mars

Prop 183: WBTC (Native) Listing - Osmosis Outpost

mrc: 91 title: WBTC (Native) Listing - Osmosis Outpost authors: Mars Foundation forum-url: https://forum.marsprotocol.io/t/1262

Summary

The objective of this proposal is to list native WBTC on the Osmosis outpost of the Red Bank.

Motivation

Axelar WBTC has been listed on the Osmosis outpost of the Red Bank since launch. Since then, it has been organically used within the protocol. The objective of this proposal is to launch the native version on Mars, which we hope can promote further use of the asset within the protocol.

Oracle

We propose to use the WBTC/USD price feed from Pyth.

Risk Parameters Suggestion

Following the methodology suggested by the Mars Risk Framework, we propose the following parameters:

  • Max. LTV: 78%
  • Liquidation LTV: 80%
  • Deposit Cap: 20 WBTC
  • Interest Rate Parameters:
    • Optimal Utilization: 60%
    • Base IR: 0%
    • Slope 1: 10%
    • Slope 2: 300%
  • Liquidation Parameters:
    • Starting LB: 0
    • Slope: 1
    • Max. LB: 0.2
    • Min. LB: 0.05
    • Target Health Factor: 1.05
    • Protocol Liquidation Fee: 0.25
  • Reserve Factor: 10%
  • Usable as collateral? Yes
  • Available to borrow? Yes

Implementation

This is a signaling proposal, not an executable proposal.

The Mars smart contracts on the Osmosis chain are currently controlled by the Builder Multisig address. If this proposal passes, the builders will utilize their multisig to make the necessary parameter changes.

Copyright

Copyright and related rights waived via CC0.

Disclaimers/Disclosures

This proposal is being made by Mars Protocol Foundation, a Cayman Islands foundation company. Mars Protocol Foundation engages in research and development of the Mars Protocol. Mars Protocol Foundation and certain of its service providers and managers own MARS tokens and have financial interests related to this proposal. The aforementioned persons or their affiliates may also have financial interests in complementary or competing projects or ecosystems, entities or tokens, including Neutron/NTRN, Osmosis/OSMO. These statements are intended to disclose relevant facts and to help identify potential conflicts of interest, and should not be misconstrued as a complete description of all relevant interests or conflicts of interests; nor should they be construed as a recommendation to purchase or acquire any token or security.

This proposal is also subject to and qualified by the Mars Disclaimers/Disclosures. Mars Protocol Foundation may lack access to all relevant facts or may have failed to give appropriate weighting to available facts. Mars Protocol Foundation is not making any representation, warranty or guarantee regarding the accuracy or completeness of the statements herein, and Mars Protocol Foundation shall have no liability in the event of losses or damages ensuing from approval or rejection or other handling of the proposal. Each user and voter should undertake their own research and make their own independent interpretation and analysis of all relevant facts and issues to arrive at their own personal determinations of how to vote on the proposal.