[USDp] Milestones! - 5th week Update - the 1st USD over Lightning⚡️
Bitcoin as highway, sats as vehicles
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We started building in public on UI/UX : https://bolt.fun/story/10101-gets-a-makeover--1335 (TL,DR : We hired a UI/UX designer and have community calls on that topic)
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Here we presented what is the current status of our Lightning synthetic StableCoin : https://bolt.fun/story/first-week-report-first-lightning-native-stablecoin--1152 (TL,DR : We can handle it technically but WE WILL NEED YOUR HELP on UI/UX!!)
🎉 We have reached important milestones
As a reminder, our project for this edition of Legends of Lightning is clear:
A synthetic dollar that is divisible and transferable on our wallet, with a nice UI/UX that would allow anyone to hold, receive and send "USD" seamlessly on Lightning ⚡️ (If you're surprised by this, we advise you to read our previous articles on Bolt.fun, and on our blog)
As indicated in our previous reports, we have laid the technical foundations for an initial implementation that is not yet entirely satisfactory
BUT
We've made pretty big progresses on both on the backend, and in terms of user experience!
📏 Position resizing [Backend & UX]
In our app, it is possible to open 📈 LONG and 📉 SHORT positions.
However, it was not possible to resize them, either upwards or downwards.
Users therefore had to close their positions in order to reopen one...
That's all in the past, and we've implemented a solution (dlc_channel resizing) that lets users modulate the size of their position after opening it, as they wish, in the trading section of 10101.
Why is this a big deal?
This was the first challenge in making our USDPs divisible and transferable: if a trading channel can be resized manually in the trading section, this can be done in the background and without the user even realizing it when he decides to send part of his USDP balance to someone else.
Long story short: a user sends $5 via Lightning out of his $10 USDP balance, a resizing of his short position occurs in the background and the value is then sent via Lightning in sats.
➡️ Yes, you've got it right: there are no longer any technical limitations on the divisibility and transferability of our (and the first) synthetic USD to Lightning 🤯
♻️ Restore wallet, channel & positions [Backend & UX]
In our app, it is possible to restore your wallet with a seed phrase (I know, I know, pretty common right? 😅)
So far, when you had to restore your wallet, it was possible, but you would have lose your Lightning channel, your open positions (dlc_channels), and also, your transactions and order history...
Once again, that's all in the past, we managed to have a full recovery of your on-chain wallet, your lightning wallet and channel, your open positions if you have some, your transactions and order history 🤯
Why is this a big deal?
If you decide to convert part of your Lightning balance into USDP, this means you have an open position in the background...
This new feature allows funds that have been "stabilized" to remain as they are, even if you're faced with an emergency and need to restore your portfolio: you'll get your entire configuration back, including your USDP balance, which has remained safe and stable!
➡️ You've got it right: USDP is now permanent and safe on your lightning wallet even if lost or reinstalled, unless your channel has been closed of course.
We're not stopping there! 🚀
Yesterday, November 16, we organized a call with the Bitcoin-Design community. It was very informative and gave us a better idea of the direction we need to work in to have a smooth and friendly design and user experience.
By the way, our new designer was there too! You can find full details of this call, including information on the replay, here
Staying in the same spirit of building in public and creating a product that can suit everyone by co-creating it, we decided to organize community calls more often!
So grab your best helmet and globes and let's electrify the place! #LegendsOfLightning
🔗 Links