VAP-006 - Create Asset - Wrapped Bitcoin ($WBTC)

🗳️ Governance Proposals Asset Proposals
1

Title

VAP-006 - Create Asset - Wrapped Bitcoin ($WBTC)

Summary

This proposal requests to list Wrapped Bitcoin ($WBTC) as a settlement asset on the Vega Network.

Rationale

  • WBTC is an ERC-20 token on the Ethereum blockchain that is pegged to Bitcoin (BTC). WBTC is backed one-to-one with Bitcoin.
  • WBTC can be used as a settlement asset for btc quanto market, enabling btc trading in spot trading in the future.
  • Before mainnet v1 is launched, I would like to try the BTC quanto futures market on alpha mainnet.
  • The Name, Symbol & Decimals are all driven by the values of the ERC20 contract so will not be discussed here.
  • Given WBTC has 8 decimals and 1 WBTC= 1 BTC, its conversion to quantum decimals is 100000000
  • The withdrawal delay is set to 1 will act as a buffer in case of a bridge exploit.
    The lifetime limit is set to 5 $WBTC (equivalent, 500000000) which would be sufficient for alpha mainnet.

New Asset/Update Details:

  • Name = Wrapped Bitcoin
  • Asset symbol = WBTC
  • Decimals = 8
  • Quantum = 100000000
  • ERC20 Contract Address = “0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599”
  • Withdrawal delay threshold = 1
  • Lifetime deposit limit = 500000000(i.e, 5 $WBTC)

Full Proposal JSON:

{
  "rationale": {
    "title": "VAP-006 - Create Asset - Wrapped Bitcoin ($WBTC)",
    "description": "This proposal requests to list Wrapped Bitcoin ($WBTC) as a settlement asset on the Vega Network."
  },
  "terms": {
    "newAsset": {
      "changes": {
        "name": "Wrapped Bitcoin",
        "symbol": "WBTC",
        "decimals": "8",
        "quantum": 100000000
        "erc20": {
          "contractAddress": 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599
          "withdrawThreshold": "1",
          "lifetimeLimit": 500000000
        }
      }
    },
    "closingTimestamp": 1692698400,
    "enactmentTimestamp": 1693216800,
    "validationTimestamp": 1693303200
  }
}
1 Like
2

Interesting suggestion, no market has been proposed using WETH yet. Regarding the proposal, quantum should be looked at again I believe.

quantum: The minimum economically meaningful amount of the asset (string). This should be the amount of the asset roughly equal to 1 USD. It is used in a number of ways by the protocol but only requires precision to an order of magnitude level. For example, if one BTC = 26,583 USD, then in this case a quantum of 1 / 25,000 or 0.00004 is sufficient. Converted to asset decimals it would be 4000.

3 
{
  "rationale": {
    "title": "VAP-006 - Create Asset - Wrapped Bitcoin ($WBTC)",
    "description": "This proposal requests to list Wrapped Bitcoin ($WBTC) as a settlement asset on the Vega Network."
  },
  "terms": {
    "newAsset": {
      "changes": {
        "name": "Wrapped Bitcoin",
        "symbol": "WBTC",
        "decimals": "8",
        "quantum": 4000
        "erc20": {
          "contractAddress": 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599
          "withdrawThreshold": "1",
          "lifetimeLimit": 500000000
        }
      }
    },
    "closingTimestamp": 1692698400,
    "enactmentTimestamp": 1693216800,
    "validationTimestamp": 1693303200
  }
}

Thanks!