UIP009 - Onboard cbBTC to Unitus

Summary

This proposal aims to onboard cbBTC to Unitus V2 on Base, and Unitus V1 on mainnet.

Background

The Coinbase Wrapped BTC (cbBTC) is an ERC-20 token backed on a 1:1 basis with Bitcoin (BTC) held by Coinbase.

When Coinbase users send their BTC from Coinbase to an address on Base or Ethereum, that BTC will automatically be converted 1:1 to cbBTC. When users receive cbBTC in their Coinbase accounts, it will be converted 1:1 from cbBTC to BTC.

According to Coinbase, several DeFi protocols are expected to offer support for cbBTC from Day 1, including DEXes Aerodrome and Curve; lending protocols Aave, Sky Protocol, Compound; RWA provider Maple; yield vaults Mellow, Veda; and cross-chain bridges such as deBridge, DeFinitive, among others.

The cbBTC token address is 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (same for both Mainnet and Base).

Motivation

The benefit of listing cbBTC include:

• Given the recent developments with WBTC, it's necessary to consider alternative wrapped BTC tokens for use on Unitus. Coinbase, as the issuer and custodian, brings a stronger reputation that makes this a reliable option compared to WBTC
• Unitus V2 Supercharged Mode maximizes the borrowing power of cbBTC collateral to ensure best capital efficiency for users.
• Possibly attract more users to Unitus, driving growth and adoption of the platform.

Specification

• Ticker: cbBTC
• Address: 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (same for both Mainnet and Base).