This proposal would add ckBTC as a constituent of Alloyed BTC with an initial static limit of 10%.
Alloyed BTC
Alloyed BTC was recognized as the canonical Bitcoin on Osmosis in Proposal 813.
It currently has around 44 BTC in supply on Osmosis, and consists of:
- WBTC.axl (Axelar bridge from Ethereum)
- WBTC (Natively Issued on Osmosis)
- nBTC (Nomic Bridged Bitcoin)
This proposal requests the addition of ckBTC to the existing Bitcoin Alloy, enabling BTC to be deposited via Omnity Bridge.
This proposal adds an initial static rate limit of 10% to bound risk to Alloyed BTC for the established ckBTC issuance.
For a full description of Alloyed Assets, see the Blog Post
About Omnity
Omnity is a trustless omnichain hub that can connect any Layer 1(L1), Layer 2 (L2), or Layer 3 (L3) blockchain. Leveraging the Internet Computer’s Chain Fusion and Omnity’s modified IBC technology, Omnity provides a secure, trustless, and highly scalable multi-chain hub with a 100% on-chain tech stack, enabling continuous interactions across diverse blockchain ecosystems.
About the Internet Computer and ckBTC
The Internet Computer (ICP) is a groundbreaking blockchain platform supporting secure, scalable, decentralized applications. ICP offers a scalable, secure and cross-chain solution. Its Chain Fusion technology integrates Bitcoin directly into the network via ckBTC, allowing ICP smart contracts to read and write directly to the Bitcoin network. Chain Fusion enables secure, trustless asset transfers and an exceptional user experience.
Target Onchain Date: 28th September 2024
