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GMXGMXby0x82429089e7c86B7047b793A9E7E7311C93d2b7a60x8242…b7a6

Listing tBTC Backed BTC market

Voting ended over 1 year agoSucceeded

This governance vote is for determining the potential listing of markets for a BTC-USD market backed by tBTC

Following the proposal from Threshold network for the creation of a tBTC market on GMX V2 (https://gov.gmx.io/t/tbtc-tbtc/3559) and the subsequent community discussion a risk assessment for utilizing tBTC was done by Chaos Labs (https://gov.gmx.io/t/new-asset-listing-tbtc/3664)

Given the current limited liquidity of tBTC and lack of a datastreams feed for the asset, the proposed market is a tBTC only market for trading BTC. This is being proposed after successful function of the single token wBTC markets over the prior months, where O/i balance has been consistently achieved.

This ensures LPs are not exposed to undue arbitrage, while allowing GMX to onbaord tBTC as a potential collateral, along with traeers, market makers (delta neutral funding rate) who support Threshold and tBTC.

The proposal further dovetails with efforts to support a wider range of BTC backed assets, creating greater exposure for GMX to BTCfi and making access to our markets on Arbitrum easier.

Off-Chain Vote

Create tBTC-tBTC (BTC-USD)
83K GMX93.4%
Don't list tBTC market
5.9K GMX6.6%
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Timeline

Jul 22, 2024Proposal created
Jul 22, 2024Proposal vote started
Jul 26, 2024Proposal vote ended
Jul 26, 2024Proposal updated