Merge pull request #426 from keep-network/four-years

Four Years

src/pages/developers/index.fr.md

@@ -12,4 +12,4 @@ Developers can build on tBTC. There are several resources to help devs use tBTC
 - [The technical specification](http://docs.keep.network/tbtc/)
 - [The Solidity API documentation](http://docs.keep.network/tbtc/solidity/)
 
-Developers are already building on tBTC using the tools above. The hackathon at ETHDenver [produced several excellent applications](https://blog.keep.network/bitcoin-earn-wins-ethdenver-tbtc-hackathon-prize-5233ce805468) that may provide examples.
+Developers are already building on tBTC using the tools above.

src/pages/faq/index.md

@@ -9,27 +9,21 @@ questions:
   - question: Why is the tBTC price not exactly the same as BTC?
     answer: >
       tBTC is not a price peg to BTC; it’s a supply peg. That means BTC/tBTC might not be exactly the same. tBTC might trade at a slight premium or a discount.
-  - question: Why is tBTC collateralized with ETH at its current ratio?
-    answer: >
-      Because it makes for a safer system, which is very important in DeFi especially at the launch of a new network. ETH is a more safe collateral type because it’s the DeFi standard, and the team working on tBTC has plans to shift the ETH/BTC collateralization ratio from 150% to 135% fairly soon after launch. It is also examining new mechanisms that could bring that ratio down to 40% collateralization later on.
   - question: Where could something go wrong in the tBTC system?
     answer: >
-      This technology is new and it’s impossible to anticipate every situation where something could go wrong.  That being said, there are several situations the community has identified and taken careful measures to address. The security model is such that if the signers collude and run off with your Bitcoin deposit, users are paid back in tBTC; that’s what the ETH bonds are for (they’ll be seized and liquidated). If ETH takes a massive dip in a short period of time and ALL signers run off and break the peg at same time, the system falls back to a synthetic. For more information, please look at the <a href="https://docs.keep.network/tbtc/index.pdf" target="_blank">tBTC technical spec</a>.
-  - question: Why are there fixed lot sizes? Why not any random denomination?
-    answer: >
-      Too many lot sizes becomes an issue for liquidity pools. Maintaining several standard lot sizes allows for greater redemption availability.
+      This technology is new and it’s impossible to anticipate every situation where something could go wrong.  That being said, there are several situations the community has identified and taken careful measures to address. For more information, please look at the <a href="/developers/tbtc-security-model" target="_blank">tBTC Security Model</a> page.
   - question: Is there a tBTC widget I can use to directly hook tBTC minting and redeeming into my DeFi dapp?
     answer: >
-      Not yet. Integration work is required to build tBTC minting and redemption into a dApp. The code is open-sourced in the <a href="https://github.com/keep-network/tbtc.js" target="_blank">tbtc.js GitHub</a>, enabling developers to build interfaces that match their products. To validate Bitcoin transactions, the best approach is to run an electrum server, which is very easy to spin up.
+      Not yet. Integration work is required to build tBTC minting and redemption into a dApp. The <a href="/developers" target="_blank">developer documentation</a> includes links to the tBTC SDK and SDK docs, enabling developers to build interfaces that match their products. To validate Bitcoin transactions, the best approach is to run an electrum server, which is very easy to spin up.
   - question: Has tBTC been audited?
     answer: >
-      ConsenSys Diligence is currently completing a six-week cryptography and code audit. The results will be published once they become available.
-  - question: Does Signing for tBTC and staking ETH make you a MSB?
+        tBTC has undergone multiple audits (3 for v1, 3 and counting for v2), as have the underlying node clients, and tBTC is a part of the Threshold Network bug bounty program.
+  - question: Does Signing for tBTC make you a MSB?
     answer: >
       Each user should undertake their own analysis as to whether there are any legal restrictions in their jurisdiction that would either prevent them from using tBTC or require the user to register with certain government entities.
   - question: Is depositing BTC for tBTC a taxable event?
