Telegram Tidbits: Mid March
Additional zkAssets, multi-chain, forkability, self-publishing & more.
March 3rd
Community member Noob asked:
Is there any possibility for an estimation as to how long it will be before zkUSD comes out once zkXFT is out?
Greybeard:
No concrete answer, but likely Q3 if mainnet launch is smooth.
March 5th
Community member Noob asked:
Now that BRC20s are a thing, could Offshift in theory be built on BTC blockchain in the future as well? Plus if It is possible what pros and cons are there of that?
Greybeard:
We have no plans to natively support anything outside of ETH at launch, but any L2 > with a functioning ZK verifier could in theory have a trustless bridge without permission. It will probably be a while until we have a 2-way ZK BTC bridge though, which is the only way we’d recommend using XFT on BTC and the only way one > could do so safely and stay decentralized.
To be clear this isn’t exclusive to our protocol - composability is a big feature of trustless/permissionless protocols and in the ideal scenario they can all interact with each other if someone builds the tools.
Plutocat:
Burn and mint contracts would always like exclusively on ETH L1 though right, you’re just talking about bridging zk assets?
Greybeard:
Anyone could make their own wrapper like weth that mints based on bridged funds. Prove you deposited on L1 bridge using a zkp -> mint wXFT on the L2 and vice versa to bridge back. You obviously wouldn’t mint real xft but you’d have it sitting in your L1 bridge contract to redeem it for the wXFT. You could also do the same thing with zkAssets inside a private pool.
March 6th
Community member Plutocat asked:
Is team open-minded on creating a large basket of zk assets (eventually)? Chainlink has price feeds for things like NFT floors and total marketcap. Are these price feeds somehow riskier than others? I think offering unique synthetics could help attract users, as long as it would not come with significant risks. Also thinking about high cap meme coins like SHIB.
Greybeard:
We’re not sure yet, but it’s unlikely we’ll offer riskier assets ourselves directly.
Plutocat:
Part of me thinks zkAsset diversification would be healthy for the protocol.
Greybeard:
We have some ideas but like I mentioned earlier, I think it’s too early to think about. Goal right now is to ensure a stable launch using stable assets.
March 7th
Community member Daareal T asked:
Hey devs, I was wondering how easy would it be for someone to copy offshift? I Can remember someone mentioning that the cryptography 🔐 was actually very difficult to copy but as we are an open source project I got confused.
Greybeard:
Once we launch, the entire platform will be open sourced. Right now a lot of the interop is custom and will require a lot of reversing to understand. How easy it is to copy/paste after that would depend on the skill of the copiers, but our goal is to only keep some things only partially obscured and then release all our code at launch. My personal opinion is that right now it’s unlikely to happen, and given how nascent the zk space is it would be difficult to do it properly and safely for a while, even with all the code available. We’ve also got plans on protocol expansion post launch if all goes well, which will be much harder to copy and compete with.
March 11th
Development update by team member Greybeard:
We don’t have anything new that we can show off that’s tangible to the average user, but we are still working on optimization and refactoring because we need to have a specific code base locked in before we move to the audit stage. Once we submit to the auditor we can no longer make changes. We are and have been done with the core protocol for a few weeks, we’re now in the optimizing stage.
Aztec has been working on improving the speed of some of their libraries which will decrease the proving time for users, and one major component looked ready last week but it turned out to not be. This doesn’t have any bearing on us other than we can’t utilize the speed up yet. We have new code ready to take advantage of the speed up immediately once it’s ready, so it will be a simple switch because we’ve already updated the code on our end to support it. If we can’t wait, we’ll launch with our current setup and upgrade after launch.
The front end is also just about done, and at this point it’s about debugging internally before we do one big complete public test prior to main net launch.
We try to avoid making public announcements unless we can visibly show off and we’re sure it’s ready. Right now we’re on schedule internally.
March 16th
Community member Mouh asked:
Hello devs. Could self-publishing also be executed gasless?
Greybeard:
Yes but gasless doesn’t mean free, it just means someone else pays gas by using part of the publisher fee.
March 17th
Community member James W asked:
I have a question to the team: As far as I know the 1M$ Uniswap XFT/ETH LP position - which are currently roughly 500k XFT token - is owned by the team.
For mainnet launch, would it be possible (or is it considered) to lock this LP position?
With that, protocol users would have some predictable / guaranteed exit liquidity. I am aware that the overall LP position size will vary and correlate to XFT price, but imho it would still improve the confidence in the (novel) elastic supply model.
JohnnyXFT:
Yeah we’ll lock it again before then. The Uniswap LP has been locked for the majority of its existence. When the most recent lock contract expired we wanted to wait and see what the timeline for Uniswap v4 looked like before we relocked it, so we don’t end up stuck in a v3 pool when we might not want to be. At this point it looks like v4 won’t be live before Q3 of this year, so we’ll lock LP for 6 months soon.
For all the latest developments, make sure to join the official Offshift Telegram and follow us on X !
And keep an eye on our team member’s X accounts as well: Greybeard , n00b and Johnny !