xBTC: A New Beginning
Eight months ago, xBTC made its first mark on decentralized finance. Today, we at Social Capital announce the end of its active development, and the beginning of total decentralization. While we are excited to reach the apex of development for xBTC, we, as the team, look back fondly on our roadmap and achievements.
From inception, we set out to do one thing: create a new synthetic derivative as a hedge against an ever-decreasing Bitcoin dominance level. What resulted was unheard of, for its time— a synthetic index-like tracking of every altcoin on the market, and the most diversified rebasing peg ever. xBTC forged a first-of-its-kind AMM-IDO partnership with 1inch, and became the first novel-peg rebasing protocol. With the help of Chainlink and Tellor, we built a brand new and transparent oracle that delivered a spot price to a previously un-tradeable metric. But while xBTC is notable for what it did first, we love it for what it did well: