Fedimint

Federated Ecash Protocol·active

Open-source protocol for federated Chaumian ecash on Bitcoin: a community federation of guardians jointly custodies bitcoin under threshold multisig and issues privacy-preserving ecash notes, spendable instantly via ecash, Lightning, or on-chain. 'Community custody' as a third way between exchange custody and solo self-custody; deployed to real communities via the Fedi app.

M69 Score

Methodology →

3.5

Substantially aligned

Monetary Sovereignty

3.4

Civilizational Durability

3.3

Universal Adoption

3.7

Rated 10d ago

M69 Verdict

The strongest custody model in the ecash space: Chaumian privacy plus federated threshold custody on pure bitcoin rails, actively developed, grant-funded, and aimed squarely at underbanked communities. Scored honestly as infrastructure — it makes no stability claim (SPS 1) and adoption is still small and experimental. Structurally the better half of the Cashu/Fedimint pair thanks to multi-guardian custody.

M69 Score

M69 Alignment3.5

Substantially aligned

1.02.03.04.05.0

Monetary Sovereignty3.4

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability3.3

Sovereignty + Governance + Resilience

Universal Adoption3.7

Traction (2x) + Inclusivity

Iss Mod3x

4.0

Stability2x

1.0

Fia Ind & Int2x

5.0

Traction2x

3.0

Sovereignty

4.0

Governance

3.0

Resilience

3.0

Inclusivity

5.0

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Detailed Rating Breakdown

Issuance Model3x

4.0

Ecash issued 1:1 against deposited bitcoin; no debt mechanism anywhere; anyone can start or join a federation; supply fully elastic both ways via deposit/redemption. Backing is crypto-native only — no real-economy signal (IM-03).

Spending Power Stability2x

1.0

No stability mechanism or claim — notes are denominated in sats and inherit bitcoin's full volatility. Scored per rubric as infrastructure, same precedent as Cashu (SPS 1).

Fiat Independence & Interoperability2x

5.0

Zero fiat anywhere: bitcoin collateral, sats unit of account, no banking dependency, no fiat oracles. Modular architecture lets communities run their own federations as local expressions of a global bitcoin standard.

Traction2x

3.0

Active and shipping (v0.11.2-alpha June 2026, v0.11.1 April 2025); Fedi app deploys it to communities; backed by Blockstream, HRF, OpenSats; Bitcoin Magazine / Coinbase Institutional / Decrypt coverage. But deployments remain small and experimental (Spark research, March 2026) — user counts likely low thousands.

Sovereignty

4.0

Federated threshold custody — no single guardian can freeze funds or rug; blind signatures make targeted censorship impossible; fully open-source and self-hostable. Still custodial per federation, and mint solvency is not cryptographically provable to outsiders.

Governance

3.0

Open-source project governance is informal (core maintainers); per-federation governance rests with its guardian set; no formal constitution, token vote, or on-chain process.

Resilience

3.0

Young protocol with no major live crisis survived yet; funding is grants (OpenSats, HRF, Blockstream) plus the Fedi company; underlying dependencies are Bitcoin and Lightning, themselves maximally resilient.

Inclusivity

5.0

No KYC, no identity requirement, near-zero cost to join a federation; Fedi explicitly targets underbanked Global-South communities; identical rules for every member.