Hey y'all, I've got something incredible to announce.
Last month we at magnolia quietly launched something cool, and something we thought the bitcoin space needed. An independent oracle to fuel bitcoin backed lending apps trustlessly.
It's cool, and already something that's used by a few including the fine folks at lygos.
That's great, but we can do better. We noticed that all bitcoin backed lending relied on issuing the loan disbursement over stablecoins.
And that's cool, but that costs consumers when they go to an exchange to convert into fiat for their uses.
So we're bundling bank accounts with our DLC Oracle. Now you can
- Get a trustless loan managed by an price oracle
- Get your payment in USD
- Pay it back via autopay
No more risk of liquidation because you forgot to convert your payment into a stablecoin and send it.
No more figuring out whatever blockchain the stablecoin is on.
Guys I'm so excited about launching this. Dm me if you'd like to integrate, or if you'd like me to reach out to your favorite app so we can get set up.
You can also email integrate@magnolia.financial, visit us at magnolia.financial, or check out our documentation :)
This is very interesting. There was some discussion about dlcs on here back when lava decided to abandon them. But I didn't know Magnolia was working on them.
Im sure this is answered somewhere in your socs, vut i must have missed it: What happens if the oracle doesn't sign anything (it's offline or cannot be reached for some reason)?
Also, congratulations on the launch!
assuming the loan has already been registered, it's mostly good for the end user who may have a bit more time before a liquidation in the case of a massive drop in bitcoin.
as you can imagine, this is not great for the lender, so we have a lot of emphasis in our systems for redundancy
would love to work with lava and bring back dlc loans! back then there wasn't another offering they could work with, but times have changed.
Why USDC? What chain are you using for receiving it?
That's what our customers requested
Ethereum
Imo this is better
Congrats on the launch. USDC is great. But any plans to integrate USDT?
And USDT is coming to native Lightning sometime this year prob Q1/Q2.
BTW - USDC on Ethereum is super expensive in terms of gas fees.
This is a smart bridge,trust minimized BTC loans on the backend, normal USD rails on the frontend,cuts real friction without sacrificing the core Bitcoin model.
crystal bull