Proposal #803
Passed on 09 Jul 2024 with 93.5% of the votes for yes.
Yes
93.5%
100.0% without abstain
Veto
0.0%
of votes cast
Ended
09 Jul 2024
93.47%
of votes cast
6.50%
of votes cast
0.02%
of votes cast
0.02%
of votes cast
This proposal would add USDT.solana.pica as a constituent of Alloyed USDT.
Alloyed Assets comprise multiple underlying bridged assets within a tokenized CosmWasm Transmuter pool type and aim to provide a superior cross-chain experience to users while optimizing the capital efficiency of liquidity required for asset composability and minimizing the risk of exposure to a variety of bridges.
By swapping into an alloyed asset, a user receives a representative token of the underlying assets within the pool, which can then be used as a risk-diversified version of the asset that is usable throughout the Osmosis Ecosystem.
This results in a user flow similar to major CEXs, which accept deposits from multiple chains and increase a user’s balance, but with an entirely decentralized, on-chain mechanism.
When a transaction is initiated, IBC hooks are used to transfer the asset along the selected bridging option and automatically join or exit the Transmuter pool.
As this flow will be frontend only, advanced users, or those interacting with frontends that have not integrated the IBC hooks will be able to retain the un-alloyed asset on Osmosis.
From there a swap would route through the Transmuter pool as usual, not stranding these users if they do arrive on Osmosis via a frontend without this full integration.
For a full description of Alloyed Assets, see the [Hidden link]
[Hidden link] was recognized as the canonical USDT on Osmosis in [Hidden link].
It currently has around 1 million in liquidity, and consists of:
This has increasingly been composed of USDT.wh, coming from Sui and Aptos, which shows how Alloyed pools can enable seamless liquidity flow between ecosystems.
This proposal requests the addition of USDT.solana.pica to the existing allUSDT pool, enabling USDT to be deposited from Solana via the [Hidden link]. This would be the first direct connection to USDT natively issued on Solana on Osmosis.
Picasso is a DeFi infrastructure-focused Layer 1 protocol that leads the industry in building the trust-minimized interoperability solution - Cross-Ecosystem IBC. In collaboration with the University of Lisbon, Picasso has developed an innovation that allows Solana and other IBC-incompatible chains to be capable of supporting IBC for the first time. This solution is an AVS powered by the Solana Restaking Layer and deployed on Solana as a smart contract, providing all of the features needed to make Solana IBC-compatible. Operators of the AVS receive messages about transactions on Solana, using this information to create blocks on the AVS that reflect these Solana transactions.
Forum Thread: [Hidden link]