diff --git a/Parameters/ASM DEX/README.md b/Parameters/ASM DEX/README.md index a678eb6..e0adf28 100644 --- a/Parameters/ASM DEX/README.md +++ b/Parameters/ASM DEX/README.md @@ -34,6 +34,10 @@ Each cell is documented separately: - [DEX · Order book — native Bitcoin Cash](DEX-native-Order-book.md) - [DEX · Atomic Swaps — multichain](DEX-Multichain-Atomic-Swaps.md) +Which real chains & stablecoins each multichain cell reaches (the landscape, with +data): [cross-chain-send-receive_chain-landscape.md](cross-chain-send-receive_chain-landscape.md) +— List A populates DEX·Atomic, List B populates ASM·Multichain. + ## Why ASM is not "just another DEX" A canonical on-chain DEX is the classical exchange, automated and on-chain — it diff --git a/Parameters/ASM DEX/cross-chain-send-receive_chain-landscape.md b/Parameters/ASM DEX/cross-chain-send-receive_chain-landscape.md new file mode 100644 index 0000000..01df7cc --- /dev/null +++ b/Parameters/ASM DEX/cross-chain-send-receive_chain-landscape.md @@ -0,0 +1,217 @@ +# Cross-chain send/receive — the chain & stablecoin landscape + +*Which chains can actually do cross-chain send/receive with Bitcoin Cash, split by +the two mechanisms. Populates the two **multichain** cells of the taxonomy +([README](README.md)): **DEX · Atomic Swap** (trustless, value leaves) and +**ASM · Multichain** (lock → oracle/bond → mint IOU, value stays). Concept & +trust spine: [cross-chain-asm-concept-and-state.md](cross-chain-asm-concept-and-state.md) +(§4 debit/credit, §5 verification spectrum, §6 the VM wall). Data current June 2026.* + +--- + +## The split (why two lists, not one) + +The two mechanisms **overlap in which chains they reach** — almost any chain that +can do a trustless swap can also be a lock-and-mint source. They differ in **what +happens to the value** and **what trust is involved**, not in raw capability: + +| | List A — Atomic swap | List B — Lock-and-mint (IOU) | +|---|---|---| +| Value | **leaves** the source asset (BTC → BCH) | **stays** denominated (USDT stays USDT, on BCH) | +| Trust | **none** (shared hashlock) | **trust-minimized** (bonded M-of-N / oracle) — never trustless toward BCH (the VM wall) | +| Counterparty | **needs one** (someone takes the other side) | **none** (single-party: you lock, covenant mints) | +| BCH artifact | none — you hold native BCH | a **CashToken IOU** (one category per source chain) | +| Taxonomy cell | DEX · Multichain | ASM · Multichain | + +Same chains, opposite trade-offs — which is why we ship both and let users choose. + +--- + +## List A — Trustless atomic swap (value leaves the source; no IOU) + +Both chains lock against the **same hash**; revealing one preimage settles both. +Needs a counterparty and a hashlock + timelock-refund primitive on each side. +BCH side = `AtomicSwapHTLC` (validated T1; real BTC↔BCH = T4). No token minted — +you end holding native BCH (or USDm). + +**Native Script HTLC** (`CLTV`/`CSV` + hashlock): +- Bitcoin · Litecoin · Dogecoin · Dash · Zcash + +**Contract HTLC** (hashlock + timelock inside a smart contract): +- Ethereum (+ EVM L2s: Arbitrum, Base, Optimism, Polygon, Linea, …) · BNB Chain · + Avalanche · **Tron (TVM)** · Solana · TON · Sui · Aptos · NEAR · + Cardano (Plutus) · Stellar (Soroban) + +**Native crypto-condition escrow** (`PREIMAGE-SHA-256`): +- XRP Ledger (Escrow + crypto-conditions) + +**Scriptless — adaptor signatures, *not* an HTLC** (special case: harder, no +on-chain script, can't reuse the HTLC harness): +- Monero + +> Coverage: **every top-20 chain.** All but Monero use a plain HTLC; Monero needs +> the adaptor-signature variant (Bitcoin–Monero scriptless swap). + +--- + +## List B — Lock-and-mint to BCH (asset is *sent to BCH*; an IOU is generated) + +Value stays denominated as itself, as a CashToken on BCH. Trust-minimized, never +trustless toward BCH — BCH covenants can't verify a foreign chain's consensus (the +VM wall, §6). + +### Backend mechanism (one pipeline, every source chain) + +1. **Lock (debit, source chain).** User locks the native asset into a reserve — a + **bonded M-of-N multisig** (UTXO chains) or a **contract vault** (programmable + chains). +2. **Witness the lock → BCH.** BCH can't read the source chain, so a witness + conveys the event: + - **Bonded signers** — hold the reserve keys *and* post a **slashable bond on + BCH**; equivocation (two sigs over one redeem with conflicting payloads) is a + fraud proof anyone submits to seize the bond. Validated: + `BondedSignerSlash.cash` + signet 2-of-3 release (M3-bond). **or** + - **Oracle** (`checkDataSig`) — attests "lock confirmed"; the covenant acts on + the signature. + - *(future: light client / zk verifier → trust drops to zero. "One* + *`checkDataSig` away from IBC.")