This proposal would add RBTC.rt as a constituent of Alloyed BTC with an introductory static limit of 5%.
Alloyed BTC
Alloyed BTC was recognized as the canonical Bitcoin on Osmosis in Proposal 813.
It currently has around 41 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 RBTC.rt to the existing Bitcoin Alloy, enabling RBTC to be deposited via Router Protocol’s connection to Rootstock.
This proposal adds an initial static rate limit of 5% to minimize risk to Alloyed BTC.
For a full description of Alloyed Assets, see the Blog Post
About Rootstock
Rootstock is an EVM-compatible smart contracts platform running as a Bitcoin sidechain. Rootstock aims to extend the functionality of Bitcoin to enable smart contracts without compromising its core layer and enable the permissionless construction of Bitcoin DeFi protocols.
RBTC on Rootstock utilizes Powpeg, a secure, proof-of-work two-way peg that evaluates Bitcoin consensus rules and allows users to convert BTC to RBTC and vice versa.
About Router Protocol
Router Protocol is an extensible multi-directional bridge connecting existing and emerging layer 1 and layer 2 blockchains to allow contract-level data flow across them.
Router Protocol is secured by Router Chain, a Proof of Stake blockchain leveraging Tendermint’s BFT consensus engine. Validators running on the Router Chain can also monitor state changes on other chains. Applications on the Router Chain can write custom logic to trigger events in response to these external state changes. Additionally, applications on the Router Chain can leverage a trustless network of relayers to update states on external chains. Simply put, the Router architecture allows contracts on one chain to interact with contracts on other chains in a secure and decentralized manner.