Kollider AMA
7881 sats \ 5000 boost \ 45 comments \ @kollider_trade 28 Oct 2022 bitcoin
Hey, everyone!
We’re the Kollider team - @konstantin, @kevin_kollider, and @myles_snider
At Kollider we build tools and services to make financial markets available to everyone, across borders, instantly and simply using Bitcoin’s Lightning Network.
To do that, we’ve built a few different products:
Kollider Exchange The world’s first Lightning-native derivatives exchange.
Give it a try here.
Kollider Synthetic Stablecoins Our synthetic stablecoins use derivates on the Kollider Exchange to offer fiat-denominated price stability to users. In other words, Kollider offers users the ability to hedge their price exposure to Bitcoin by pegging all or part of their balance to a fiat currency.
Kollider Wallet An upcoming release of ours— this is a browser-based Lightning Wallet that integrates directly with our synthetic stablecoins. Users can receive, hold, and spend BTC, synthetic USD, and synthetic EUR. You can spend from and receive to any of your balances. We’ll also support Lightning Login, Lightning Addresses, and a bunch of other cool features.
Learn more here.
We officially launched this week (check out our launch announcement), and we’re hosting a trading competition on Kollider Exchange to celebrate.
Ask us anything!
write
preview
related posts
170 sats \ 1 reply \ @Mehrun 28 Oct 2022 freebie
Do you have any plan or research on the Taro based assets? and probably something more inconvenient: what's the reason you are so cherished on Twitter's bitcoiner?
reply
0 sats \ 0 replies \ @myles_snider 31 Oct 2022
We're definitely looking into Taro very closely. We've been playing around with the first release and will definitely continue to use it as it matures and develops. From there we'll see how Taro fits into our platform, but it is still very early.
I'm glad you think we're cherished on Twitter! We just recently started getting more active there-- just trying to share interesting info on Lightning Network and our work.
reply
100 sats \ 2 replies \ @022fa7a9e4 28 Oct 2022 freebie
When do you expect to launch the Kollider Stablecoins wallet without restrictions? I see the Bitcoin Beach Wallet already has stable coins.
reply
203 sats \ 0 replies \ @konstantin 28 Oct 2022 freebie
As soon as possible. There will be a private beta initially. If you're interested in being part of that you can sign up here: https://kollider.xyz/wallet. Also Kollider Wallet will be a browser wallet not a mobile wallet, as is Bitcoin Beach.
reply
10 sats \ 0 replies \ @kevin_lightning 28 Oct 2022
Kollider Pay isn't technically out yet. Soon...
reply
525 sats \ 1 reply \ @notgeld 28 Oct 2022
What is your stance regarding security and safety?
  1. About a week ago your kollider.pay service was exploited
  2. A couple of attacks were conducted before and responsibly disclosed. However, you did not provide any information about them to the public that's why I wrote this post eventually.
  3. You post about capital raise didn't contain any information about bounties and didn't address any issues related to security and previous hacks.
reply
0 sats \ 0 replies \ @myles_snider 31 Oct 2022
Thanks for pointing this out. We should probably do a better job of having a more specific public stance on these things. We take security and safety extremely seriously. Kollider Pay is in a very early beta version and we've been sure to communicate that and limit deposits for that reason. We've encouraged users to try to find bugs in the platform and we won't do a full release of the product until we feel extremely confident in its security.
reply
101 sats \ 1 reply \ @ODELL 28 Oct 2022
How do you think about regulatory risk? Is there a deliberate strategy you have in mind?
reply
0 sats \ 0 replies \ @kevin_lightning 28 Oct 2022
No specific strategy right now, but it's definitely on our radar.
reply
141 sats \ 1 reply \ @ken 28 Oct 2022
Now we have an AMA with Kollider Trade derivatives like an insider Their wallet is sweeter than fresh cider Be a multiplier, not a divider
reply
0 sats \ 0 replies \ @myles_snider 31 Oct 2022
👏
reply
0 sats \ 1 reply \ @nout 28 Oct 2022
Do you have usage analytics for how people use Kollider (e.g. do folks use the Kollider "app" in Breez?)? What are the metrics that you are trying to optimize?
