Building @surge_credit, Bitcoin credit infrastructure
Bitcoin
Joined April 2014
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Keep Your Bitcoin Untouched, Unlock Bitcoin Native Credit Line
Punith retweeted
since 0.8, rbitcoin's consensus engine has been subject to much scrutiny under a variety of lenses. it was used to add an additional rule and refine other rules of @HornetNode 's consensus spec; used to cross-validate @Rob1Ham 's btc-lean spec and contribute to that effort to fully specify bitcoin consensus; subjected to an attempted proof of equivalence in the LLVM IR by @TheBlueMatt ; and much more. honestly, it's fared remarkably well throughout. for that reason, we're revising how we talk about rbitcoin starting with the 0.9 release tomorrow.
rbitcoin 0.9 will be Production Ready, unincorporated rather than Production Ready™️. this is a major step toward the real goal of a 1.0 software release that we can proudly call simply production ready.
when I started rbitcoin this summer (as some combination of a joke and just to see if I could), I couldn't have imagined that it would come this far or attract so much positive attention. rbitcoin now has commits from 18 people, plus audits, scans, or reviews from many others. it's grown to over 200,000 lines of production code and another 200,000 lines of test code. it's contributed not only to the consensus specification efforts mentioned above, but to a new way of handling esplora and electrum wallet synchronization, additional testing in bitcoin core, bug fixes in rust-bitcoin, and probably more I'm forgetting.
to say that I'm thrilled with the progress on rbitcoin would be a massive understatement. so, to everyone who has encouraged my AI psychosis, discouraged it, contributed to it, or contributed to rbitcoin in any way; thank you!
special thanks to bitcoin CEO @Rob1Ham who basically strong-armed me into realizing the possibilities of LLM-assisted coding, and to @ProductionReady for still not forking the repo.
not to put too fine a point on it, but the tokens for rbitcoin and my travel to @tabconf and the rust-bitcoin summit were funded by donations for rbitcoin. all of my time in building rbitcoin to date has been donated by me.
Punith retweeted
Thanks to new contributor @punithbtc !
One step toward supporting NBXplorer, now we just need them to support BIP324 :)
Punith retweeted
Heading to Denver 🏔️
Our CEO @michaelborglin will be at @BFFS_media Summit tomorrow and Thursday, where CPAs, advisors, attorneys and lenders work out how Bitcoin fits into real financial services.
The custody question keeps coming up. Our answer: Bitcoin-backed credit lines where the borrower keeps a unilateral exit.
See you there.
Punith retweeted
In case people think I am advocating for not being cautious, or thinking that AI won't be an issue for any cryptography, that's not the case. Let me word what I think would be a balanced approach regarding AI and crypto. 1/n
Punith retweeted
1/ Justin Drake's "bunker mode" post kicked off the most interesting debate in crypto this year.
The claim: AI-accelerated math could break ECDSA, the signatures that secure BTC and ETH.
The fear underneath it: there's no bailout. No FDIC. No one to make you whole.
Punith retweeted
Day 2 at @token2049.
@michaelborglin, @punithbtc and @Thunder0x_ are back at the Surge booth in the Startup Village.
If you're at Marina Bay Sands today, come talk Bitcoin credit with us.
Punith retweeted
1,000+ applicants. 10 finalists.
Surge is one of them. We're pitching at the @token2049 NEXUS Startup Competition on Oct 7 in Singapore.
The credit layer for Bitcoin: borrow against BTC without handing it to anyone.
Punith retweeted
Surge is heading to @token2049 Singapore, Oct 7–8.
If you're building, lending, or holding BTC and want credit without giving up custody, let's talk.
DMs open.
Punith retweeted
Proud of the team. @surge_credit is in the NEXUS Top 10 at @token2049, and @michaelborglin pitches the credit layer for Bitcoin on the main stage next week.
In Singapore Oct 7–8. If you're building or investing in Bitcoin credit, let's meet.
The NEXUS Top 10 revealed.
Next week, the NEXUS Top 10 pitch live to judges from @dragonfly @multicoin and @MaelstromFund at TOKEN2049 Singapore, crypto's largest startup competition, for a share of a $250,000 prize pool powered by @awscloud.
