Proof of Usefulness Report

obsidiandesk

Analysis completed on 5/11/2026

+56

Proof of Usefulness Score

You're In Business

ObsidianDesk proposes a highly innovative technical architecture (FHE-matched orderbook + native MPC settlement) that directly addresses real-world pain points for institutional BTC traders, specifically intent leakage and wrapped token risks. The submission is exceptionally well-written and demonstrates a deep understanding of its niche market. However, as a pre-launch devnet project with zero active users and a private repository, its overall score falls squarely into the minimal traction tier.

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Score Breakdown

Real World Utility+21.25

Audience Reach Impact+2.00

Technical Innovation+13.50

Evidence Of Traction+1.25

Market Timing Relevance+8.00

Functional Completeness+7.13

Subtotal+53.13

Usefulness Multiplierx1.05

Final Score+56

Project Details

Project URL

obsidiandesk.app/

Description

ObsidianDesk is the dark pool where Bitcoin never leaves Bitcoin: an encrypted orderbook on Solana (FHE-matched via Encrypt) with native BTC settlement via Ika 2PC-MPC dWallets — no bridge, no wrapped BTC, no public order leakage. Built for institutional OTC desks who can't afford to leak intent on a public book and Bitcoin-native funds with policy bans on wrapped collateral.

Audience Reach

Pre-launch — zero current monthly users. Devnet demo at https://obsidiandesk.app is live but not yet publicly marketed; soft-launch follows the hackathon. Target reach: the institutional OTC desk universe is small but valuable. ~150–200 actively-trading desks globally route >$500K BTC tickets monthly. A long tail of ~2,000 Bitcoin-native funds runs internal mandates against wrapped BTC. An addressable retail layer of self-custodial traders willing to trade latency for strategy privacy adds another order of magnitude in count but a fraction in volume. Realistic reach: 5–10 desks in year one (concentrated, hand-onboarded), 30–50 by year two as Ika and Encrypt graduate from pre-alpha. The right success metric here is matched volume, not pageviews.

Target Users

Three audience segments, in priority order: 1. Institutional OTC desks (~150–200 globally) moving >$500K BTC tickets, currently routing through bilateral OTC voice/chat to avoid leaking intent on public orderbooks. 2. Bitcoin-native funds (~2,000 globally) with hard internal policies against wrapped BTC — wBTC, zBTC, tBTC explicitly disallowed by LPs or compliance. 3. Self-custodial advanced retail traders willing to accept a small latency premium for strategy privacy and execution integrity — Bitcoin maxis who want to access Solana liquidity without ever touching a custodian. No notable customers yet — pre-launch. The first 5–10 design-partner desks are the target onboarding cohort post-hackathon.

Technologies

Other

Traction Evidence

Pre-launch. Devnet live; not yet open to public traders. Available signals: - Live product: https://obsidiandesk.app (Solana devnet + Bitcoin signet) - Deployed Solana program: https://explorer.solana.com/address/H25yY5o4emorZ9qMHAUvJhdtrFjDSeYy2MVYurpQbeLp?cluster=devnet - GitHub: https://github.com/mihailShumilov/obsidian-desk (currently private; access for judges on request) - Founder LinkedIn: https://www.linkedin.com/in/michael-shumilov-46453737 Projections: global institutional BTC spot flow is ~$10B/day. Year-one target is 5–10 design-partner OTC desks on signet, then mainnet beta once Encrypt and Ika ship production networks. A 5 bps taker fee on $50M monthly matched volume from a single mid-size desk yields ~$25K/month at zero acquisition cost. Comparable institutional dark pools (sFOX, Wintermute OTC) capture 5–15 bps and clear billions per quarter.

Algorithm Insights

Market Position

Growing utility with room for optimization

User Engagement

Documented reach suggests active user community

Technical Stack

Modern tech stack aligned with sponsor technologies

Recommendations to Increase Usefulness Score

Document User Growth

Provide specific metrics on user acquisition and retention rates

Showcase Revenue Model

Detail sustainable monetization strategy and current revenue streams

Expand Evidence Base

Include testimonials, case studies, and third-party validation

Technical Roadmap

Share development milestones and feature completion timeline