Good morning from Paradise! I’m Crypto Amaru, and today, we have Crypto Hitman and a special guest with us—Chris, the co-founder of an exciting new project, Tutti. Tutti aims to be a cross-chain Bitcoin liquidity marketplace. We’ll dive into what that means and why we’re excited about this new venture. But first, Chris, could you tell us a bit about yourself, your background, and how you got into the crypto space?
Chris’s Journey to Crypto
Thank you for having me. Before diving into the crypto space, I was what I like to call a “reformed banker.” I spent time in traditional finance, specifically in corporate commercial credit, and also worked with some fast-growing tech companies in the Bay Area. Then, in 2017, I caught the crypto bug. Fast forward a few years, I founded a project called Roci, which combined my expertise in machine learning and debt underwriting. The big vision for Roci was to bring native on-chain credit, allowing for under-collateralized loans based on an EVM address’s history.
What is Tutti?
Tutti is essentially a cross-chain lending and borrowing platform. At its core, Tutti allows Bitcoin holders to access liquidity without selling their Bitcoin. You can stake your Bitcoin as collateral and borrow in other crypto assets, like stablecoins or Ethereum. Currently, Bitcoin is largely isolated on its main network or held in centralized custodians like exchanges. By allowing Bitcoin holders to interact with EVM chains in a trustless manner, we can enable various use cases like liquidity access and yield strategies.
Bitcoin is the largest network with the highest market cap, yet it’s also the most underutilized in terms of defi. Tutti aims to bridge this gap by enabling cross-pollination between these disparate ecosystems. This could potentially be a game-changer for both existing crypto users and newcomers.
Why Tutti Stands Out
We’ve seen similar lending and borrowing platforms succeed on the Ethereum network, but not so much on Bitcoin, mainly because Bitcoin has been isolated. Now, with the rise of BTC DeFi, Tutti is aiming to be one of the first to bring this kind of lending to Bitcoin, making it interoperable with Ethereum and other EVM-compatible chains.
The Utility of the Tutti Token
The utility of the Tutti token lies in securing the network and enabling participants to share in the protocol’s revenue. This revenue comes from transaction fees generated by facilitating Bitcoin to other assets like Ethereum. These fees are distributed to the token holders, particularly those who stake their tokens. Tutti aims to be a light-governance protocol, minimizing human decision-making as much as possible. This makes the token not just a security layer but also a way for holders to influence the network’s direction in a minimalistic, decentralized manner.
How Tutti Uses Ferrum Network
Tutti will be the first project built on Ferrum Network’s mainnet. Ferrum Network is designed to connect Bitcoin to EVM chains, using its Quantum Portal to verify cross-chain transactions without custody or trust. This allows Bitcoin holders to utilize their BTC in defi without handing over custody to a centralized party. The Quantum Portal is the secret sauce here, allowing us to ensure that Bitcoin remains locked in escrow while a digital representation of it is minted on an EVM network for liquidity purposes.
What This Means for Bitcoin and DeFi
By enabling Bitcoin holders to leverage their assets, Tutti opens up new liquidity avenues in defi. They can now access loans and yield strategies without selling their Bitcoin. This is huge for both individual investors and larger institutional players who need to comply with stringent security measures.
Investing in Tutti
For those interested in the Tutti token, the project is being incubated through Ferrum Network’s Decentralized Incubator (TDI). If you’re a Ferrum Network holder, this is an exciting development, as transactions on the Ferrum Network will require some protocol tokens, further boosting Ferrum’s utility.
The Tutti Vision
The long-term vision for Tutti is to operate as a fully decentralized, light-governance protocol. We want to minimize human intervention, creating a seamless defi product that leverages Bitcoin’s potential without the need for centralized control. This is defi in its truest form, and we’re thrilled to be a part of this movement.
Crypto Ups and Downs
When it comes to the crypto journey, there are highs and lows. Chris shared a story about his investment in Thorchain early on, which turned out to be very successful. On the flip side, like many others, he also took a hit with the Luna crash. These experiences have only solidified his resolve to create meaningful products that add value to the crypto ecosystem.
Final Thoughts
Tutti is set to be a game-changer for Bitcoin and defi, offering a decentralized way for Bitcoin holders to unlock liquidity. The team’s vision aligns perfectly with the spirit of decentralization and cross-chain innovation. We encourage everyone to join the Tutti community and learn more about this exciting project.
So there you have it—a deep dive into Tutti and what it aims to bring to the crypto space. If you’re interested in learning more, check out Tutti’s Telegram, Twitter, and other social channels. Until next time, we’ll see you on the beach!