I'm leaking The Black Hole prototype ruleset. I present it at Tabconf on Oct 15th.
Description:
The protocol uses JoinMarket's liquidity order book & fidelity bond mechanisms, but it creates coinjoins that mimic WabiSabi's on chain footprint.
Design Overview:
Coinjoin transactions that create outputs with matching values generate ephemeral tokens called “anonymity points”. Points are auctioned for sats, and the swap occurs inside a coinjoin transaction. Participants can receive points when they enter the coinjoin pool, spend from the pool, or wait inside the pool.
- Makers are liquidity providers who passively mint and sell points
- Takers are searchers who batch liquidity to mint points
- Cooperators are remixers who mint points with their own liquidity
Point Rules:
A transaction’s point value is determined by the sum of all inputs that were matched in their origin transactions and the sum of all outputs that are matched in the current transaction. If the number of matched inputs and the number of matched outputs in a transaction are not equal to each other, the final point value is set to the lower number.
Maker/Taker Rules:
Takers must pay 57 vbytes each for up to 3 matched inputs per maker Takers must pay 43 vbytes for each matched output Takers must pay 100 vbytes for each unmatched output (43 to miners, 57 to the Maker who received it)
Makers must pay 57 vbytes to add unmatched inputs Makers must pay 43 vbytes to add unmatched outputs Makers can’t submit two inputs each worth more than the Taker’s value target Makers can’t submit two inputs from the same ancestor transaction Makers may lock coins in fidelity bonds to improve their reputation for Taker selection
Makers post an offer with a buying rate for points and a selling rate for points Makers list the maximum amount of liquidity they can provide using their 3 largest matched inputs from unique transactions Makers points from each origin transaction are weighted by that input’s contribution towards the Taker’s value target – Origin transactions with the least points have their value counted first If the Taker’s new transaction has more points than the Maker’s origin transactions, the Maker pays sats If the Maker’s origin transactions have more points than the Taker’s new transaction, the Maker earns sats Payments for points transferred atomically by adding them to one of the coinjoin outputs owned by the winner
Cooperator Rules:
Cooperators who pay for their own mining fees can join coordinated WabiSabi or ZeroLink rounds. WabiSabi is flexible: It accepts any arbitrary value for inputs and outputs. ZeroLink is strict: rounds only accept a single standard denomination for inputs and only allows creation of a specific denomination output (input value – mining fee).
Whenever mining fee rates are low enough, Cooperators are incentivized to remix UTXOs in their wallets with low points into larger rounds. These minted points can be resold later as a Maker.
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10/9/2026, 10 engagements
