PR with Payload
Summary:
Proposal to add gauge support for 80/20 T/tBTC pool on Ethereum.
Link to pool: 0x6228f64d5ba8376652bfe7e36569d595347cf6fb
Link to gauge: 0xCc6A23446f6388D78F3037BD55f2eB820352d982
References/Useful links:
Link to:
- Website: https://threshold.network
- Documentation: https://docs.threshold.network/
- Github Page: GitHub - keep-network/tbtc-v2: Trustlessly tokenized Bitcoin on Ethereum, version 2
- Forum: https://forum.threshold.network/
- Discord: Threshold Network ✜
- 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 80/20 T/tBTC pool on Ethereum.
Threshold DAO seeks to consolidate deep liquidity on Mainnet, and Balancer is an ideal venue to build upon. The T/tBTC pool is a key strategic pool, central to the long term growth strategy of Threshold DAO.
The DAO has budgeted T token bribes to incentivise this pool.
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.
2 Oracles:
tBTC does not rely on an oracle price feed.
3 Audits:
Least Authority: Audit of Keep Network tBTC Bridge v2 - Least Authority
Chainsecurity: Threshold Network Smart Contract Audit - Chainsecurity
Certik: Threshold Network - CertiK Skynet Project Insight
Immunefi Bug Bounty: Threshold Network Bug Bounties | Immunefi
4 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.
5 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: 0x6228f64d5ba8376652bfe7e36569d595347cf6fb
Link to gauge: 0xCc6A23446f6388D78F3037BD55f2eB820352d982
Value:
The Ethereum T/tBTC pool is intended to be a core pool of Threshold’s tokenomics.
Threshold DAO has allocated a portion of its incentives budget to bribe this pool.
Balancer will benefit by attracting additional tBTC 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): 0xCc6A23446f6388D78F3037BD55f2eB820352d982
gaugeType(string): Ethereum