Proposal #604

Upload WBTC Contract

Exec Legacy Content
passed
Expected result
Passed
Turnout / Quorum
69.66% / 20.00%

Voting period

Voting ended100.0%
Voting start 2023.08.30 at 16:41:35
Voting end 2023.09.04 at 16:41:35

Vote distribution

90.74%
131 049 729 osmo
Yes
0.01%
7 238 osmo
No
0.00%
36 osmo
Veto
9.25%
13 362 170 osmo
Abstain

Details

logo
Proposer
-
Total deposit
1 600 osmo
Submit time
2023.08.30 at 16:41:35
Deposit end time
2023.09.13 at 16:41:35

Description

Passing this proposal will upload the WBTC CosmWasm contract to the Osmosis chain and recognize WBTC minted through this contract as the Canonical version of WBTC on Osmosis as the most native version. \n## Details\nWBTC brings Bitcoin liquidity to Defi by providing a token usable in smart contracts, backed 1:1 with Bitcoin verifiably held by a community of Custodians. \n\nAs an ERC-20 token on Ethereum, WBTC has allowed Bitcoin liquidity to be used across DeFi use cases rather than being restricted to trading on Centralised Exchanges. \n\nThis contract enables the WBTC issuance and redemption process as a native token on Osmosis. \n\nWebsite: https://wbtc.network/\n## Contract Details\nThe WBTC contract allows the issuance and redemption of WBTC according to Bitcoin present in the custodian’s wallet on the Bitcoin blockchain at the request of merchants. \n\nMerchants perform key roles for the WBTC community as administrators who initiate the process of minting newly wrapped tokens and burning wrapped tokens which is performed by the Custodians. \n\nThe custodian provides reliable, institutional-grade security for your WBTC. All WBTC issued will be fully backed and verified through on-chain proof of reserves. \n\nThe addition and removal of merchants and custodians for WBTC on Osmosis will be an open process controlled by a multi-signature contract. Keys to the multi-sig contract will be held by institutions as part of the WBTC DAO \n\nOak Security has audited the contract, which can be viewed here: https://github.com/oak-security/audit-reports/blob/master/Osmosis%20Labs/2023-08-18%20Audit%20Report%20-%20CosmWasm%20WBTC%20v1.0.pdf\n\n## Contract Information\nRelease Version: V1.0.0\n\nGit Commit ID:876f865e0b06e519384808efe84ee906d8746c05\n\nCode Location: https://github.com/osmosis-labs/cw-wbtc\n\nCompiler Version: cosmwasm/workspace-optimizer:0.14.0\n\nChecksum: f6dccc84a35b3ddc8b289ca45564eee15b3c76d1eeb8807ab2763dd83787a9fe\n\n## Canonical Status\nAs part of this proposal, Osmosis recognizes the WBTC minted via this contract as the canonical version of WBTC on Osmosis. \n\nCanonical status sets the following agreement: \n\nDefault Asset List\nAssets will be unprefixed in the app.osmosis.zone default asset list, e.g. WBTC with all other bridges’ assets being bridge1WBTC, bridge2WBTC, etc. Osmosis DAO requests that allied/friendly front-ends do the same, though any front-end is free to make its own decisions. \n\nOsmosis Incentives\nThe DAO commits to prioritizing the Canonical Bridge assets, incentivizing them earlier and more heavily than the comparable assets of non-canonical bridges. In general, canonical pools should earn substantially more incentives per dollar of liquidity than their counterpart pools–under the base incentives model, not necessarily counting external incentive matching. \n\nThis proposal does not directly impact the incentives currently provided to the axlWBTC/OSMO pool (712), which will be reallocated in a future proposal. \n\nForum Thread: https://forum.osmosis.zone/t/upload-cosmwasm-wbtc-contract/246

Votes

Voter
Answer