Osmosis Proposal: #867

Alloyed BTC: Increase nBTC static limit to 10%

Status:

Passed

Yes97.3%

Turnout:54.39%

Quorum:20.00%

Yes: 97.3%

175,502,026 OSMO

No: 0%

30,684 OSMO

No With Veto: 0%

3,239 OSMO

Abstain: 2.7%

4,844,031 OSMO

Voting Period

Proposer

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Deposit End

Submit Time

Description

This proposal would expand the static rate limit of nBTC within Alloyed BTC to 10%.

Proposal

This proposal requests expanding nBTC from the initial static rate limit of 5% to 10% as the nBTC audit has now been published here.

This allows the BTC alloy room to expand from more external sources as well as supporting adoption of the Nomic bridge now that the nBTC Revenue Share Proposal is proposed to be activated in Proposal 863.

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 61 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) (5% cap)
ckBTC (Chain-key Bitcoin) (20% 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.

Forum Post: https://forum.osmosis.zone/t/alloyed-btc-increase-nbtc-static-limit-to-10/3296