     answer: >
-      Please check with a tax professional to determine whether depositing BTC for tBTC is a taxable event in a given jurisdiction. One thing to consider is the NFT associated with the UTXO of a deposit. This NFT is designed to allow a fee to be paid for custody of BTC and to offer the ability to redeem the exact same UTXO within the six month fee period.
+      Please check with a tax professional to determine whether depositing BTC for tBTC is a taxable event in a given jurisdiction.
   - question: How is the tBTC signer set non-custodial?
     answer: >
       tBTC’s signer sets use threshold ECDSA as a Bitcoin multisig replacement. For every deposit, a new signer set is pulled together (selected by the random beacon), and they generate a Bitcoin PKH address for the depositor, which is marked on the Ethereum chain.
@@ -38,20 +32,11 @@ questions:
       Shortly after launch, there should be  a group of roughly 80 private sale KEEP purchasers and a few other trusted parties signing for tBTC. Very soon an opportunity will be announced for more individuals to participate by staking ETH to become a signer.
   - question: Why is this better than other BTC on Ethereum projects?
     answer: >
-      Some people believe tBTC is better for several reasons.  Some projects have built synthetic price pegs, which is not a true bridge. Other projects are supply pegs, but have centralized parties adding friction to the minting and redemption process and therefore, are not censorship-resistant systems. Some new bridges are decentralized supply pegs, however, those security models are less safe. They rely on a ⅔ honesty assumption, no ETH/extra collateral to back up deposits, and use brand new “roll your own crypto” rather than peer-reviewed, t-ECDSA cryptography).
-  - question: What does a six-month fee period mean? Can BTC be claimed only after six months?
-    answer: >
-      No, there is no need to return at six months, except if there is a preference to  redeem Bitcoin with a certain UTXO. This is what the NFT receipt, TDT, is for. Most retail DeFi users do not have this consideration, and do not need to return in six months.
-  - question: Are there plans to build a Bitcoin bridge on other chains?
-    answer: >
-      There are no firm plans to build a bridge on other chains. However the <a href="https://www.crosschain.group/" target="_blank">Cross-Chain Group</a> has had early conversations with chains like Cosmos, Zcash, and Polkadot on trustless bridge designs.
+      Some people believe tBTC is better for several reasons.  Some projects have built synthetic price pegs, which is not a true bridge. Other projects are supply pegs, but have centralized parties adding friction to the minting and redemption process and therefore, are not censorship-resistant systems. Some new bridges are decentralized supply pegs, however, those security models are less safe. They rely on a ⅔ honesty assumption, use brand new “roll your own crypto” rather than peer-reviewed, widely deployed t-ECDSA cryptography), or use an outdated capital-inefficient approach that tBTC has already outgrown in v2 of the protocol.
   - question: Does tBTC ownership give you any governance rights?
     answer: >
       No.
   - question: Why not just do a price peg?
     answer: >
       The team behind tBTC is building a supply peg, not a price peg. It’s not a synthetic mechanism. For bitcoin holders, it shouldn’t matter what the actual price is, it just matters that you can redeem it for 1 BTC
-  - question: Why does tBTC need a price feed oracle?
-    answer: >
-      tBTC is a sidechain that requires work from anonymous parties, so bonds from those parties must be held to prevent collusion. For now, it is necessary to ensure that signers are bonded in order to protect against misbehavior. A price feed oracle is needed to maintain the BTC/ETH price for this bond.
----
+---

src/pages/index.md

@@ -26,13 +26,13 @@ features:
     title: Simple
 spotlight_1:
   body: >-
-    tBTC, the open-source project that allows people to use Bitcoin safely in
-    Ethereum DeFi apps, is live and ready to be used.
+    tBTC, the open-source project that allows people to use Bitcoin in DeFi
+    apps, has been operating safely for 4 years and bridged over 11,000 BTC.
   button:
     text: Read more
-    url: 'https://tbtc.network/news/2020-09-22-tbtc-is-live/'
+    url: '/news/2024-08-26-4-years-of-tbtc/'
   label: Announcement
-  title: tBTC Is Live
+  title: 4 years of tBTC
 spotlight_2:
   align: left
   button:

