Context

Imagine a world where 20 diverse blockchain networks converge, seamlessly exchanging tokens with a flick of a finger. That's the reality Symbiosis protocol has crafted, enabling fluid any-to-any token swaps across an impressive array of networks.

Despite these advancements, the protocol's offering would be incomplete without incorporating the original blockchain network and its pioneering cryptocurrency: BTC. The efforts in research and development to enable the exchange of BTC for any token across supported networks have now progressed to the final stage. And the very first step in this preparation involves enabling the bridging of wrapped BTC (wBTC) across supported networks.

Proposal

Initiate the preparatory phase for BTC bridging on Mainnet:

• Deploy and fine-tune a new Symbiosis Octopool for wrapped BTC tokens, enabling the bridging of BTC to the supported blockchains on the Symbiosis host chain.
• Add support of the new wBTC-octopool to the Symbiosis SDK/API.

Key points

• Significance of BTC in DeFi: BTC's foundational role in the blockchain and cryptocurrency landscape makes it a critical asset in the DeFi ecosystem. The proposed change is the beginning of integrating native Bitcoin into the Symbiosis protocol, bridging the gap between the pioneering world of Bitcoin and the diverse landscape of modern blockchain networks.
• Enhancing Routing Efficiency with wBTC: The integration of an Octopool with wBTC is crucial for supporting new blockchain networks where wrapped BTC is essential. This will enable more efficient exchange rates and lower transaction fees in cross-chain exchanges involving wBTC.
• Risk-Free and Non-Disruptive: The introduction of the additional Octopool with wBTC doesn't affect existing protocol functions. This update introduces no risks or changes to current user operations, ensuring a secure and stable enhancement of the system's capabilities.