Dear Investors,
We’ve just had a big week at DLC.Link, capping a great month. ABCDE published their “Why We Invested” report.
As you may already know, ABCDE is a $400Mn fund founded by crypto greats BMan and Du Jun (Huobi co-founder).
ABCDE’s report showcases DLC.Link as an optimal solution for bringing BTC into Ethereum and other ecosystems.
They see us becoming one of the essential infrastructure elements of the Bitcoin ecosystem.
In my response, I Tweeted a reminder of our company goals. To recap, we’re:
Building user-friendly DLC infrastructure for native BTC on EVM and non-EVM chains, including Bitcoin L2s
Supporting the growth and development of the DLC community
Launching new DeFi products like dlcBTC to enable Bitcoin in DeFi
Following the last point, we’re gearing up to launch dlcBTC and subsequent products next year, enabling safer DeFi access for Bitcoin holders.
Last Saturday, we presented the testnet demo of dlcBTC to OKX Ventures and ABCDE. I’m glad to share it with you all today! Please see the presentation here (18 minutes): https://x.com/DLC_Link/status/1730591180667170950?s=20
Overview
We are building the launch strategy around dlcBTC, a non-custodial wrapped Bitcoin token that will enable Bitcoin holders to use DeFi protocols such as Curve and AAVE
We’ve selected MetaTrust (fellow ABCDE portfolio company) for our second security audit. MetaTrust will execute 3 security audits per year and also provides a continuous monitoring service
We are exploring using MPC and potentially FROST (a cutting-edge Bitcoin technology) in conjunction with DLCs to enable more flexibility in our Attestation network
Sales and Business Development
dlcBTC has partnered with Maple Finance to enable Bitcoin lending via DLCs. Maple can lend USDC/USDT at 10% interest rate for overcollateralized, non-rehypothecated loans on dlcBTC. This is significantly less expensive than other alternatives and offers the transparency inherent in DeFi as well
We’re defining our BD strategy in terms of CEXes and DEXes where dlcBTC will be listed and are evaluating market makers as well
For our Attestation network, we’re in discussions with leading node operators, including Republic, Allnodes, ChorusOne and others
Marketing and PR
Get ready! Epicenter’s Meher Roy has conducted an interview with me, to be published week of Dec 11
In this video, we explain how DLCs secure Bitcoin on-chain without the need for validators, avoiding the security pitfalls of other Bitcoin bridges: https://www.youtube.com/watch?v=nSOmBWkPNko
Check out the Media section on our website! This section contains blog posts, case studies, videos and a newsroom.
We invite all investors to join our Telegram community at English: https://t.me/dlcbtc
For native Mandarin speakers, you can join our Chinese community at https://t.me/dlcbtc_cn
Follow us on Twitter at https://x.com/dlcBTC
Testimonials
A few recent quotes from our fans:
“dlcBTC is currently the most optimal solution for bringing BTC into other public blockchain ecosystems.. [and] will become one of the essential infrastructure elements in the BTC ecosystem” – Lao Bai, ABCDE
"We see dlcBTC as a foundational building block in DeFi, with the potential to become a multi-billion-dollar business. " — Nicole Liu, Comma 3 Ventures
"dlcBTC is making Bitcoin more composable & usable in DeFi" – Oliver Birch, Global Head, Chainlink BUILD Program
"You're sovereign Bitcoin for everything else” – Leading Bitcoin Investment Fund
Product
The testnet demo of dlcBTC is now live! View it here: https://x.com/DLC_Link/status/1730591180667170950?s=20
Much of the back-end work around supporting Ordinals in DLCs is now complete. We are now working with Liquidium to implement it. Read the documentation here: https://github.com/p2pderivatives/rust-dlc/blob/feature/ordinals/docs/Ordinal.md
In preparation for the launch, we are in early discussions with risk managers, tokenomics experts, insurance carriers and regulators.
Their feedback will help inform our design decisions and will stress-test our assumptions
Team
We are thrilled to announce the newest addition to our team, Amy Wu, joining us as a Sales & Marketing Specialist.
With a rich background that includes roles at ABCDE/Cointime and in the Bitcoin mining sector, Amy brings a wealth of experience to dlcBTC.
Her expertise will be instrumental not only in our business development and marketing initiatives but also in expanding our reach within Chinese-speaking communities
Additionally, we are honored to welcome Peter M Moricz as a new advisor, focusing on Strategic Partnerships and Go-To-Market strategies.
Peter's impressive 20-year tenure as a Chicago Board of Trade (CBOT) trader, coupled with his significant contributions to the crypto space since 2016, including involvement in ICOs and the development of several stablecoins, adds invaluable depth to our advisory team.
My close collaboration with Peter has already begun, and I am eager to explore the new horizons this partnership will bring us
Finance and Fundraising
OKX Ventures is considering coming in as a lead investor!
We are not raising at the moment, but OKX’s breadth and depth, including the significant adoption of their wallet in Bitcoin communities, drove us to accept their off-cycle investment.
Our second session at CDL Montreal-Blockchain cohort is coming up, and will be held virtually on Dec 8.
I’ve been scheduled with a strong group of mentors, including Ethan Buchman (authored Tendermint and co-founded Cosmos), James Higa (Steve Job's right-hand person for 28 yrs), Christian Catalini (co-founded Libra and Lightspark), Josh Felker (former DRW Partner) and Sharon O'Sullivan (Head of Tech Research & Innovation at BMO Financial Group)
We are not actively seeking additional capital as we have a 15-month runway. However, we remain open to strategic partnerships that align with our vision and objectives
How You Can Help
We’re looking to secure $10Mn of BTC in liquidity for our initial launch, planned March 2024.
For this, we’re talking to more Bitcoin holders – e.g. Bitcoin miners, asset managers and custodians – who are looking to use their BTC in DeFi protocols such as Curve and AAVE.
If you know of any prospective Bitcoin depositors, please email or TG me (@akibalogh) and I’d love to talk to them.
Best,
Aki
PS – Missed any of our previous Investor Updates? Read past editions here: https://bit.ly/dlc-link-investor-updates
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