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

**URL:** <https://forum.balancer.fi/t/bip-401-enable-tbtc-wbtc-ethereum/5091>\
**Category:** BAL Gauges\
**Created:** [August 15, 2023, 6:18am UTC](https://forum.balancer.fi/t/bip-401-enable-tbtc-wbtc-ethereum/5091 "2023-08-15T06:18:26Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![sap](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/sap/32/2740_2.png) [@sap](https://forum.balancer.fi/u/sap)\
**Post date:** [August 15, 2023, 6:18am UTC](https://forum.balancer.fi/t/bip-401-enable-tbtc-wbtc-ethereum/5091/1 "2023-08-15T06:18:26Z")

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### PR with Payload

[https://github.com/BalancerMaxis/multisig-ops/pull/465](https://github.com/BalancerMaxis/multisig-ops/pull/465)

### Summary:

> Proposal to add gauge support for 50/50 tBTC/WBTC pool on Ethereum.
> 
> Link to pool: [0xe4e72f872c4048925a78E1e6Fddac411C9ae348A](https://etherscan.io/address/0xe4e72f872c4048925a78E1e6Fddac411C9ae348A#code)  
> Link to gauge: [0x21c377cBB2bEdDd8534308E5CdfeBE35fDF817E8](https://etherscan.io/address/0x21c377cBB2bEdDd8534308E5CdfeBE35fDF817E8)

### References/Useful links:

Link to:

> - [Website](https://threshold.network)
> - [Documentation](https://docs.threshold.network/)
> - [Github Page](https://github.com/keep-network/tbtc-v2)
> - [Forum](https://forum.threshold.network/)
> - [Discord](https://discord.com/invite/Threshold)
> - [Twitter](https://twitter.com/tBTC_project)

### 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.

## Motivation:

> 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.

### Specifications:

> 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:
> 
> - [Least Authority](https://leastauthority.com/blog/audits/audit-of-keep-network-tbtc-bridge-v2/)
> - [Chainsecurity](https://chainsecurity.com/security-audit/threshold-network/)
> - [Certik](https://skynet.certik.com/projects/threshold-network)
> - [Immunefi Bug Bounty](https://immunefi.com/bounty/thresholdnetwork/)

> 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](https://etherscan.io/address/0xe4e72f872c4048925a78E1e6Fddac411C9ae348A#code)  
> Link to gauge: [0x21c377cBB2bEdDd8534308E5CdfeBE35fDF817E8](https://etherscan.io/address/0x21c377cBB2bEdDd8534308E5CdfeBE35fDF817E8)

### Value:

> 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.

**Specification:**

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`

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**Author:** ![Xeonus](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/xeonus/32/3621_2.png) [@Xeonus](https://forum.balancer.fi/u/Xeonus)\
**Post date:** [August 16, 2023, 5:56pm UTC](https://forum.balancer.fi/t/bip-401-enable-tbtc-wbtc-ethereum/5091/2 "2023-08-16T17:56:04Z")

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[https://snapshot.org/#/balancer.eth/proposal/0x4076f4ac7a02c9ea1b7723cb6ee83600642c06404170cd68ff1860e5f5c781d5](https://snapshot.org/#/balancer.eth/proposal/0x4076f4ac7a02c9ea1b7723cb6ee83600642c06404170cd68ff1860e5f5c781d5)