[GIP-189] tBTC Pool Deployment
AI summary
This proposal, GIP-189, suggests adding tBTC as a borrowable asset on Gearbox's Ethereum platform. tBTC is a cryptocurrency that is backed 1:1 by Bitcoin and can be redeemed for Bitcoin. The proposal includes technical details about tBTC's operation, its price oracle (which uses Chainlink for BTC/USD), and specific risk parameters for its integration into Gearbox. It also outlines initial interest rate model (IRM) and pool parameters for tBTC.
If passed, Gearbox users will be able to borrow tBTC, expanding the range of assets available on the platform. This could increase liquidity and utility for tBTC holders and Gearbox users, but also introduces new risk vectors associated with tBTC's underlying mechanics and potential market volatility. The proposal does not involve direct treasury allocations or payments.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Author
Chaos Labs
Overview
Chaos Labs supports listing tBTC as a borrowable asset pool on Gearbox’s Ethereum deployment. Below is our analysis and initial risk parameter recommendations.
Technical overview
tBTC is a trustless bridge between Bitcoin and Ethereum, and its token tBTC, backed 1:1 by Bitcoin, is redeemable at any time.
To mint tBTC, a user deposits BTC into a designated wallet address generated by the Threshold Network. This deposit is monitored by a permissioned group of participants known as Minters, who validate the transaction. The Minters are chosen among th…