[New Listing] Propose to list renBTC as a collateral

Hello Ruler Protocol community,

This proposal is about adding renBTC as a collateral.

What is renBTC?

renBTC is a tokenized representation of BTC on the Ethereum and Binance Smart Chain blockchains. Soon to be added on Solana, Fantom, Polkadot and other major networks. renBTC is always backed 1:1 with native BTC which is stored in RenVM, a decentralized custodian. renBTC can be anonymously minted and redeemed for native BTC at any time using RenBridge.

renBTC, RenVM and RenBridge are products of Ren, an open protocol built to provide interoperability and liquidity between different blockchain platforms.

Why renBTC and how Ruler Protocol can benefit?

• RenBTC is the most widely used non-centralized BTC representation on Ethereum and BSC with ~$600 million worth of BTC in circulation at the time of writing

• According to Coingecko renBTC average 24hrs trading volume YTD is $26,830,036

• Speaking of it’s maturity and adoption, since Ren’s mainnet launch in May 2020, over $4.8 billion worth or renBTC were transacted via RenVM

• Addition of renBTC can be beneficial to Ruler’s move to BSC, since renBTC is the cheapest, fastest and KYC-free way of getting one’s native BTC to Binance Smart Chain.

• Ren has a large, loyal and active community that will be happy to support Ruler Protocol by spreading the word on social media

• And lastly, but arguably most importantly, adding renBTC can be the first move on the road to integrating RenJS, which would allow Ruler Protocol users to deposit and withdraw native BTC directly via Ruler’s UI, not having to visit any 3rd party at all. Native BTC straight to Ruler Protocol, in and out.

Vote options:

For: add renBTC as a collateral on Ruler Protocol. Additional conditions will be up to the core team to decide or, if needed, can be voted on in future proposals.

Against: do not add renBTC as collateral on Ruler Protocol

Links:

renBTC on Coingecko: https://www.coingecko.com/en/coins/renbtc Ren’s website: https://renproject.io/ Ren’s twitter: https://twitter.com/renprotocol RenBridge: https://bridge.renproject.io/ RenJS: https://github.com/renproject/ren-js