* +3. **Mint (credit, BCH).** A BCH covenant mints a **CashToken IOU 1:1** against the + lock. A reservoir marker enforces **mint ≤ locked** → over-issuance is + **publicly reconcilable** (`Σ minted == Σ locked`), the §4 verifiability edge no + off-chain attestor (Tether/Circle) can match. +4. **Circulate.** The IOU sends/receives on-chain on BCH — including + **offline-receive** (lands at your address while you're offline; no co-sign). +5. **Redeem (reverse posting).** Burn the IOU on BCH → release the native asset + from the reserve via the M-of-N threshold on the source chain. + +### Two peg types — the IOU is 1:1 to the *native unit*, not to a dollar + +The mechanism is identical for any asset, but what the IOU tracks differs: + +- **Stablecoin-backed IOU** — `τUSDt` ≈ \$1, because the *underlying* is dollar-pegged. + The peg is inherited, not added by us. +- **Native-asset-backed IOU** — `σSOL` = **1 SOL**, `τTRX` = **1 TRX**, etc. The IOU is + 1:1 to the **native unit** and **floats in fiat price exactly like the underlying.** + We do **not** peg it to a dollar; we peg it to the coin. + +The backing invariant is the same in both cases — **`Σ minted == Σ locked` in native +units** — and volatility never touches it: 1 IOU always redeems 1 native coin, whatever +the price. Volatile IOUs are **Token-class**, so once on BCH they trade via the **P2P +DEX** (order book / atomic swap), *not* ASM (ASM's fixed-rate swap is for MBA-backed +assets only — ADR-0016). + +### B1 — Stablecoin-backed source assets (dollar-denominated on BCH) + +Ranked by what's worth holding as dollars-on-BCH: + +| Source asset · chain | IOU on BCH | Lock mechanism | Why it matters | +|---|---|---|---| +| **USDT · Tron** | `τUSDt` | contract vault + bonded/oracle | **~45–52% of all USDT**; *not* in Circle CCTP → structurally unserved; **no native USDT on BCH** since Tether ended SLP support (Sep 2025) | +| **USDT · Ethereum** | `εUSDt` | contract vault | ~40% of USDT; institutional/DeFi float | +| **USDT · BSC / Solana** | `βUSDt` / `σUSDt` | contract vault | large secondary pools | +| **USDC · ETH / Solana / Base / Arbitrum / Polygon / Avalanche / XRPL / Stellar** | `εUSDC`, … | contract vault | native on 34 chains; CCTP-mobile across ~17 | + +### B2 — Native-asset source coins (the L1 gas/store-of-value coins themselves) + +The most-traded coins by volume, brought onto BCH as floating 1:1 IOUs: + +| Source coin · chain | IOU on BCH | Lock mechanism | Notes | +|---|---|---|---| +| **BTC · Bitcoin** | `BTCas` / BTC-IOU | 2-of-2 / bonded M-of-N multisig | Model 3 — validated BCH side + M3-bond trust floor | +| **ETH · Ethereum** | `εETH` | contract vault | #2 asset; lock canonical L1 ETH (L2 ETH is itself a bridge IOU) | +| **SOL · Solana** | `σSOL` | program vault (PDA) / multisig | top-volume L1 | +| **BNB · BNB Chain** | `βBNB` | contract vault | native gas of BSC (Beacon Chain fused into BSC) | +| **TRX · Tron** | `τTRX` | contract vault / multisig | native gas of the dominant USDT rail | +| **XRP · XRP Ledger** | `xXRP` | Escrow / multisig | #4; native escrow makes locking first-class | +| **ADA · Cardano** | `aADA` | Plutus vault | eUTXO contract lock | +| **AVAX · Avalanche** | `vAVAX` | C-chain contract vault | EVM | +| **DOGE · Dogecoin** · **LTC · Litecoin** | `dDOGE` · `lLTC` | Script multisig | UTXO, same family as BTC lock | +| **TON / SUI / APT / NEAR** | `…` | contract vault | newer L1s; contract lock | +| **XMR · Monero** | `mXMR` | multisig (bonded) | lockable for IOU via multisig (unlike the *swap*, which needs adaptor sigs) | + +> Per the source-chain marker rule: each source is a **separate IOU** (τUSDt ≠ +> εUSDt; an L2-bridged ETH ≠ L1 εETH — genuinely different claims), identity = the +> CashToken **category**, shown as the asset name + a network badge (`USDt · Tron`, +> `SOL · Solana`), with the Greek prefix as a text-only fallback. See +> [ASM-Multichain naming](ASM-Multichain.md#wrapped-asset-naming). + +> **The payoff once B1 + B2 exist:** BCH becomes a **settlement hub** where BTC, ETH, +> SOL, BNB, TRX, XRP, dollars (USDt/USDC) and USDm all coexist as CashTokens and +> swap cheaply on-chain (<\$0.001), offline-receivable, self-custodial — without +> touching any of the source chains' fees or congestion. The source chains become +> *vaults*; BCH becomes the *trading floor*. + +--- + +## Where the stablecoins actually live (the value behind List B) + +- **Stablecoin market ≈ $320B** (May 2026): **USDT ~$190B**, **USDC ~$78B**, + DAI ~$4.7B. +- **USDT** is concentrated: **Tron ~45–52%** + **Ethereum ~40%**, then **BSC** and + **Solana**. All four are HTLC-capable (also valid swap sources). +- **USDC** is native on **34 chains**, CCTP-mobile across **~17** (ETH, Base, + Arbitrum, OP, Polygon, Avalanche, Solana, Linea, Unichain, Sonic, World Chain…). + **Tron is absent from CCTP.