Proposal Details
Proposal #899
Proposal title
Alloyed BTC: Increase static limits
Submit time
Deposit end time
Voting start time
Voting end time
Tally result
Proposal #899 description
This proposal requests loosening the static limits within Alloyed BTC during this rapid growth phase of the alloy.
Current assets that form part of the 111 BTC in supply on Osmosis and their static caps are:
- WBTC.axl (Axelar bridge from Ethereum) (75% cap)
- WBTC (Natively Issued on Osmosis) (100% cap)
- nBTC (Nomic Bridged Bitcoin) (20% cap)
- ckBTC (Chain-key Bitcoin) (20% cap)
- cbBTC (Coinbase Bitcoin via Axelar) (10% cap)
Adjustments proposed:
- nBTC (Nomic Bridged Bitcoin) (35% cap)
- Increased to allow larger deposits directly from Bitcoin - current usage 7%/20%
- ckBTC (Chain-key Bitcoin) (35% cap)
- Increased to allow larger deposits directly from Bitcoin - current usage 12%/20%
- cbBTC (Coinbase Bitcoin via Axelar) (75% cap)
- Increase to be in line with other Axelar limits
While this is a significant increase in capacity, applying looser caps during this rapid growth phase of the BTC alloy allows for smoother deposits via multiple routes.
As the BTC alloy grows, the rates should be reduced according to observed demand levels.
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.
nBTC
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.
ckBTC
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.
cbBTC.axl
About cbBTC
cbBTC is a representative asset for Bitcoin backed by Coinbase, allowing its users to move their BTC to alternative chains from their off-chain account. While cbBTC is available on Base, Solana and Ethereum, this proposal addresses cbBTC via Base, where it is the dominant Bitcoin representative asset. More Information
About Axelar
Axelar delivers secure cross-chain communication for Web3. Its infrastructure enables dApp users to interact with any asset or application on any chain with one click.
The Osmosis community voted Axelar the first canonical Ethereum bridge service provider in Proposal 206. Axelar currently facilitates liquidity for several bridged Ethereum assets on Osmosis, such as WBTC.eth, ETH, USDC, USDT, DAI, as well as connecting Osmosis to other chains such as Optimism, Arbitrum, Polygon and Avalanche.
Around 44M USD of tokens used within the Osmosis ecosystem have arrived via the Axelar bridge.
Forum Post: https://forum.osmosis.zone/t/alloyed-btc-increase-static-limits/3441