reply
160 sats \ 0 replies \ @kevin_lightning 28 Oct 2022 freebie
We're working to add more metrics. Right now we primarily track the origin of trades (i.e. Pro front-end vs Lite front-end vs Umbrel app).
reply
5 sats \ 4 replies \ @Jel 28 Oct 2022
What happen in the event that the there is not enough liquidity in the orderbook to find some one to take over a forced liquidated position? I assume that there always need to be two parties (who ‘betting’ against each other) for every position. So is there a possibility that a position is not backed by a other party because of a dried up orderbook? For example, if the market collapse or a big internet malfunction take place.
reply
100 sats \ 0 replies \ @konstantin 28 Oct 2022 freebie
Currently the risk engine works like this. If a position gets liquidated then the risk engine tries to:
  1. Find another person in the market to take on the position (best case scenario).
  2. If there is no one that takes on the position at the liquidation price or better then the insurance fund will pay for the difference.
  3. If the insurance funds is depleted and no other person is in the market then automatic deleveraging takes place. This means that positions of winners are force closed (worst case scenario).
reply
10 sats \ 2 replies \ @kevin_lightning 28 Oct 2022
In the event of forced liquidation, the insurance fund will cover progressive offloading of the position. If that doesn't happen (or if the insurance fund is insufficient to do so) auto deleveraging kicks in with fill-or-kill orders to minimize liquidation ripple effects.
reply
40 sats \ 1 reply \ @Jel 28 Oct 2022
Just to check if I get this right. Let’s say that I’m long on Bitcoin (A). I open a position by placing a limit order in the orderbook. Then person (B) fulfils this order and takes a sort position.
Bitcoin goes to the Moon and the position of person (B) need to be liquidated. In the orderbook there is no liquidity to take over his position. So auto deleveraging kicks in and will kill my (A) position as well. I will get the available margin form B and, if possible/needed, funds from the insurance fund.
I assume that this auto deleveraging system will prevent that I will make any lose up to that moment. After the auto deleveraging I have no position anymore. So, from that moment I have no position to profit form any further increase.
Hopefully, I understand that well. I understand that this would be an exceedingly rare event.
reply
100 sats \ 0 replies \ @konstantin 28 Oct 2022 freebie
Yeah that is exactly right. Also an interesting note here. If the person that goes short against your long is only levered 1x, then that person cannot get liquidated. This is because of the price convexity of an inversely priced perpetual swap. The liquidation price of a 1x short is infinity.
reply
1 sat \ 3 replies \ @0322ee777777 28 Oct 2022
Is this no-kyc? You have a good idea and start. Good luck.
reply
100 sats \ 2 replies \ @kevin_lightning 28 Oct 2022 freebie
We have no KYC at the moment, but will probably have it in the future.
reply
177 sats \ 1 reply \ @TonyGiorgio 28 Oct 2022
Are you going to keep any existing services KYC free or by "probably have it in the future", are you suggesting that you'll shotgun kyc your existing users?
reply
16 sats \ 0 replies \ @kevin_lightning 28 Oct 2022
We'll give users notice ahead of time; it won't be a surprise
reply
0 sats \ 1 reply \ @starbuilder 28 Oct 2022
Kollider is a great exchange to use and keep up with all good work. My question is around currency hedging. Given the geo political events and global currencies are swinging wildly, are you planning to add other pairs such as BTC/JPY to the platform?
reply
0 sats \ 0 replies \ @myles_snider 31 Oct 2022
This isn't currently on our roadmap, but is definitely something we could do in theory. If enough users request it, we'd add it to the roadmap.
reply
0 sats \ 1 reply \ @BITC0IN 28 Oct 2022
which countries do you support?
