osmosis

Prop 962: Alloyed BTC: Add BTC.int3

This proposal would add BTC.int3 as a constituent of Alloyed BTC with an initial static limit of 2%.

Alloyed BTC

Alloyed BTC was recognized as the canonical Bitcoin on Osmosis in Proposal 813.

It currently has around 106 BTC in supply on Osmosis and consists of:

  • WBTC.eth.axl (Axelar bridge from Ethereum) (75% Cap)
  • WBTC (Natively Issued on Osmosis)
  • ckBTC (Chain-Key Bitcoin via ICP) (35% Cap)
  • nBTC (Nomic Bridged Bitcoin) (35% Cap)
  • cbBTC (Coinbase Bitcoin via Axelar) (75% cap)
  • WBTC.eth.atom (Eureka from Ethereum) (10% cap)

Statistics of the BTC alloy can be seen on the Alloyed Asset Dashboard.

This proposal requests that BTC.int3 be added to the existing Bitcoin Alloy, enabling BTC deposits via the Int3face bridge. This provides another decentralized Bitcoin to Osmosis deposit method.

This proposal adds an initial static rate limit of 2% to bound risk to Alloyed BTC for a new variant in line with previous additions. The initial exposure here is around 2.1 BTC, approximately $250,000. This may be further expanded by governance as adoption grows and transfers occur without incident.

For a complete description of Alloyed Assets, see the Blog Post

About Int3face

Int3face are the operators of the Bi[t]fröst bridge, currently used on Osmosis as the source of DOGE, LTC, BCH as well as variants of XRP, SOL and TON.

Int3face uses a novel implementation of leaderless Threshold Signature Schemes (TSS), offering a secure and decentralized bridging mechanism between DOGE and Osmosis.

Website: https://int3face.zone/

Parameters

Adds BTC.int3 - ibc/2F4258D6E1E01B203D6CA83F2C7E4959615053A21EC2C2FC196F7911CAC832EF to allBTC - osmo1z6r6qdknhgsc0zeracktgpcxf43j6sekq07nw8sxduc9lg0qjjlqfu25e3

with a normalization factor of 1 due to the exponent of 8 which is standard for BTC transfers and verifiable by deposit.

Static Limit of 2% to the same denom.

Forum Post: https://forum.osmosis.zone/t/alloyed-btc-add-btc-int3/3435