Key Takeaways
- 10101 made significant strides in the Bitcoin space, building the first self-custodial trading solution on Bitcoin using Discreet Log Contracts (DLCs).
- They also developed the first synthetic stablecoin on Lightning — a stable coin without counterparty risk.
- The company faced difficulties in attracting investor support, alleging that there is a trend of favoring short-term, custodial solutions over self-custody options.
Announcement of Shutdown
10101 will remain operational until the end of October. Afterward they will stop accepting new positions and open positions will expire on November 3rd, 2024 15:00 UTC.
After this, they will cease their services and remove their apps from the app stores by the end of the year.
The founders decided to cease operations due to ongoing challenges in the self-custodial trading market.
Users are encouraged to complete any ongoing transactions and withdraw their funds during the transition period.
Challenges and Market Realities
Despite ambitious goals, the acceptance of self-custodial services by users has not met expectations, with many preferring custodial alternatives.
The current market environment has proven difficult, particularly for Bitcoin-focused companies aiming for decentralization and self-custody.
Founder Philipp Hoenisch expressed disappointment at the lack of investor support for projects aligned with Bitcoin's core principles.
Legacy and Future Aspirations
10101's team achieved significant things, pioneering the development of self-custodial trading solutions using DLCs on the Bitcoin network.
The company participated in various hackathons, won multiple awards and gained recognition in the Bitcoin space.
Hoenisch expressed gratitude to the community and supporters, emphasizing their invaluable role throughout the journey.