Meet them 👇
Punith retweeted
🟧 We're live at the Midwest Bitcoin Summit.
Booth #633-B. Never sell your bitcoin — lock it, draw against it, keep your keys.
@michaelborglin and @yash_belavadi are both there. Kick the tires on the app, or come argue with us about custody.
Columbus, let's go.
@MWBTCSummit
ALT The Surge booth on the show floor at the Midwest Bitcoin Summit: an orange and white stand with a NEVER SELL YOUR BITCOIN banner, a screen showing the app's deposit flow, a QR code, and a giant inflatable Midwest Bitcoin Summit logo behind it.
Punith retweeted
DLC or distributed custody network — different names, same security model? reardencode strips away the jargon.
Punith retweeted
21.
The one number in bitcoin nobody can change.
21.14 BTC have now moved through Surge's non-custodial Taproot vaults, one coin for every million that will ever exist.
No custodian. No wrapping. No KYC.
ALT A dark card tagged "Milestone update", reading "Bitcoin volume processed — 21.14 BTC", with the exact figure 21.14007911 BTC since launch in orange below it, and the Surge logo above.
Punith retweeted
Not your keys, not your collateral.
Here is our first demo of a Ledger connection to Surge Credit on testnet. The key controlling your bitcoin never leaves your hardware.
Borrow dollars. Keep custody. Verify the vault on-chain.
Coming to a hardware wallet near you.
Punith retweeted
We're setting up the Surge Security Council. Independent practitioners who review the Surge protocol continuously, not once a quarter when an audit lands.
Founding member: Brandon Black, @reardencode 👇
Punith retweeted
$1,077,718.
Bitcoin locked in Surge's non-custodial Taproot vaults just passed a million dollars.
13.92 BTC today. It was 0.1 BTC on April 7.
No custodian, no wrapping, no KYC — every vault address verifiable on Bitcoin L1.
Punith retweeted
We recorded the Borrower's Playbook.
@michaelborglin and @yash_belavadi spent 20 minutes on the three questions that actually decide how a Bitcoin-backed loan goes for you. Almost none of them is the one on the homepage.
Most borrowers compare headline APR and stop. Here's what we've learned matters more, from talking to borrowers, and from building this ourselves.
1️⃣ Custody : where your collateral actually sits
Ask your lender how they custody your Bitcoin. If the answer is a brand name, a license number, or "trust us, we're insured," you don't have an answer. You have
marketing.
Then ask the follow-up almost nobody asks: is it pooled, or is it yours alone?
Pooling gives an attacker one target and everyone's coins. The work to compromise 1 borrower and 1,000 borrowers is the same work.
2️⃣ Rates and fees : the number you were sold vs. the cost you carry
Start at an 8% headline. Add origination (1–3%, often on every draw). Add repayment fees. Add the annual maintenance charge for simply holding the position.
You land at 13–14% all-in.
None of it is hidden, technically. It's in the docs, spread across five pages, while the cheapest single number gets the homepage.
Ask one question: what's my all-in cost, per dollar, per year? If they can't give you one number, that's your answer.
2️⃣ LTV and liquidation : the only dial you control
Loan term decides everything on a mortgage. On a Bitcoin-backed line, it decides almost nothing.
"Liquidation LTV: 80%" is really three decisions: where's the line, is it full or partial, and if partial, what does it cure to?
Draw at 50% against an 80% line and BTC has to fall ~37% to take you out. Draw at 70% and ~12% does it. Same line. Completely different odds.
Size your draw to survive a February. Not a calm market.
Full 20 minutes below. 🟧
Punith retweeted
Our security audits are in. 🔎
Surge got a full-stack review, not a single-contract audit:
@reardencode: Bitcoin, the DCN and the relayers
@CredShields: the EVM smart contracts on Base
Both reports published in full. Every finding, every severity, every status. 👇
Punith retweeted
10.39% weighted avg APY over the last 30 days.
Not from token emissions. Not from a points program. From Bitcoin holders paying to borrow against collateral they never hand over.
$3.56M requested and unfilled on open lines.
🌐 Anyone can supply. Contracts below 👇
Punith retweeted
On defillama -> defillama.com/protocol/surge…
