Saturn - On-Chain Swaps For Runes In Bitcoin Base Layer

[Wind_FURY]

For my fellow plebs who simply can't HODL their precious Bitcoins, and for them to satiate their need to gamble on shitcoins. If you want to "trade" then you must "trade". BUT, there's no need to convert your Bitcoins to another coin for another blockchain. In Saturn, you could trustlessly swap Runes - the shitcoin protocol built by Casey Rodarmor on top of the best blockchain in the world, Bitcoin.

https://www.saturnbtc.io/

[ABCbits]

How many people actually use this website? I just visited it and found out the top token only have $894.69 as 30d volume. Besides, what makes you say the swap is trustless when i didn't mention about it on their website?

[Wind_FURY]

How many people actually use this website? I just visited it and found out the top token only have $894.69 as 30d volume. Besides, what makes you say the swap is trustless when i didn't mention about it on their website?

That service is actually very new. I only found out about that from a friend who trades Runes and Ordinals a few days ago. There are also other on-chain swaps services that are starting to be built on top of Bitcoin like  Bitflow and Taparoo.

Their existence might be very questionable right now, but when those investors/traders start to use Saturn and other on-chain swap services for Runes/Ordinals, then we should probably expect transactions fees to surge. Currently, Runes/Ordinals users buy/sell their Runes/Ordinals in MagicEden and OKX.com, but it makes "trading" them cumbersome in those services.

[Wind_FURY]

what makes you say the swap is trustless when i didn't mention about it on their website?

Their X account posted it in its profile. BUT you're right and I removed "Trustless" from the topic's title. I did some DYOR  and tried to swap a very small amount of Bitcoin, but I saw that the service is NOT non-custodial. The users need to deposit some Bitcoin to a wallet called a "trading account", a custodial account. That's a big disappointment if you ask me.

Thanks for the cynicism, that made me look further. 👍

[ABCbits]

That service is actually very new. I only found out about that from a friend who trades Runes and Ordinals a few days ago.

I see, although WHOIS data shows the domain registered since last year.

Dates    470 days old
Created on 2023-07-31
Expires on 2025-07-31
Updated on 2024-07-07

what makes you say the swap is trustless when i didn't mention about it on their website?

Their X account posted it in its profile. BUT you're right and I removed "Trustless" from the topic's title. I did some DYOR  and tried to swap a very small amount of Bitcoin, but I saw that the service is NOT non-custodial. The users need to deposit some Bitcoin to a wallet called a "trading account", a custodial account. That's a big disappointment if you ask me.

Thanks for the cynicism, that made me look further. 👍

Not surprising they're not being honest about trustless (or decentralization in other cases).

[Wind_FURY]

That service is actually very new. I only found out about that from a friend who trades Runes and Ordinals a few days ago.

I see, although WHOIS data shows the domain registered since last year.

Dates    470 days old
Created on 2023-07-31
Expires on 2025-07-31
Updated on 2024-07-07

The may have started building another kind of Bitcoin service before making their pivot to become a swapping service for Runes.

Runes was released during April 20, this year. Ordinals was "invented" during January, 2023. It was probably an Ordinals service before becoming a Runes service.

what makes you say the swap is trustless when i didn't mention about it on their website?

Their X account posted it in its profile. BUT you're right and I removed "Trustless" from the topic's title. I did some DYOR  and tried to swap a very small amount of Bitcoin, but I saw that the service is NOT non-custodial. The users need to deposit some Bitcoin to a wallet called a "trading account", a custodial account. That's a big disappointment if you ask me.

Thanks for the cynicism, that made me look further. 👍

Not surprising they're not being honest about trustless (or decentralization in other cases).

I asked my friend.

Swapping requires the user to deposit, but liquidity provision is non-custodial. The Liquidity Pool is open for all, but the service itself for swaps is not.

[Wind_FURY]

My friend has updated me that the Saturn developers are going to develop and implement new smart-contracts for enabling swaps WITHOUT any requirement for the user to deposit to a "trading account" which is not under the control of the user.

Magic Eden, an NFT marketplace and Runes tokens market, now has a Beta for directly swapping Runes tokens. I haven't tried it, but I believe there's no need to list/buy your Runes in "lots" if you want to sell/buy them. I'll probably try it later "as an experiment" for shitcoining in Bitcoin.

[Wind_FURY]

SaturnBTC has a testnet. It's an "incentivized testnet", according to my friend who has become a very serious onchain shitcoiner in Bitcoin.

Helping their developers find bugs, and issues with their service through testing the site will probably help some of our fellow plebs earn their Rune token that could be sold for Bitcoin. Plus it's not entirely a difficult task.

  ¯\_(ツ)_/¯