I was thinking when I woke up this morning.
Why are we limiting ourselves to LINK per se, in terms of providing options to secure the Decentralized Oracle Network.
Can we create our own wrapping service for all entities to then stake into the staking network? Can we create a simple (fully backed) wrapping service to wrap any coin, to wrap bitcoin, solana, eth, xrp, polygon, filecoin; create a wrapped version; use that wrapped version to procure LINK on defi; and stake that LINK for the holder of the original asset.
In essence, become the asymmetric banker/holder of assets for all folks with digital assets.
A lot of people hold digital assets; what if we ensure that their assets are secured 1:1. There are a lot of holders of bitcoin out there. What if we created our own wrapping service to help folks earn rewards on using their bitcoin to secure the LINK network; we would wrap it for them; we would buy the link for them; and we would stake it for them. The risk of course is at the DigitalAsset-LINK conversion point…if LINK were to have less power they would get less of their asset back and if Digital Asset goes up, then they would have less of the original digital asset when they leave the system…i guess hence why we leave the risk to the individual.
I guess, would be cool if we could find a way to onboard bitcoin in a risk free way to this network. Maybe we could onboard and wrap “x” amount of bitcoin; and only convert 10% of “x” amount, to secure the network. Diminish risk by highly fractionalizing the wrapped amount. The wrapped amount is just there, safely, ready to reconvert back…and perhaps we create our wrapped digital asset ecosystem.
—random thoughts of the early morning.