Add BTC.b to GLP on Avalanche

The suggestion to add BTC.b to GLP on Avalanche has already been mentioned before, but creating this post to provide more context.

Original suggestion: Replace WBTC.e with Natively bridged btc from the core wallet

Information about BTC.b: Bridging Bitcoin To Avalanche: A Technical Overview | by Michael Kaplan | Avalanche | Jun, 2022 | Medium

On Trader Joe for the last 24 hours:

BTC.B/WAVAX has $639,051 of volume
WBTC/WAVAX has $150,659 of volume

Would propose that we add BTC.b to GLP on Avalanche as well as keep WBTC in GLP on Avalanche for the time being, reason being that WBTC still gets bridged from Ethereum and people would need a place to swap it for other tokens.

Current WBTC target weight in GLP on Avalanche is 25%, propose to change this to:
WBTC target weight 12.5%
BTC.b target weight 12.5%

I’m not sure if we need to do a vote for this, but if there are any objections to the proposal in the next 7 days we can definitely do one.

Side note, for the other token listings previously mentioned in Listing Proposals II - May 2022, these will be postponed till the launch of synthetics, as synthetics will allow for better risk isolation for LPs.

18 Likes

All for it. Love it.

4 Likes

Makes sense and can’t think of any cons, only more potential swap revenue :wink:

2 Likes

Good suggestion by @Gkatala, definitely worth doing. And I agree with the reasoning to keep wrapped Btc alongside it for now.

2 Likes

50M TVL in 2 months is impressive growth for BTC.b It should be good addition to swaps and leverage trading volumes on avax chain. I am for proposal. This token does not bring additional market risk to GLP and bridging is engineered by official Avalanche team so I would say there are no need to vote for this proposal.

2 Likes

Great proposal and more stables please.

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Fully supportive of this, no-brainer to keep both around for the foreseeable future. Hard to imagine WBTC will be displaced completely across evms so it will certainly remain a source of volume.

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Agree with this too. Adding Tether to GLP on Avalanche would make sense. And perhaps Dai, Frax, if sufficient liquidity is there for that. I don’t have those numbers at hand.

Sounds good. I am in.

It is good,I like to this.

This is very nice,I agree.

1 Like

Nice proposal man, i’m for it