Cycles
@cyclesmoney
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The Open Clearing Protocol. Clear the Books. Respect the Graph. Save Liquidity. By @informalinc
Joined January 2024
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Pinned Tweet
Soon we’ll release the
@cyclesmoney
whitepaper on a new financial paradigm, so here's a few things you should know to prepare yourself.
We know that blockchains, crypto, and defi apps have long promised to replace banks and finance. But there’s a lot of problems with this 🧵
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We’ve been quiet the last few weeks, putting the final touches on our whitepaper and new website.
The whitepaper is under review by many of our Cosmos & Ethereum friends
And the website is now live 🎉
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We’re building the initial version of
@cyclesmoney
using the best blockchain tech stack around:
@cosmos
.
Our privacy architecture is built around a TEE-based CosmWasm sidecar process, with thoughtful protocol design to reduce TEE attack vectors, and with ZK proofs for integrity.
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1/ We’re excited to announce that Andrew Miller joined our team last summer to lead Cycles protocol design, with a focus on secure privacy for payments and credit via TEEs & ZKPs. There’s few people better positioned for this kind of protocol design work than
@socrates1024
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Something incredible is happening among crypto OGs.
The realization that money is more than store of value.
That finance is more than the transfer and exchange of assets.
That there's a whole other side of the balance sheet.
Okay, I’m getting excited again by this whole “uninventing money”/“post-money” idea that Chris Goes, Ethan Buchmann, and Andrew Miller have been on about for years.
(WARNING: long rambling thread ahead with no “TLDR” summary.)
⤵️
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But don’t worry. Cycles is coming to take care of you. It’s time for blockchains to start making a real difference in the world. Time to move the financial system from an unhealthy obsession over asset aggregates to a healthy romance with the obligation graph.
Respect the Graph.
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If the Hub will have us ...
Cycles 🤝 Interchain Capital
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Be sure to scroll slowly through the story and take in the emotion of it all.
You’ve been systematically excluded from the benefits of clearing and issuance by the banking system for 100s of years, and your blockchain friends have completely failed to understand this correctly
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astonishing how little monetary policy innovation there is in crypto given that’s kind of the whole point. everyone nerd-sniped by mechanism design before they get to rebuilding money
astonishing how little monetary policy innovation there is in crypto given that’s kind of the whole point. everyone nerd-sniped by mechanism design before they get to rebuilding money
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As for the whitepaper, if you feel like you would like to receive a draft and provide feedback, please reach out!
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Have you checked out our website yet? Any feedback?
How about the light mode?
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This kind of open platform for clearing debts might be one of the most impactful applications of blockchains and best use cases for defi. A multilateral clearing and settlement system can save all its participants liquidity and reduce risk, both individually, and systemically.
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The real power of banking/finance institutions doesn't come from transferring assets, but from clearing debts.
For centuries, finance institutions formed closed clearing clubs that enabled them to coordinate with strict rules to clear huge amounts of debt with little or no money
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If you want to keep up to date with the future of payments and credit, and one of the most impactful projects in crypto, follow us at
@cyclesmoney
.
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And we’re hiring. Check out the open positions:
Full Stack Eng:
Rust Eng:
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Blockchains, for their part, have liberated settlement from the confines of banking clubs. With blockchains, anyone can permissionlessly transfer value. With Cycles, anyone can permissionlessly clear their debt, too.
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Crypto has remained a highly speculative enterprise with limited impact. It’s focused on the idea of a "bank account in your pocket". The freedom to hold counterparty-free assets and transact them permissionlessly. Glorious, and important! But not the whole story.
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Respect the Graph.
We’ve been popularizing the CoFi meme as a vision for DeFi protocols that emphasize the inherent graph structure of payment & credit systems.
It’s time to start sharing our work on the actual product and protocols that will bring this vision to life.
Introducing
@cyclesmoney
:
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But these clearing clubs are not accessible to the general public. The public only has access to settlement - they have to use banks to transfer cash balances, leading to gridlock and liquidity crises.
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For now, stay tuned for the whitepaper.
And remember to Respect the Graph.
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Longer term, we plan to enhance the privacy offering beyond the encrypted graph, for instance by integrating more closely with
@anoma
's Multi-Asset Shielded Pool. We’ll also provide more direct ways for external lending protocols to take advantage of the benefits of Cycles.
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Follow us on twitter and subscribe on the website at to be notified when the whitepaper drops.
And always remember to Respect the Graph.
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With a
@CosmWasm
base, Cycles becomes a premier place to develop and integrate lending and issuance protocols that plug directly into the obligation graph, and benefit from its liquidity saving and risk reducing properties.
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Cycles is designed to natively support assets from across the IBC ecosystem, allowing any token to be used to clear debts. And ICA will allow Cycles to leverage external IBC lending protocols like
@mars_protocol
,
@TeamKujira
,
@inter_protocol
, etc. in an optimized fashion.
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Cycles is also designed to support integrations with Ethereum, allowing Ethereum assets and lending protocols to connect into the Cycles clearing graph, unlocking new use cases for Ethereum DeFi protocols like
@MakerDAO
,
@Aave
,
@compoundfinance
, etc.
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5/ On a sabbatical for a couple years from his professor position at UIUC, he is now splitting his time between Flashbots and Cycles. Want to work with Andrew? We’re hiring:
Full Stack Eng:
Rust Eng:
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Want to help build the future of payments, credit, and DeFi? We’re Hiring:
Full Stack:
Rust:
BD:
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We're ready 💪
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Don't worry degens, we're not gonna forget about you.
In fact we hope to make your pioneering work on permissionless lending protocols much more powerful
💪
> combines balance sheets and graph theory
God this phrase is just such a banger.
@cyclesmoney
might not explode in popularity like some degen defi, but, it'll be insanely sticky
one day we'll look up and some flavor of it will be the predominant backend of payments
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Love it when our efforts elicit poetry from the best teams
@Zac_Aztec
@buchmanster
Once upon a time, in a land far, far away, there lived a version of Noir that was compatible with a Halo2 backend.
Then one day we were on an team offsite and Elon Musk showed up from a mushroom cloud and said:
“Hark and attend, ye noble assembly! For it is thine to comprehend…
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4/ Andrew’s been interested for some time in building ZK credit networks. Cycles provides the most advanced and powerful framework for building new kinds of credit systems. So it was obvious we should work together.
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Save liquidity, save the world🫡🌱
Very excited to follow along with this. In the long run it feels like there is a clear path to changing the face of our home places with protocols like this
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3/ Andrew was the first person to notice that Bitcoin satisfied the Byzantine Generals Problem. He is also acknowledged in the original
@cosmos
whitepaper for feedback on Tendermint consensus. His (and others) sidechain work was a major inspiration for
@cosmosibc
.
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2/ Andrew’s one of the most prolific researchers and builders in the space, from his early work on Bitcoin sidechains to Honeybadger BFT to ZCash to private smart contracts and more.
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@Mhz714
@LHerfel
Because we generalize to all payments. There is profound inefficiency in payments that this addresses, and it unlocks powerful new use cases for crypto.
See
Bringing these obligations natively on-chain offers profound new capabilities for payment systems that are inherently risk-reducing and liquidity-saving, and unlock new use cases for cryptocurrencies. See my talk from
@modular_summit
:
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