src/pages/news/2024-08-26-4-years-of-tbtc.md

@@ -0,0 +1,121 @@
+---
+template: news-item
+title: 4 Years of tBTC
+description: >-
+  Today’s tBTC is a robust, semi-permissioned Bitcoin bridge, iterating toward
+  full trust-minimization. tBTC has been in production for 4 years without
+  major incident with over [11,000 BTC bridged at its
+  peak](https://dune.com/threshold/tbtc?ref=blog.threshold.network), serving
+  users on Solana, Arbitrum, Optimism, Polygon, and Ethereum—making it one of
+  the most trustworthy bridges in the space.
+date: 2024-08-26T12:35:21.390Z
+---
+
+4 years since the September 2020 launch of tBTC v1, tBTC continues to be one of
+the few bridges that has never suffered a loss of funds. For those 4 years, and
+the 2 years of development that preceded them, the teams at
+[Thesis](https://thesis.co) and [the Threshold
+Network](https://threshold.network) that have worked on the tBTC infrastructure
+have been focused on the three principles outlined in [tBTC is for
+L2s](/news/2024-04-15-tbtc-is-for-l2s):
+
+- Security first
+- Credible neutrality
+- Economic alignment
+
+## 4 years of learnings
+
+In the early hours of May 18, 2020, at the height of COVID restrictions and
+before front-running white hat hackers were commonplace or [SEAL
+911](https://cointelegraph.com/magazine/seal-911-team-white-hat-forms-fight-crypto-hacks-real-time/)
+was a twinkle in samczsun's eye, the Keep team [paused the first release of the
+tBTC contracts](https://x.com/mhluongo/status/1262261372714455042) in what was
+to be one of the rare cases in the crypto space of a team spotting a
+critical smart contract bug and avoiding all loss of funds. Following a
+[detailed
+retro](https://medium.com/keepnetwork/details-of-the-tbtc-deposit-pause-on-may-18-2020-38d7dd555663)
+and four months of heavy additional testing, [tBTC went
+live](https://tbtc.network/news/2020-09-22-tbtc-is-live/) in its first version.
+Though this was the only time that the bridge has risked fund loss, the
+learnings from that event have translated into a rigorous, careful development
+process that has ensured the security of the bridge for the years that
+followed. 
+
+Once tBTC v1 launched, it became clear that one of the key challenges in
+scaling a bridge is its capital efficiency: how to balance security of user
+funds against the economic guarantees that those funds will remain available.
+This observation triggered the development of v2 of the bridge, whose design
+carefully balanced these two components to produce a [decentralized Bitcoin
+bridge built for
+scaling](https://medium.com/keepnetwork/tbtc-v2-a-censorship-resistant-btc-bridge-at-100x-scale-199d3a54ab99).
+Launched in January 2023, this updated model has safely bridged over 11,000 BTC
+to date.
+
+tBTC v1 launched with a phased approach, starting with a minting cap of 100
+tBTC that slowly increased to 1000 and then was lifted altogether. When v2 went
+live, it was launched with a slower, safer minting process and no redemptions,
+and over time launched optimistic minting to make bridging complete in a
+handful of hours, followed by full redemptions to bridge back to the Bitcoin
+network a few months later. At each step, security was held paramount, with v1
+undergoing 3 audits before launch and v2 doing phased audits as additional
+functionality came online.
+
+## 4 years of changes
+
+Though the original version of tBTC was built by the Keep Network, 2021 brought
+an opportunity for Keep Network and NuCypher, a similar project with a slightly
+different product portfolio, to [merge into one joint
+DAO](https://blog.threshold.network/decentralized-merger/). In early 2022, the
+first decentralized merger was completed to create the Threshold Network,
+whose nodes now operate the systems that back tBTC bridging. In the intervening
