
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Renbtc for now then tbtc if/when it launches and has some liquidity.
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loon ren CTO thread this morning about open sourcing the MPC code
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dear my friends tBTC shillers, why are you shiling a already failed project ! and its not even a option on this poll !! DeFi will be huge in the next years and i believe that will be room for many projects…
competition is good, but let ppl know that the competition between renBTC and tBTC will be only on ethereum blockchain! (tBTC is based on EVM, correct me if im wrong)
for renBTC will be on different chains, even polkadot have polkaBTC but they still need ren protocol, for example if you have polkaBTC on a based polkadot DEX and you see a arbitrage opportunity on a based ethereum DEX so you have to do polkaBTC to BTC(wait confirmations) then BTC to tBTC(wait…) then you can use your fund on ethereum based DEX, or you can send renBTC from a polkadot based DEX to a ethereum based DEX directly ! ren protocol have a lot of potential and a lot of other use cases like a decentralized OTC…
and who knows! maybe ren protocol will give a boost to tBTC and make a renTBTC token and bridge it to polkadot,cosmos… (if users will trust tBTC after shuting down hours after its launch…)
Why not do 3 of them at same time?
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read the comments on this tweet
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Would like everyone to zoom out and take time to read comment by @experience.
When you make a choice, choose an option that brings least risks to the system.
About open soucing argument, ren team have reason to not open source all the code yet, they spent a lot of time and ressources to build the protocol, and they will make sure to take their market chare before open sourcing all the code
While I am sympathetic towards the work of the Ren team, this does not change in any way my core argument. If the code is not open source, the protocol is not trustless by definition, and should not be considered in the context of a decentralized and censorship resistant environment. That is not to say that the Ren team is lying, or that they didn’t do the work, but it is simply not possible to verify this as of now. Once the client is open source and the protocol has been running for long enough, then it would certainly become a prime contender.
Another way, if ren protocol is not trusstless so what make big names like Maker, bankor,matcha 0x, curve, Acala(on polkadot)… integrating or listing renBTC or building with ren team?!
This is of no significance. Maker, Bancor and Curve are all integrating / listing USDC, a token that is very explicitely not trustless and censorable by the blacklist function at the smart contract level.
There seems to be a fundamental misunderstanding of what trustlessness, censorship resistance and decentralization means here. We should not let tribalism and speculation get mixed up with objective facts.
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The way bitgo holds their bitcoin is not open sourced either. Its likely a multisig same as ren for right now. Unfortunately this is the best we can do. Claiming decentralized means all the way is not true, otherwise chainlink and iexec wouldnt even be in DeFi category as much of the processing is offchain. Obviously ren will leave greycore online for as long as it needs. And greycore has no vote, so it only ADDS security not removes it. Such as if greycore and darknodes disagree, darknodes could reassign greycore and pass the transaction and the worst thing greycore did for voting wonky is slow down the process. I may agree waiting for the true ren mainnet may be a good idea when darknodes claim power from greycore. I still do trust greycore as it stands being many of the projects youd want as part of a custody multisig for $10m worth of btc
Edit: link to what is greycore. It only adds safety after subzero. https://github.com/renproject/ren/wiki/Greycore
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Trail of Bits is editing ren code right now, the code will be open sourced soon, ren still in mainnet sub-zero and the protocol be fully decentralized in the future, wBTC is centralized and it will be centralized forever.but dappss still gonna use both of them anyway, its for the users to chose wich one is more confortable for them to use…
So why cant tbtc be on polkadot or cosmos too?