sCIP#10 - Adding a Metapool for BBTC (Binance BTC)

Proposals
1

Summary:

A proposal by The Binance Btoken Team, contact us: [email protected]

BBTC (Binance BTC) is the ERC20 token on the Ethereum network created via the Binance Token Canal program, launched on the 31.Otc 2020. Binance will lock a portion of tokens on their own native chains and mint the same number of tokens as ERC20 tokens on Ethereum with a naming convention of BBTC. Deposits and withdrawals for BBTC are enabled on binance.com by 31.Oct.2020 (https://www.binance.com/en/support/announcement/b4b0312230964cf1a347d4712be5123d)

Motivation:

BBTC Contract: (https://etherscan.io/address/0x9be89d2a4cd102d8fecc6bf9da793be995c22541)
BBTC was just launched last week, which is a very important strategy of the Binance and Binance community to support cross-chain assets and liquidities, and we are approaching/ adding liquidity to the top DeFi protocols of Ethereum;
Hereā€™s the planned list we are going to add BBTC in the coming weeks: Uniswap, Aave, Curve, Compound, Cream, Fortube(Listed), MakerDao, Balancer, InstaDapp, and more.

Benefits:

Larger User Bases and Liquidity Growth:
Binance is one of the largest crypto exchanges, and >15m Binance communities can potentially contribute to the DeFi eco-system. BBTC will become an important bridge between CeFi and DeFi worlds, which will introduce quite decent liquidity in the DeFi eco-system in Ethererum.

Risks:

  • BBTC is an ERC20 token on the Ethereum network that represents a 1:1 peg of the same asset on their own blockchain.
  • Heightened security and risk control measures for the wrapped tokens are in place, as well as using the SAFU fund to ensure the safety of usersā€™ assets.
  • BBTC might become an incentive token in the future, the holder will share a savings revenue of the BBTC they hold. (features are in design).

References:

Binance Token Canal Enables Wrapped BTokens on Ethereum
https://www.binance.com/en/support/announcement/b4b0312230964cf1a347d4712be5123d
Token Canal Upgrade: Binance Wrapped BTokens on Ethereum, Panama Turns into Bridge
https://www.binance.com/en/blog/421499824684901158/Token-Canal-Upgrade-Binance-Wrapped-BTokens-on-Ethereum-Panama-Turns-into-Bridge
BBTC on the Coinmarket Cap/Coingecko: In progress.
Custodian and the Audit Report:GitHub - bnb-chain/token-canal-project: Project Token Canal is a new initiative, similar to many existing ā€˜wrapped coinsā€™ in the crypto community, Binance.com, the largest crypto token vault and exchange, will stand to issue and bind more token assets on Binance Chain, Binance Smart Chain and Ethereum, and guarantee the conversion from and to the original tokens with our own credibility and infrastructure.

Poll:

https://signal.curve.fi/#/curve/proposal/QmfVFCStXbBa67SKv99WYCf6H7ugtdK34Fne8WjZZPTNc3

Pairing with ren pool would allow for higher liquidity as the somewhat ā€œlowā€ market cap of sBTC could be a limiting factor for liquidity BUT pairing with sBTC would make cross-asset bridge swaps via Synthetix cheaper and more efficient (sBTC pool pairing would also mean sbtc remains as the standard go-to base pool like the 3pool is for stable coins)

Important:

Signal must now reach a 5% quorum

5 Likes
2

please vote for BBTC, any comments or advice, please feel free to contact us. Thanks a lot!

1 Like
3

Centralized, but this is kind of where BTC on Ethereum seems to be headed to anyway (as well as so much more assets to come).
BUSD, USDC and USDT are not that different.

Letā€™s tokenize!

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4

Exactly how much veCRV voting power would be 5% quorum in this case?

5

32.7M veCRV at creation so 1.63M is quorum.

3 Likes
6

Iā€™m in favor. sBTC is the better choice as it will provide more currency trading pairs and create a common denominator for Curve BTC meta pools. More BTC meta pools will entice more deposits into the sBTC pool, so the current fact that itā€™s less liquid than ren isnā€™t a concern IMO.