+time, Threshold has become a full-fledged DAO with an associated legal entity,
+various guilds responsible for driving its priorities and products forward, bug
+bounty programs associated with tBTC and other protocols backed by the network,
+and more.
+
+More recently, Threshold launched [thUSD](https://www.thresholdusd.org/en/), a
+stablecoin backed by Bitcoin based on tBTC, which is now being used by the
+Threshold DAO to [pay USD
+expenses](https://blog.threshold.network/borrowing-against-dao-treasury-assets-for-expenses-thresholds-move-to-thusd/).
+L2s from [BOB](https://www.gobob.xyz) to [Mezo](https://mezo.org) have been
+relying on tBTC to provide more use cases and possibilities to the world of
+Bitcoin. And finally, tBTC is being bridged from Ethereum to landmark chains
+like
+[Base](https://blog.threshold.network/navigating-the-future-of-defi-tbtc-launches-on-base/)
+and
+[Polygon](https://blog.threshold.network/unleashing-bitcoin-tbtc-launches-on-polygon-powered-by-wormhole/)
+and being minted natively on high-throughput chains like
+[Solana](https://blog.threshold.network/tbtc-launches-on-solana/) and, soon,
+Arbitrum.
+
+## 4 years is just the beginning
+
+tBTC is starting to appear everywhere, but it's also just getting started. Both
+as a building block and as an infrastructure tool, tBTC promises to be
+instrumental in building out the networks that are adding productive uses to
+Bitcoin, including underpinning a new wave of native experiences for
+Bitcoin-native users like [transparent access to Bitcoin
+wallets](https://info.mezo.org/mezo-portal/btc/btc-deposit-guide) that want to
+interact with other chains. It's also the heir apparent as WBTC struggles with
+[the usual complications of operating a centralized
+bridge](https://x.com/du09btc/status/1823708022595837992?s=46).
+
+On the backend, the development team has already started building out the use
+of [FROST and
+ROAST](https://github.com/keep-network/tbtc-v2/blob/main/docs/rfc/rfc-10.adoc)
+to move the network from 51-of-100 wallets to 501-of-1000 wallets that provide
+full attributability for errors and aborts, allowing tBTC to scale its
+network even further. At the same time, the introduction of
+[BitVM](https://bitvm.org/) is being closely watched as another potential
+ugprade in security model and scale. As the technology matures, using the most
+diverse and experienced set of operators and the most trusted decentralized
+bridge and token as the premier BitVM implementation will become a natural
+choice.
+
+Between core technology upgrades, L2 adoption, increased availability in blue
+chip DeFi protocols like Aave and GMX, new and more seamless integrations
+across existing and novel chains, and as-of-yet unexplored protocols built on
+top of the straightforward access to decentralized BTC collateral provided by
+tBTC, the coming years promise to be the most exciting yet.
+
+Want to join in the fun? [Start building with tBTC now](/developers).

src/templates/developers-page.js

@@ -36,7 +36,7 @@ const DevelopersPage = ({ data, pageContext }) => {
   const { edges: resources } = data.allMarkdownRemark
 
   return (
-    <App title={post.frontmatter.title} locale={pageContext.locale}>
+    <App title={post.frontmatter.title} description={post.frontmatter.description} locale={pageContext.locale}>
       <DevelopersPageTemplate
         title={post.frontmatter.title}
         body={post.html}
@@ -63,6 +63,7 @@ export const pageQuery = graphql`
       html
       frontmatter {
         title
+        description
       }
     }
     allMarkdownRemark(

src/templates/news-item.js

@@ -14,8 +14,6 @@ export const NewsItemTemplate = ({ title, date, body }) => (
 const NewsItem = ({ data, pageContext }) => {
   const { markdownRemark: post } = data
 
-  console.log(post.frontmatter, post.frontmatter.canonicalUrl)
-
   return (
     <App
       title={post.frontmatter.title}