PR with Payload
Summary:
Proposal to add gauge support for 50/50 tBTC/WETH and 50/50 tBTC/USDbC pool on Base.
References/Useful links:
Link to:
- Website: https://threshold.network
- Explorer: https://tbtcscan.com
- 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 50/50 tBTC/WETH pool and 50/50 tBTC/USDbC pool on Base.
Threshold DAO seeks to build deep liquidity on Base, and Balancer is an ideal venue to build upon. These pools are key strategic pools, 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 ~2400 BTC to collateralize the ~2400 tBTC.
6 Pool Details:
tBTC/WETH Pool
Link to Pool: 0x52e281318Fed4eFFfb8E46c0847a8f9B71a461A8
Base Gauge: 0xFA61fB6218378b9f01CA4B2b662B5c4d12915Db9
Mainnet Gauge: 0xF6FA773b5E54F4BD20E09d806AB483d58dD55dcb
tBTC/USDbC Pool
Link to Pool: 0x036d68e4e0005da4ef1c9ebd53b948d2c083495e
Base Gauge: 0x4321edfE7dEC773A91316481FCb19D6ca6Dc5207
Mainnet Gauge: 0x156cC29C8dfA80821eD240C3cA4BA85103e10f2b
Value:
The Balancer tBTC pools will support tBTC routing and liquidity on Base.
Threshold DAO has allocated a portion of its incentives budget to bribe these pools Paladin. This will incentivise veBAL holders to vote on our gauge to direct protocol emissions and attract TVL as part of the Base tBTC growth strategy.
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):0xF6FA773b5E54F4BD20E09d806AB483d58dD55dcb
gaugeType(string): Base
gauge(address):0x156cC29C8dfA80821eD240C3cA4BA85103e10f2b
gaugeType(string): Base