Bitcoin Bridge

Bitcoin Bridge

Next Date
November 1, 2021 → January 24, 2022
Assign
Yuriy MenkovTKGanesha UpadhyayaGiv ParvanehPeter Abilla
Status
Live on Testnet
Github
https://github.com/harmony-one/onebtc/issues
Bounty

Native Bitcoin on Harmony via Interlay's XCLAIM approach

Update

Pending tasks before mainnet launch

  • Time period: Jan 3-24, 2022
  • Reaching out & onboarding externals for running vaults [Jan 3-17]
    • Finalizing the vault program details - IN PROGRESS
  • Contract size reduction & optimization [Jan 3-10]
    • Multiple optimizations complete, expected to complete by 1/12
  • Audit fix review & contract finalization [Jan 10-17]
  • Launch prep & public release [Jan 17-24]

Pending minor issues to fix:

  • Relay intermittently getting stuck
  • Sushi WONE-1BTC & 1ETH-1BTC pools are not correct

Action items for the week of Dec 5 - Dec 11

  • chainlink confirmed that all blockers are resolved now and if the feeds work without any interruption until the end of this week, they can sign off. we are checking with chainlink team on the date for the beta launch for our bridge (and other partners).
  • while fixing the audit issues, we ran into 1btc contract size exceeding issue. we are currently fixing it by reducing the code size by optimizing the code, meanwhile we are also working on separating out the vault-registry contract from 1btc contract. both should converge sometime mid of this week to finish contract upgrading. this also means that, we are yet to send the fixes to audit firm for confirmation, which will happen in the next couple of days. but, if all goes well, we can expect to have the audit firm sign off on contracts by the end of this week as well, which is about the same time we expect the chainlink feeds become available.
  • we will launch 2-3 internal vaults tomorrow and start reaching out to externals to also prepare for the launch. we have updated the bridge fees to make it profitable for externals already. external vault onboarding guide is being prepared. throughout this week, we hope to get few external vaults ready to launch.

Action items for the week of Nov 29-Dec 3

  • Getting the audit fix reviewed by audit firm (nov 29-30)
  • Chainlink integration meeting (nov 29); resolve gnosis safe blocker
  • Launch multiple vaults/relayers, launch readiness check (dec 1)
  • Launch post & public launch (b/w dec 1 - dec 6)

Action items for the weeks Nov 15-29

  • multiple vaults & relayers deployment
  • vault security review - DONE
  • audit report review & bug fixing - DONE
  • chainlink mainnet integration
  • reaching out to externals to run vaults
  • launch partner (DEX) finalization & PR readiness - DONE

Revised launch phases

Monday November 1, 2021 - Internal release & mainnet dry-run

  • Internal review complete for smart contracts
  • Unit/upgradability testing complete
  • Testnet testing by team complete
  • 2-3 vaults & 1 relayer run by Harmony
  • Limited TVL (1-2 BTC)
  • Selected partner exposure w/ mainnet release & feedback

Monday November 8, 2021 - First limited public release with vaults and relayers run by Harmony, limited TVL

  • External audit begins
  • Open to public with limited TVL (< 20 BTC)
  • Up to 5-6 vaults & 2-3 relayers run by Harmony
  • Campaign & marketing

Monday November 15, 2021 - Limited open participation with public vaults & relayers, limited increased TVL

  • Audit complete this week, fix audit bugs/suggestions, review complete
  • Chainlink price feeds available on mainnet
  • Onboard external 5-6 vaults & 2-3 relayers
  • Setting/revising vault, relayer, bridge fees
  • Governance for bridge & multisig controlled bridge protocol updates w/ vaults & relayers participation
  • Increase TVL (< 100 BTC)
  • Incentivized pools in DEX, Lend, etc

Monday November 29, 2021 - Open participation of public vaults & relayers, unlimited TVL

  • Remove TVL cap (Unlimited BTC locking)
  • Onboard more external vaults (10+) & relayers (5+)
  • Further incentivized pools & products around OneBtc
  • Further marketing & campaigns

Last mile tasks

1. Smart contract

  • oracle - upgrade to multile sources (currently chainlink only) - next feature release
  • relay contract & security - full module pending
  • issue - parameterize issue fee & request expiry period, issue griefing collateral, handle over payment, sla update
  • onebtc - double check verifyTx
  • redeem - parameterize redeem fee, inclusion fee,
  • replace - replace griefing collateral, security check in requestReplace, acceptReplace, withdrawReplace, vault liquidation logic
  • sla - full module pending
  • vault-registry - parameterize collateral threshold, oracle call, tryDepositCollateral

2. Clients

  • Security monitoring for vaults
  • Dockers for vaults & relayers
  • Integrate with upgraded contracts interfaces
  • Governance mechanism
  • Multiple relayer clients support
  • Update Documentation

3. Frontends

  • Mobile version support
  • Add mainnet full support
  • Integrate with upgraded contracts interfaces
  • Update SDK Documentation & Examples

3. Deployment

  • BTC mainnet node
  • Dashboard Mainnet
  • Vault Client Mainnet / Testnet
  • Frontend Mainnet / Testnet
  • Relayer Mainnet / Testnet

Weekly Milestones

Sep 6 to Sep 13, 2021

  • Testnet deployment of individual modules complete (Issue, Redeem, treasury, vault registry, collateral). User web client and relay client s development in progress. v1.0.0 release (base functionality) is planned for 9/20.

Bitcoin Bridge: contract-based wrapping and liquidity of BTC as in Interlay

We are adapting Interlay’s BTC<>DOT bridge to support finance products on wrapped Bitcoin. Our long-term value proposition is the utility of ETH<>ONE<>BTC hub as liquidity infrastructure. Keep’s tBTC, Interlay’s PolkaBTC and Thorchain are only reaching basic production but highly valued. Our bridge can then easily generalize to many Bitcoin-based assets such as Tether’s USDT, Litecoin and Bitcoin Cash. Along with our Ethereum bridge, we can enable a truly decentralized exchange across chains with BTC derivatives, USDT stablecoins and ERC20 assets.

Roadmap

09.20 - v1.0.0 (Base functionality) - Completed

09.20 → 09.30 - Testing v1.0.0 base functionality & bug fixing

09.30 - v1.1.0 (replace, vault client, dashboard) - Completed

10.18- v1.2.0 (security module, history charts, one wallet) - In progress

10.07 - Full functionality completed and deployed to Testnet
10.07 → 10.15 - Testing full functionality, bug fixing

10.25 - v1.3.0 (Test, SDK examples)

  • e2e Tests for all cases (Yuriy, Rachit)
  • Unit tests fo all cases (Yuriy, Rachit)
  • More examples for OneBtc SDK (Sergey)
  • Other Issues (reserve 40% time for Unforeseen Issues)
10.15 - Testing is finished and we are ready to launch on the mainnet
10.16 - Deploy all services to mainnet
10.16 - 10.30 Testing full functionality on Mainnet, bug fixing
10.30 Launch announcement - open for users
Vaults guides