This proposal would expand the static rate limit of nBTC within Alloyed BTC to 20%.
Proposal
This proposal requests expanding nBTC from the current static rate limit of 10% to 20%.
This is requested as a deposit of nBTC recently hit the static rate limit and was rejected, showing that the 10% limit is too low to meet legitimate demand for BTC inflows directly from Bitcoin via the Nomic decentralized bridge.
This proposal is being loaded directly to the chain without the forum period as BTC deposits are currently waiting on this parameter change.
For a full description of Alloyed Assets, see the Blog Post
Alloyed BTC
Alloyed BTC was recognized as the canonical Bitcoin on Osmosis in Proposal 813.
It currently has around 98 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) (10% cap)
- ckBTC (Chain-key Bitcoin) (20% cap)
- cbBTC (Coinbase Bitcoin via Axelar) (10% cap)
About Nomic
Nomic offers a decentralized, non-custodial Bitcoin bridge to IBC-enabled chains like Osmosis. nBTC, the Bitcoin-backed asset provided by Nomic, is live on Osmosis today, along with Interchain Deposits. This feature allows Osmosis users to deposit BTC directly within the Osmosis app to receive nBTC.
Onchain Date: 23rd January 2025