Alloyed BTC: Increase ckBTC static limit to 20%

Proposal Discussion
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This proposal would expand the static rate limit of ckBTC within Alloyed BTC to 20%.

Alloyed BTC

Alloyed BTC was recognized as the canonical Bitcoin on Osmosis in Proposal 813.

It currently has around 55 BTC in supply on Osmosis, and consists of:

  • WBTC.axl (Axelar bridge from Ethereum) (75% cap)
  • WBTC (Natively Issued on Osmosis) (100% cap)
  • nBTC (Nomic Bridged Bitcoin) (5% cap)
  • ckBTC (Chain-key Bitcoin) (10% cap)

This proposal requests expanding ckBTC from the initial static rate limit of 10% to 20%, as the 10% limit has been consistently neared recently, indicating demand for a greater proportion of the alloy to be composed of ckBTC.
This allows the BTC alloy room to expand from more external sources while maintaining bounds similar to other more diverse alloys, such as the 20% limits placed on recent additions to Alloyed USDT in proposals 831, 854 and 857

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: 17th November 2024

1 Like
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Go for it :slight_smile:

Having more diverse assets building the alloyed BTC is a good thing imo. Especially if the underlying asset is already around for longer and has proven itself it should be safe to expand the limits.

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Internet Computer (ICP) Thank you for your work, I really appreciate everything you do. If a Person wants to learn something new in this life, then there are simply no barriers for him.