Proposal #870
Passed on 03 Dec 2024 with 98.3% of the votes for yes.
Yes
98.3%
100.0% without abstain
Veto
0.0%
of votes cast
Ended
03 Dec 2024
98.31%
of votes cast
1.67%
of votes cast
0.02%
of votes cast
0.00%
of votes cast
This proposal would add cbBTC.axl as a constituent of Alloyed BTC with an initial static limit of 10%.
[Hidden link] was recognized as the canonical Bitcoin on Osmosis in [Hidden link].
It currently has around [Hidden link], and consists of:
This proposal requests the addition of cbBTC.axl to the existing Bitcoin Alloy, enabling BTC to be deposited via Base and the Axelar bridge.
This proposal adds an initial static rate limit of 10% to bound risk to Alloyed BTC for the established cbBTC issuance.
For a full description of Alloyed Assets, see the [Hidden link]
cbBTC is a representative asset for Bitcoin backed by Coinbase, allowing its users to move their BTC to alternative chains from their off-chain account. While cbBTC is available on Base, Solana and Ethereum, this proposal only adds the cbBTC via Base, where it is the dominant Bitcoin representative asset. [Hidden link]
Axelar delivers secure cross-chain communication for Web3. Its infrastructure enables dApp users to interact with any asset or application on any chain with one click.
The Osmosis community voted Axelar the first canonical Ethereum bridge service provider in [Hidden link]. Axelar currently facilitates liquidity for several bridged Ethereum assets on Osmosis, such as WBTC.eth, ETH, USDC, USDT, DAI, as well as connecting Osmosis to other chains such as Optimism, Arbitrum, Polygon and Avalanche.
Around [Hidden link] used within the Osmosis ecosystem have arrived via the Axelar bridge.
Target Onchain Date: 27th November 2024
Forum Post: [Hidden link]