** +- **BCH stablecoin void:** Tether **discontinued USDT on Bitcoin Cash (SLP)** in + Sep 2025 (with Omni, EOS, Algorand, Kusama). There is **no native USDT on BCH + today** — exactly the gap a `τUSDt` IOU fills. + +--- + +## Build priorities (what this implies) + +1. **USDT (Tron) ↔ BCH is the highest-value, least-served target.** ~half of all + USDT, HTLC-capable (trustless swap buildable now), *and* outside Circle's CCTP — + so a Tron↔BCH rail serves demand the incumbents structurally ignore. Matches the + committed Build B (chipnet DEX + cross-chain wrap plan). +2. **Offer both flavors per asset:** the **trustless swap** (value → native + BCH/USDm, List A) and the **lock-and-mint IOU** (`τUSDt` stays dollar-denominated + on BCH, List B). One asset, two products, user chooses by trust appetite. +3. **The reconcilable-dollar pitch is unique to BCH:** with Tether gone from SLP, a + publicly-reconcilable (`mint == lock`) dollar IOU has no native competitor on BCH. + +--- + +## Positioning — BCH as a decentralized interchain settlement hub + +What this whole landscape is designing toward: **Bitcoin Cash becomes a host for other +chains.** Their assets are *deposited* (List B lock-and-mint, or List A swap-in), +*traded* against each other on BCH's native DEX, and *withdrawn* back to their home +chains (redeem / swap-out) — a prototype where **any popular asset can be traded, +deposited, and withdrawn in a purely decentralized, no-KYC manner.** + +- **No gatekeeper at the venue.** Deposit, trade, and withdraw are covenant- and + script-mediated on BCH — no account, no custodian-of-record, no KYC desk. The user + holds keys throughout (self-custodial); the DEX is on-chain. +- **The source chains become vaults; BCH becomes the trading floor.** You don't pay + Ethereum/Solana/Tron fees or congestion to trade — only to enter and exit. On BCH: + <\$0.001, seconds, offline-receivable. +- **Honest scope of "decentralized / no-KYC":** + - The **trading, deposit, and withdraw flow on BCH is fully decentralized & KYC-free** + — it's on-chain and key-controlled. + - **List A (atomic swap) is end-to-end trustless** — no bridge custody at all. + - **List B (lock-and-mint) is trust-*minimized*, not trustless** at the *bridge*: the + locked native asset sits behind **bonded M-of-N signers / an oracle** (the VM wall — + §6). Decentralization there is bounded by the signer set; the bond + public + `mint == lock` reconciliation is what keeps it honest and minimizes that trust, + until a light client / zk verifier removes it. We say **trust-minimized, never + "trustless,"** for the bridged path. + +The combination — trustless swaps for the purists, trust-minimized IOUs for assets that +can't be swapped trustlessly into BCH — is what lets the hub host *everything* without a +KYC chokepoint anywhere in the venue. + +## Sources + +[DefiLlama stablecoins](https://defillama.com/stablecoins) · +[DefiLlama by chain](https://defillama.com/stablecoins/chains) · +[Stablecoin liquidity May 2026 (KuCoin)](https://www.kucoin.com/blog/Stablecoin-Liquidity-Hits-$320B-Milestone-in-May-2026) · +[April 2026 stablecoin report](https://stablecoininsider.org/april-2026-stablecoin-report-heres-what-happened-in-the-space/) · +[Circle CCTP supported chains](https://developers.circle.com/cctp/concepts/supported-chains-and-domains) · +[CCTP V2 guide](https://eco.com/support/en/articles/14998923-cctp-cross-chain-usdc-complete-guide-2026) · +[Tether legacy-chain wind-down](https://tether.io/news/tether-to-wind-down-usdt-support-for-five-legacy-blockchains-as-part-of-strategic-infrastructure-review/) · +[XRPL escrow crypto-conditions](https://xrpl.org/docs/concepts/payment-types/escrow) · +[Stellar Soroban HTLC (StellarFusion+)](https://ethglobal.com/showcase/stellarfusion-km2ki) · +[Cardano HTLC tutorial](https://scalus.org/docs/smart-contracts/htlc-tutorial) · +[Bitcoin–Monero adaptor-signature swap](https://arxiv.org/pdf/2101.12332) · +[Top cryptos 2026 (Statista)](https://www.statista.com/statistics/1269013/biggest-crypto-per-category-worldwide/)