1 Like
7

There are only 100 BBTC now and the project is still too early. https://etherscan.io/token/0x9be89d2a4cd102d8fecc6bf9da793be995c22541#balances. So itā€™s better wating when it becomes stable. I donā€™t think who has interests in this erc20 token now. By the way, Binanceā€™s users are mainly for trading and thereā€™s nothing to do with BBTC project. So talking about user bases has no meaning. The user bases are not BBTC users.

2 Likes
8

Iā€™m sure they can mint more. Things like earning rewards through Curve LP shares and having liquidity to other BTC flavors through Curve can really boost demand and therefore supply for BBTC.

9

Iā€™m pretty sure there will be an option to withdraw Bitcoin as BBTC on Ethereum from Binance so itā€™ll provide a nice bridge to the biggest cex.

4 Likes
10

Curve has no duty for boosting usersā€™ deman for BBTC. This argument is meaningless. Any coin wanted to be listed on Curve can use the same reason.

1 Like
11

So what? My doubt is still who will use it? Does it mean whenever Binance add some surpports then users will be eager to try? Why not wait for Binance surpport the bridge and see how users react before doing a signal vote?

12

Agree it has no duty to boost usersā€™ demand for BBTC. It does however have a duty to evaluate whether a current supply of 100 BBTC is a major impediment to a BBTC metapool being successful. Answer, likely no. A BBTC metapool can succeed to earn more fees for vecrv holders despite the current supply being small.

13

Wait, BBTC, is BTC on the binance chain, that is now moved to Ethereum as ERC token. Did I get that right?

15

Thanks for the question, Btoken is a series wrapped token, which uses the Binance bridge cross-chain service. for BTC wrapped tokens, BBTC is on Etheruem (ERC20), similar to WBTC. and the BTCB is on the binance chain and the binance smart chain(BEP2, BEP20).

can also check the proof of assets from the link: https://www.binance.org/en/assets-proof

16

Binance users are not the same as DeFi users? I disagree. All of them are crypto users; the market is still tiny compared to the traditional world; itā€™s wired to distinguish CeFi and DeFi users in this way.

Absolutely itā€™s a good idea to provide more options to the users; if they want to move their BTC from binance to curve, why should we stop that?

17

You totally misunderstand all things. Binance users use Binance for trading not for DeFi. And BBTC has nothing to do with DeFi if no DeFi dapps support it. I am sad seeing people like you post at this forum.

18

Besides that binance has a large user base, the Binance ecosystem contains almost the most active users in DeFi, Market Makers, tons of arbitrageurs, holders look for a higher APY, those DeFi projects which had listed their tokens on binance, they will potentially have BTC in binance, and might need to transfer BTC ERC-20 to the DeFi world, e.g. Curve.

BBTC itā€™s a good bridge/cross-chain service to connect CeFi and DeFi protocols, which means that users can quickly use binance.com or simply use binance bridge(decentralize tools) to convert their BTC to BBTC (ERC20), at the same time enjoy service with a high standard of security. Itā€™s a good idea to list BBTC, and to provide a solid option to users.

Not sure if Curve would list all kinds of BTC wrapped tokens (WBTC, RenBTC, imBTC, Binance BTC), we recommend listing more and bring more users and assets into this eco-system.

How to convert BBTC via binance.com:
https://www.binance.com/en/support/announcement/b4b0312230964cf1a347d4712be5123d

How to convert BBTC via binance bridge:

1 Like
19

The wrapped BTC (BBTC)can be printed very quickly. After 2 weeks of binance launched BBTC, there is 600 BBTC on-chain. Will have more according to requirement. please check the proof of asset. (https://www.binance.org/en/assets-proof)

Hereā€™s the target list where we are going to add BBTC soon: Uniswap(by this week), Aave(in progress), Curve, Compound, Cream(listed), Fortube(Listed), MakerDao, Balancer, InstaDapp, and more, we will work closely with the community, hopefully, we will see the increase of BBTC in the coming weeks.

1 Like
20

why? you donā€™t like donā€™t bbtc, donā€™t use the pool. why stop the pool from being added?

21

Two thoughts

  1. It seems very early for this. Iā€™d like to see this asset have at least a few months of seasoning before going live.

  2. It also seems like this kind of thing would benefit Binance a lot more than Curve. Perhaps Binance should be incentivizing this pool.