[BIP-401] Enable tBTC/WBTC [Ethereum]

PR with Payload


Proposal to add gauge support for 50/50 tBTC/WBTC pool on Ethereum.

Link to pool: 0xe4e72f872c4048925a78E1e6Fddac411C9ae348A
Link to gauge: 0x21c377cBB2bEdDd8534308E5CdfeBE35fDF817E8

References/Useful links:

Link to:

Protocol Description:

tBTC is a decentralized wrapped Bitcoin, that is 1:1 backed by mainnet BTC.

Unlike other wrapped Bitcoins, the BTC that backs tBTC is not held by a central intermediary, but is instead held by a decentralized network of nodes using threshold cryptography.

tBTC is trust minimised and redeemable for mainnet BTC without a centralized custodian.


This proposal aims to add a veBAL gauge for the Balancer tBTC/WBTC pool on Ethereum.

Threshold DAO seeks to consolidate deep liquidity on Mainnet, and Balancer is an ideal venue to build upon.

The DAO has budgeted T token bribes to incentivise this tBTC/WBTC pool, with the goal to attract liquidity to the pool and Balancer. Threshold DAO intends this pool to be a part of the long-term tBTC strategy.


  1. Governance:
    tBTC operates on Threshold DAO’s decentralized threshold encryption protocol. Threshold DAO is governed by the network’s work token, T. T token holders govern the DAO via proposals raised to the Threshold forum, which can be raised to a vote via Snapshot, as well as the on-chain Governor Bravo module via Boardroom.
    tBTC contract deployments are currently managed via the Council multi-sig, a 6-of-9 multi sig managed by trusted community members: 0x9F6e831c8F8939DC0C830C6e492e7cEf4f9C2F5f
    In the future, all contract authorities will be passed to the Governor Bravo contract.
  1. Oracles:
    tBTC does not rely on an oracle price feed.
  1. Audits:
  1. Centralization vectors:
    Threshold Network governance is decentralized, and updates are ratified by the DAO.
    tBTC contracts updates are currently managed by the Council multi-sig.
  1. Market History:
    tBTC is a wrapped BTC token, and is pegged to the price of BTC. Since launch, tBTC’s price has not significantly diverged from that of BTC. tBTC launched in January of 2023, and currently has ~1000 BTC to collateralize the ~1000 tBTC.
    Link to pool: 0xe4e72f872c4048925a78E1e6Fddac411C9ae348A
    Link to gauge: 0x21c377cBB2bEdDd8534308E5CdfeBE35fDF817E8


The Ethereum tBTC/WBTC pool is intended to be a lynchpin of BTC liquidity on Mainnet.

Threshold DAO has allocated a portion of its incentives budget to bribe the tBTC/WBTC pool via Paladin.

Balancer will benefit by attracting additional BTC liquidity.


The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv4 at 0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd and call the addGauge function with the following arguments:
gauge(address): 0x21c377cBB2bEdDd8534308E5CdfeBE35fDF817E8
gaugeType(string): Ethereum