[TEMP CHECK] Onboard cbBTC to Aave v3 on Base

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[TEMP CHECK] Onboard cbBTC to Aave v3 on Base

Author: ACI (Aave Chan Initiative)

Date: 2024-08-28

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Summary

The proposal aims to onboard Coinbase’s cbBTC, to the Aave v3 protocol on Base.

Motivation/Background

cbBTC, a new Bitcoin wrapper offering from Coinbase, is set to launch in the coming weeks. As a centralized and trusted entity in the cryptocurrency space, Coinbase’s entry into the wrapped Bitcoin market with cbBTC brings a unique value proposition to the Aave ecosystem.

This new asset will diversify the options available for Bitcoin holders looking to participate in DeFi activities on Aave v3. The introduction of cbBTC to Aave v3 will provide users with more choices for utilizing their Bitcoin holdings, increasing liquidity and engagement within the protocol.

Furthermore, cbBTC’s integration aligns with Aave’s commitment to offering a wide range of high-quality assets. It will enable users to tap into Coinbase’s liquidity and reputation while benefiting from Aave’s established lending and borrowing functionalities. This synergy between a major centralized exchange and a leading DeFi protocol could attract more mainstream users to Aave, contributing to the overall growth and adoption of the platform.

Specification

Ticker: cbBTC

Contract addresses will be added during the ARFC stage once cbBTC has been fully launched.

Risk Parameters will be provided by Risk Services Providers at the earliest possible and ARFC will be updated with that feedback.

Disclaimer

The Aave Chan Initiative is not directly affiliated with Coinbase and did not receive compensation for creation this proposal.

Next Steps

If consensus is reached on this [TEMP CHECK], escalate this proposal to the Snapshot stage. If the Snapshot outcome is YAE, this proposal will be escalated to ARFC stage Publication of a standard ARFC, collect community & service providers feedback before escalating proposal to ARFC snapshot stage If the ARFC snapshot outcome is YAE, publish an AIP vote for final confirmation and enforcement of the proposal

Copyright

Copyright and related rights waived under CC0.