reply
22 sats \ 0 replies \ @kevin_lightning 28 Oct 2022
Any non-OFAC country
reply
0 sats \ 1 reply \ @LaserStack 28 Oct 2022
Not really a question but when i try to login to kollider via lnurl-auth, with my wallet which routes its' traffic over Tor, my wallet throws an error because Cloudflare doesn't let the connection through. Also, wen options?
reply
0 sats \ 0 replies \ @kevin_lightning 28 Oct 2022
We have no current plans to add options. Try using a VPN for the lnurl auth
reply
0 sats \ 2 replies \ @beorange 28 Oct 2022
What is a "synthetic stablecoin"?
reply
0 sats \ 0 replies \ @myles_snider 28 Oct 2022
We covered that in depth here:
https://twitter.com/kollider_trade/status/1582745803973541888?s=46&t=sg2w8CdXqF69H_vXH0DuFw
reply
0 sats \ 0 replies \ @myles_snider 28 Oct 2022
We covered that in depth here:
https://twitter.com/kollider_trade/status/1582745803973541888?s=46&t=sg2w8CdXqF69H_vXH0DuFw
reply
0 sats \ 1 reply \ @kr 28 Oct 2022
If you could change one thing about the Lightning Network, what would it be?
reply
9 sats \ 0 replies \ @kevin_lightning 28 Oct 2022
I think I would try and get ANY_PREVOUT merged first, then build channels on top of eltoo. It's a lot easier to wrap your head around conceptually versus asymmetric commitment transactions
reply
0 sats \ 3 replies \ @bitcoingraffiti 28 Oct 2022
favi scifi novel?
reply
247 sats \ 0 replies \ @kevin_lightning 28 Oct 2022 freebie
The Last Question by Issac Asimov. A short story and not really a novel, but I digress...
reply
1 sat \ 1 reply \ @myles_snider 28 Oct 2022
I don't read a ton of scifi but I enjoyed Snowcrash.
reply
0 sats \ 0 replies \ @bitcoingraffiti 28 Oct 2022
yeah great story
reply
0 sats \ 6 replies \ @nout 28 Oct 2022
Are you planning to be a stablecoin provider for open source mobile wallets?
reply
172 sats \ 1 reply \ @konstantin 28 Oct 2022 freebie
We're currently working on an open source project called LndHubX (https://github.com/kolliderhq/lndhubx). This service gives anyone the ability to offer their users bitcoin backed synthetic fiat accounts. So if you have an open source wallet you can deploy an instance of lndhubx and start offering fiat accounts to your users. Note though, these fiat accounts are custodial.
reply
100 sats \ 0 replies \ @starbuilder 28 Oct 2022
This is clearly going to become one of the best use case for Kollider. I am thinking of a non custodial solution where lnbits has a UI to switch from sats stable and in the backend it automatically hedges using lndhubx. All connected to my node which makes it non-custodial.
reply
100 sats \ 2 replies \ @kevin_lightning 28 Oct 2022 freebie
We're working with Galoy to get Kollider integrated with their dealer, which would allow for the mobile BitcoinBeach wallet to hedge on our exchange.
reply
0 sats \ 1 reply \ @nout 28 Oct 2022
As far as I know, they built their own solution for stable sats, so the plan is to switch to Kollider?
reply
291 sats \ 0 replies \ @kevin_lightning 28 Oct 2022 freebie
So the way their stablesats system works is via a dealer that hedges against the total liability of the platform. It's a pluggable system and currently uses Okex. Kollider would be the second exchange to be added, increasing the overall hedging system's durability.
reply
0 sats \ 0 replies \ @myles_snider 28 Oct 2022
Definitely. We hope more and more wallets integrate with our stablecoins. More info here if you're interested.
We're also currently working with Galoy to integrate Kollider into Stablesats.
reply
0 sats \ 0 replies \ @patrickolden 28 Oct 2022 freebie
Looks cool, good luck