osmosis

Prop 929: Alloyed ETH: Add ETH.atom

This proposal discusses adding ETH.atom( $ETH bridged to Osmosis via IBC Eureka) as a constituent of Alloyed ETH with an initial static limit of 10%.

Alloyed ETH

Alloyed ETH was recognized as the canonical Ethereum on Osmosis in Proposal 816.

It currently has around 1145 ETH in deposits on Osmosis that are mostly ETH.axl, and consists of:

  • ETH.axl (Axelar bridge from Ethereum mainnet)
  • ETH.matic.axl (Axelar bridge from Ethereum l2 polygon) (20% Cap)
  • ETH.arbitrum.axl (Axelar bridge from Ethereum L2 arbitrum) (20% Cap)
  • ETH.base.axl (Axelar bridge from Ethereum L2 base) (20% Cap) This proposal requests the addition of ETH.atom to the existing Bitcoin Alloy, enabling ETH to be deposited from the Cosmos Hub through IBC Eureka from Ethereum mainnet. This proposal proposes an initial static rate limit of 10%. For a full description of Alloyed Assets, see the Blog Post

About IBC Eureka

With the upcoming launch of IBC v2, the Hub will extend its interoperability beyond Cosmos-based chains to high-volume networks like Ethereum and Solana and potentially any other chain.

IBC Eureka is a service layer built on top of IBC v2 that offers significant improvements to cross-chain asset transfers, with the Hub as a router, including:

  • Simplicity: One-click asset routing between chains
  • Cost-effectiveness: Transactions as low as $2 for ETH transfers ($10 for fast transfers), approximately 6x cheaper than existing bridge solutions
  • Native connectivity: Direct IBC-powered connections to Ethereum initially, with Solana, L2s, and other networks to follow
  • Speed: Under 30 seconds finality for Ethereum, seconds for L2s, and instant for Cosmos chains
  • Minimal integration requirements: Automatic day-one compatibility for chains with existing IBC connections
  • Flexibility: Options to use Eureka as an aggregated route or run peer-to-peer IBC powered by its infrastructure

You can read more about IBC Eureka from here.

While this prop discusses the addition of ETH, IBC Eureka, once live, will enable interop to any asset issued on Ethereum mainnet. So if the community is in favour, proposals to include wBTC and USDT bridged via the Hub from Eth mainnet could be included as well.

Forum Post: https://forum.osmosis.zone/t/alloyed-eth-add-eth-hub/3575

##Parameters Adds ETH.atom - ibc/20850C646CDDDC2270E9BBDB08558B5FEE57B647EC6827F41096AABFD8A0471B to allETH - osmo1k6c8jln7ejuqwtqmay3yvzrg3kueaczl96pk067ldg8u835w0yhsw27twm with a normalization factor of 1 due to the exponent of 18 which is standard for ETH transfers and verifiable by deposit. Static Limit of 10% to the same denom.