⁉️FAQ
What is Lamba Protocol; TLDR?
Smart Contracts on Bitcoin via Inscriptions. Makes DeFi possible and simple to do.
What problems does it solve?
Trying to claim tokens, swapping on chain, staking your tokens, minting NFTs, selling NFTs, leverage trading, borrowing against your BTC, ...
Basically, every imaginable problem can be solved with smart contracts, now on Bitcoin!
Are there tokens?
Yes there are, and they are more powerful than any other token. Because everything is a contract, it is possible to do a lot more things with tokens, like airdrops, multi send, staking, liquid staking, ... all in one inscription. However, there is a token standard which makes it really simple to have dapps interact with all tokens in the ecosystem. For example, the AMM is able to swap any current and future token which uses the token standard.
To see the developer side of things go to Token-Standard
How to use the protocol?
Start here Getting Started
Is it safe?
Because it is not using a new chain, layer 2 or sidechain, everything is as safe as Bitcoin itself.
Some indexers can be dishonest, but this is not preventing you from interacting with the protocol. And as long as one indexer is honest you can always get the real state of the protocol. You can also run your own indexer, or even implement one yourself.
The only downside is the current BTC integration, which is sitting on a wallet, to get minted on the protocol side.
What does the Public Beta include?
Will be announced on the launch date of the Public Beta.
Can I get my BTC out of it?
Yes, but the process is currently worked on.
How to develop my own contracts?
Start here Getting Started. We built a toolkit to allow for local development, without using the blockchain at all.
Why do I need to transfer my inscription?
It acts as a two-factor authentication. If only the inscription minting to your wallet would be enough to trigger an execution. Who is stopping someone from minting a Bitcoin transfer inscription to your wallet, moving all your Bitcoin to his?
But if the transfer starts the execution, this is prevented and even a bad inscription inside your wallet won't do any damage.
Will there be a token?
Yes, will have a public sale powered by BasedPad for 10% of the LMDA token. The sale is happening on the 12. February
Can I find more technical details?
Read more Technical Details
Why did nobody think of this before?
Good question. No idea.
What is the difference to BRC-20, TAP, PIPE?
All of this protocols focus only on tokens. This leads to issues with trading and combining them with BTC. Additionally, they are really limited in what can be achieved.
Lambda, however, allows you to do anything. There are practically no limitations. You can swap on an AMM for Bitcoin. All on chain!
How much is the protocol fee?
Protocol fees are paid for state changes, contract deployments and a fixed amount.
State Changes: 2 Satoshi / Byte Fixed: 25 Satoshi / Byte Contract Deployment: 100 Satoshi (only if done via inscription / dynamically)
These are just the initial ones and could be changed as the community sees fit.
Where can I see my balances?
Go to Links to find the token explorer.
Why does LRC-20 have an approve?
Approve and allowance is a necessary step to use tokens with smart contracts.
Imagine you go to the bakery and give the cashier money without telling her what you want. She can't do anything with the money you gave her.
So you first need to tell the cashier what you want, for example a donut, then she does all her stuff and asks you for the money, and if you pay with card she actually takes it out of your wallet.
This is the way it works with tokens and smart contracts. If you want to do a swap on the AMM you are telling the AMM swap 1 BTC for LMDA. The AMM does its things and tries to take the BTC out of your wallet, because this is the only way it can be sure about the context of the BTC it gets. Of course you don't want anybody to take BTC out of your wallet, only the approved persons. This is what approvals are. You approve someone to take a token out of your wallet, up to a specified amount.
What are common use cases?
(in the future)
Swap your BTC for any token; or the other way around
Farm the newest token
Borrow against your BTC, or any other token
Send and receive tokens
Airdrops
NFTs
Bridge to other chains / protocols
the list goes on, developers will implement exciting and new stuff.
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