Edit April 4th: I have had some initial communication with the team and can confirm it is not abandoned, and issues will be addressed. Leaving this as a discussion post and in case we still want to go ahead with this still in the next few weeks.
Edit April 25th: 3 weeks have passed and the cited issues are still not fixed with the bridge and explorer still raising issues with users. Going to chain soon to remove these assets from the alloys
This proposal would remove all variants derived from the Picasso bridge from the Osmosis Alloyed Assets system. The affected variants are:
SOL.pica – 5.2% of SOL supply, 1070 SOL, ~$165,000
DOT.pica – 99.8% of DOT supply, 3968 DOT, ~$18,000
USDT.sol.pica – 0.48% of USDT supply 4400 USDT, ~$4,400
This action will render these assets as not depositable within the alloy framework but does not force removal. The goal is to prevent further user attempts at onboarding via this route until the Picasso bridge’s status is clarified, at which point these assets may either be re-added to the alloy, or a further governance proposal may be created to restore the alloy’s backing.
About Picasso and Current Concerns
Picasso, an initially promising solution for enabling IBC to Solana via a custom AVS, has had concerns raised by the community:
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Unresolved user issues: Users report being unable to withdraw funds or interact meaningfully with the network.
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Potential abandonment signalled by a lack of presence on Telegram, Discord and X.
A user-raised issue on GitHub further highlights the community’s concern that Picasso may now be defunct or worse.
Attempts by this proposer to contact Picasso maintainers have been unsuccessful. Continued promotion or integration of its bridge variants into the Osmosis frontend or its canonical asset representations puts users at unnecessary risk, particularly highlighting an inability to respond rapidly in the event of a crisis.
Alloyed Assets on Osmosis are constructed to provide a unified and risk-minimized experience for users interacting with bridged tokens. Alloyed Assets aggregate liquidity from multiple sources and offer a single, composable token for use across the ecosystem.
By design, these assets aim to reduce reliance on any single bridge. However, the inclusion of a questionable or unreliable bridge undermines the foundation of Alloyed Assets’ intended resilience.
Risks of Retaining Picasso Assets in Alloys
Security exposure: An unmaintained or compromised bridge presents an obvious attack vector.
User confusion: Presence in canonical asset pools implies functionality and active support.
Brand and reputational damage: Osmosis is seen as endorsing these assets when they are included in primary withdrawal/deposit paths and alloyed representations.
Target Onchain Date: 9th April 2025