[0IP-22] List WBTC and WETH on zkEVM

Proposal:

The protocol proposes to list wBTC and wETH on Polygon zkEVM for lending and borrowing.

This comprises of the following vote:

• Whether to list WBTC with a 70% max LTV
• Whether to list WETH with a 75% max LTV

Motivation:

As the largest cryptocurrency by market cap, Bitcoin has substantial demand in DeFi ecosystems. Listing Wrapped Bitcoin (WBTC) enables users to access the value and liquidity of Bitcoin as a ERC20 token and is a stepping stone to making 0VIX the go-to lending protocol on zkEVM. Adding WBTC will also further expand the available assets for lending and borrowing, providing more diverse opportunities for strategies on 0VIX.

As the second largest cryptocurrency by market cap and gas token of zkEVM, Ethereum is the most liquid token on zkEVM. Listing Wrapped Ether (WETH) is a natural progression of already having ETH listed on 0vix and increases 0vix composability with other protocols.

Details:

WBTC is an ERC-20 token backed 1:1 by Bitcoin. WBTC is widely adopted in the DeFi ecosystem and offers a secure and reliable way to utilize Bitcoin in lending and borrowing. The project was jointly initiated by Kyber Network, Ren and BitGo and is listed on large lending protocols such as Aave and Compound.

Given the strong backing and liquidity of WBTC on Ethereum, it is anticipated that WBTC liquidity on zkEVM will continue to grow considering the increased inflows of liquidity to the chain and transaction fees coming down aggressively.

WETH is an ERC-20 token backed 1:1 by Ether and fully decentralized. The WETH contract allows anyone to deposit native Ether for WETH tokens 1:1, or conversely, redeem WETH for native Ether. The contract also supports the standard ERC20 functionality which allows for increased interoperability.

0VIX Risk Assessment Summary:

WETH:

WBTC:

Legend:

Links:

• https://wbtc.network/

Vote options:

List WBTC with a 70% max LTV and WETH with a max 75% on 0VIX on Polygon zkEVM as assets for lending and borrowing

• Accept the proposal
• Further discussion is needed

Vote details:

• Vote duration: 72 hours
• Quorum: 100k