Request for feedback: Options for tBTC pools

Request for feedback: Options for tBTC pools

Discussion: https://gov.curve.fi/t/request-for-feedback-options-for-tbtc-pools/841

The tBTC team proposes adding a tBTC/wBTC or tBTC/[renBTC/sBTC/wBTC] pool. Adding a tBTC pool will further increase the liquidity of Bitcoin on Ethereum and make it easier to swap between assets.

Abstract

tBTC is a Bitcoin sidechain on Ethereum, built to give Bitcoin the capabilities of Ethereum and bring additional collateral to DeFi. The asset (TBTC) is an ERC-20 pegged to Bitcoin, it can be minted or redeemed for BTC by anyone and without intermediaries. Instead of relying on a single custodian like wBTC or federation of custodians like Liquid, tBTC is supported by a decentralized bonded multi-federated peg model using ECDSA technology.

tBTC is built on the Keep Network, and as of launching this week already has 24.21M USD locked in the network (22.69M USD in KEEP, 1.39M USD in ETH and 0.26M USD in BTC). We’ve decided to launch slowly and safely with a 9 week graduated cap, currently the cap is at 100 BTC but will rise to 250 later this week. See the full schedule here. Future plans for tBTC include pointing at least 5% of the KEEP supply at various liquidity rewards.

Motivation

With several BTC on Ethereum choices out there, the tBTC team wants to gauge the Curve community’s appetite for a tBTC pool. Our team’s initial thought was to keep it simple with a tBTC/wBTC pool, but are also interested in hearing about interest in something like a tBTC/[renBTC/wBTC/sBTC] pool.

Please vote below or submit options for other assets you’d like to see in a pool.

Specification

The tBTC contracts just went live: https://etherscan.io/token/0x8dAEBADE922dF735c38C80C7eBD708Af50815fAa

tBTC is fully open source and has been audited by ConsenSys Diligence, Sergei Delgado (an independent BTC researcher) and Trail of Bits. See audit details

For More pool options for Bitcoin on Ethereum will bootstrap liquidity as this tokenized Bitcoin grows as a whole.

Against

Different BTC on Ethereum protocols come with different risk models, liquidity, etc.