10 steps to understand #crc20.
1. bitcoin solved money. it's the best collateral on earth, but it just sits there. it never solved finance.
2. there is a liquidity paradox: to make ur btc work, u always had to give it away. a wrapper, an exchange, another chain.
3. every "btcfi" before took the coin off bitcoin. every time, someone else ended up holding the keys (we all know how that ends).
4. bitcoin made money honest. today, crc-20 makes it liquid. soft covenant is the core idea.
5. ur $btc goes into a vault: a taproot utxo, on L1, with time locks and spending paths bitcoin itself enforces (here, soft covenants).
6. from that vault u mint $axbt, a debt token backed by more $btc than it's worth (110% to 150%), with a (guarantee) term counted in blocks.
7. $axbt moves. swap it for $leaf. add liquidity to the pool. trade it. liquidate matured vaults. while ur $btc stays exactly where it is.
8. the yield: 1% swap fees to liquidity providers. and matured unpaid vaults go to whoever repays their debt.
9. every locked vault counts as tvl. $btc that was sleeping is now working. and u can verify every vault, every lp, every swap.
10. bitcoin where ur coins stay on L1, in ur own utxo, and still become liquid finance. none of it needed a fork. no new opcode. no consensus change.
let's grow (🌱)
tap3leaf (🌱) retweeted
The protocol is running 🌱
+ 143 executed swaps
> 0.345 $AXBT (volume)
+ 69 vaults opened
> 0.1999 $BTC (TVL)
LPs have generated
> 0.00175558 $AXBT + 173,763.78 $LEAF
in trading fees.
And following community feedback:
optional MEV Protection is now available: set an ask price and execute your entire swap only if its effective rate stays within your slippage limit. Fill-or-kill. (Bitcoin transaction fees still apply. Partial-fill swaps remain the default.)
real usage, organic growth and improvements driven by the community. Thank you to everyone joining the experiment 🌱
lock btc in a vault. get axbt.
lock axbt in a liquidity pool. get axbt.
close any axbt vault. unlock btc.
(yield) on bitcoin.
no multisig. no layer 2. no federation.
open to anyone.
highly experimental.
enjoy the soft covenants.
🍀
gm. (coffee).
builders: the $leaf api is there.
integration for exchanges and explorers, all the info.
we're still finishing the global version. the one that scans every ticker. sorry for the wait. thanks for the patience (and the trust). radar: soon.
𝑇ℎ𝑒 𝑙𝑎𝑠𝑡 𝑚𝑒𝑡𝑎🌱
crc20.org
and it lets u have several explorers.
consensus is important for what's next.
seeds become trees. indexers become radars.
We don’t serve UI balances. We serve verifiable cryptographic paths.
Proof-of-Leaf. 🌱
They spent months writing threads about covenants. We spent them compiling history. Narrative follows execution.
The receipt is on Bitcoin.
The open engine drops in a few days.
Follow @theprecop and get your nodes ready. 🌻
$leaf $bons $crc
tap3leaf (🌱) retweeted
(fucking around with that code = oppenheimer vibes.)
when u see the vaults the way i see them (unbreachable).
u see world finance on bitcoin. for real. being turned (32 bytes) on.
(anyway.)
great progress on the experiments. first vaults are in test on mainnet. (as ordinal nfts).
if it holds for 546 sats (ordinal), it holds for 546 btc.
if the tech confirms. (with more btc). that btc can go into the liquidity pools. and from here.. you swap.
🌱
new experiment:
testing the covenant spend paths on the vaults. (with ordinals first).
gm
what is crc-21?
ordinals (+soft covenants)
how to mint?
opengarden.co
you pay sats or you pay time
hope it gives people ideas
enter the garden
gm(🌱)
alive. (so much coffee). that's my job.
𝘴𝘰𝘧𝘵 𝘤𝘰𝘷𝘦𝘯𝘢𝘯𝘵𝘴 getting activated.
𝘳𝘢𝘥𝘢𝘳 going out with them.
wen? soon.
