Stablesats x Kollider integration
Overview
Stablesats enables USD accounts in Lightning wallets without the use of stablecoins or fiat banking integration. By making it frictionless and convenient to transfer money between BTC and USD accounts, people living on bitcoin are able to avoid short-term exchange rate volatility.
Today, Stablesats is integrated with a single exchange – OKX – for placing the derivatives contracts that provide the dollar-equivalent stability to users.
Now that Stablesats v2 (written in Rust) is almost ready, we think it would be awesome to build an integration with Kollider, the world's first Lightning-native derivatives exchange.
Both the Galoy team (creators of Stablesats) and the Kollider team are in support of this project and will provide mentorship, feedback, and technical assistance. We’ll create a shared Slack channel and do a weekly check-in call
The missing piece is a Legends of Lightning builder (or team) who is interested to join up and own the execution.
Please reach out to Andrew or Myles if interested in joining up with this effort (or join the open chats linked below).
The Project
Stablesats is a framework for creating derivatives-based USD in users' Lightning wallets. In theory, any derivatives exchange could be used to create these synthetic USD, but Stablesats currently only plugs into OKX.
The goal of this project would be to integrate Kollider as the second exchange option for Stablesats. Because Kollider is built from the ground up as a Lightning-native derivatives exchange, there are significant advantages to integrating Kollider.
To do so, a team would need to do the following.
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Fork the stablesats-rs repository.
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Add changes to this repository that allows users to use Kollider.xyz as a venue to hedge the synthetic dollar exposure.
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Submit a pull request to the stablesats-rs project.
Bonus: Make the service connect to both exchanges simultaneously and allow the user to configure how much of the order volume is routed to either of the exchanges (OKEX & Kollider).