In a wave of growing interest in “decentralized finance” within the Bitcoin network, the unveiling of the public beta of 10101 marks a significant leap forward in what you can do with your Bitcoin.
This open-source Lightning wallet is poised to transform the landscape peer-to-peer finance without requiring any changes to the base layer, nor the Lightning network for that matter!
10101 builds in public since day 1, the entire source code is available on GitHub.
At the heart of 10101 lies a groundbreaking technology - Discreet Log Contracts (DLCs - https://dci.mit.edu/smart-contracts), a novel approach that brings #SoundFinance to Bitcoin. With this 10101 offers possibilities that were previously only available through trust that could be placed in centralized exchanges, or other custodial services.
At the forefront, 10101 offers the facilitation of peer-to-peer and self-custodial perpetual futures trading.
Through the use of DLCs, users can engage in this financial contracts without the need for intermediaries, ensuring secure, private, and trustless execution of transactions, de facto eliminating the counterparty risk induced by reliance on a centralized platform.
"Who needs a StableCoin when you can have a USD balance while only holding Bitcoin?”
However, the most notable feature that sets 10101 apart is the introduction of a USD-denominated balance, which the team refers to as USDP: the first ever synthetic, self-custodial USD native to the Lightning network! ⚡️
Imagine holding dollars in the world's safest vault: Bitcoin. All this while owning nothing but sats : no issuer, no token, no counterparty risk.
10101’s revolutionary “stablecoin”, built on DLCs, sets itself apart by eliminating the need for traditional token issuers. Unlike conventional stablecoins that rely on external entities, this approach ensures greater autonomy and security. By removing intermediaries, users gain direct control over their funds, reducing the risk of third-party interference or manipulation. This not only represents a new standard in stability but also underscores the pitfalls of depending on token issuers in traditional stablecoin models.
Aligned with the core principles of Bitcoin: the design of 10101 puts a strong focus on the user having control over their own money. It makes sure you keep full ownership and control all the time. This aligns with the main ideas of #SoundFinance, a term uses for a fresh take on Decentralized Finance that's not influenced by the DeFi community. (This term was coined by Atomic Finance, another company using DLCs for on-chain yielding options strategies.)
The release of 10101 open beta with its unprecedented features marks a significant milestone in the evolution of Lightning Network capabilities. It invites the public to explore and engage with these revolutionary tools, opening the doors to a new array of financial possibilities and setting a new standard for wallets and their capabilities.
The world of decentralized finance on Bitcoin stands on the brink of a new era without necessitating any alterations to the underlying protocol nor the Lightning Network.
TRY IT NOW!