Osmosis Proposal: #835
Increase Static Cap of WBTC.axl to 75%
Turnout:53.36%
Quorum:20.00%
Yes: 98%
201,270,657 OSMO
No: 0%
34,151 OSMO
No With Veto: 0%
12,559 OSMO
Abstain: 2%
4,150,320 OSMO
Voting Period
-Proposer
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Deposit End
Submit Time
Description
This proposal would increase the Static cap on WBTC.eth.axl within Alloyed BTC to be 75%.
Background
In Proposal 815, the static cap was initially set at 50%. This proposal would expand the cap to 75% to minimize the time it is hit legitimately.
The current supply of WBTC.eth.axl on Osmosis is 212. The current supply of natively issued WBTC on Osmosis is 86.
This translates to around 71% of the on-chain supply of WBTC coming from Ethereum via Axelar. The rate limit should be set above this to allow all of this to migrate to the canonical BTC alloy if it wishes.
As alternative BTC bridges are added to the Alloy and additional native WBTC mintage occurs, this should be lowered again.
Forum Thread: https://forum.osmosis.zone/t/increase-static-cap-of-wbtc-axl-to-75/3091