ARC: Proposal to add support for renBTC

Appreciate your points of concern. I understand that the portion of the code that has the greatest weight for security is in the sMPC audit. I believe there are currently ongoing audits for additional parts of the code (those from the community, please correct me if I’m mistaken).

For those curious about RenVM’s decentralization plans, please refer to the official medium article that @berni posted. RenVM is being rolled out in progressive stages per Andreessen Horowitz’s guidelines on Progressive Decentralization.

Ren has communicated their approach openly from the start and believes it is the safest and most prudent way to protect users’ funds. There are trade-offs of course (remaining more centralized in the beginning), but Ren believes this is more prudent than releasing an untested protocol into the wild from day one (as we’ve seen with recent releases of tBTC, YAMs, etc.)

Great question! We are debating these exact topics and the proper path forward in the Ren Telegram and Ren Forum. Please feel free to come and offer your constructive criticism to contribute to Ren’s planning for even greater security and stability. :slight_smile:

As a high level summary, Ren has multiple levers (Mint %, Burn %, and Continuous % fees) that can be adjusted to 1) affect volume and 2) affect intrinsic Ren token value (which would increase bonded value aka TVB). Ren is also working with multiple organizations part of the Ren Alliance to increase number of integrations (see original post)

In addition, currently, you need 100k Ren tokens to spin up and operate a dark node (which adds to the TVB). There are also ongoing discussions in the forum to create pools of $Ren token liquidity that would receive portions of darknode fees (at an appropriate % that would be fair to both dark nodes and stakers). This would also increase TVB and increased locked $Ren allowing for a more stable price.

Again, thanks for pointing out your concerns! Hopefully, I and other commenters have helped address your concerns or at least the plans and discussions in place to control for those concerns.

At the end of the day, our audience is the Aave community, so I invite those outside of the Ren and Keep ecosystem to offer their thoughts as well.

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Huge support for this AIP and, fully agree with this comment, direct integration (a la curve) would be preferable than just adding renBTC.

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Good point, we do need a full and direct integration like it is on curve.

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You don’t run RenVM yourself, like you wouldn’t run the Bitcoin blockchain yourself, since it is a network. Join the Telegram channel and ask to be invited to the Dev chat, and you’ll get info on how you can mint testnet renBTC on Kovan.

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I think native integration would be better, less problem for users and speeding up operations. RenVM can do it.

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This is a well-written proposal and makes a lot of sense given ren runs the highest volume decentralized btc bridge.

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I support adding renBTC. If Aave already has wBTC, then it’s only logical we add renBTC. While the former goes by the consortium model, the latter is a true, decentralized p2p. Given Aave’s ambitions to be a major defi player, it makes sense to have the more decentralized ERC-20 BTC on the platform too…

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Thank you for the articulate ARC post. I fully support the idea and I think it is time.

The only reason I have not used BTC on Aave is because the only option is wBTC. I have been waiting for renBTC to be added. Whether the platform lists renBTC directly, or BTC with renVM running in the background. I think listing “BTC” with renVM running in the background is a better UX.

When can we officially vote on this as an AIP? Thanks,

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I am in support of this ARC. The synergies between renBTC and Aave can help both protocols. A native integration like Curve’s would allow the value locked in BTC to be put to work.

  • Increased TVB for Aave
  • On-board BTC hoders to DeFi
  • renBTC holders can collateralise loans earning yield for holders and Aave
  • Increase the adoption of BTC on Ethereum.
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I also support adding renBTC. Depositing by BTC into AAVE is my preferred usage, but AAVE only accepts wBTC (and I prefer renBTC). I actually ended up staking in badger since they accept renBTC over depositing in AAVE. Please bring renBTC to AAVE!

SNX has also just released their support of renBTC as collateral, which is a huge vote of confidence in ren from a blue chip! From Kain, “Today, the last and one of the most exciting release of the year goes live. Weirdly it’s been very underhyped, but it will enable a new shorting mechanism to replace iSynths and enable borrowing with BTC via @renprotocol.”

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Hi, I also support this. I really only use wBTC because renBTC is not supported and would happily swap to renBTC as I believe it’s more secure than wBTC

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hello @defifrog, since the first creation of the proposal the genesis team released the Aave Governance V2 and since then the listing process is completely open and decentralized. It’s only required that 0.5% of the total supply of AAVE is gathered as proposition power (it doesn’t necessarily require holding - it can be delegated) to submit the proposal. I suggest the community takes a look at Governance - Governance - specifically the asset listing tutorial) and brings renBTC to Aave!

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Hey @defifrog
Time passes, support for renBTC as a collateral stays.

Here are my suggestions to move forward with this proposal :

  • Fill the Asset Onboarding template.
  • In the same time, provide a detailed risk analysis and parameters for the $renBTC token.
  • Require feedbacks from Aave team for the AIP and the risk analysis.
  • Once those initial steps are complete, create the AIP and collect proposing power to push it to the vote.

The whole process is detailed here.
:fist_right: :fist_left:

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I’m bumping this for interest. Can someone start the AIP? Idk how and I don’t want to screw it up

Hey party people - renfil is pending now as an AIP. Only needs 3k more Aave to hit quorum.

I’ll be looking to post renBTC hopefully after if we succeed here.

So now that renfil passed, can we get renBTC, too?

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I have finished converting my meager BTC holdings via the ren bridge to the Polygon network. I hope AAVE allows us to deposit it as collateral soon, as this seems to me to be the best use case for these assets right now

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Update on Ren:

We will soon begin our first major decentralization step for the Ren protocol, where the nodes in charge of the security and operation of RenVM are no longer operated by the team, but by critical DeFi projects in the crypto space which are fully aligned in making sure RenVM is as safe as possible (announcements from these DAOs/institutions will roll out over time).

After our partners have been running RenVM and the whole system has been battletested and further audited, RenVM will transition into a fully decentralized network where all the community-run nodes take part in all RenVM processes. Currently we have have 1974 community nodes up and running, powering RenVM’s peer-to-peer network, which will continue to grow and make RenVM a vast global network resilient against all kinds of events.

With that said, it would be greatly appreciated if Aave community members would consider listing renBTC in the Aave protocol, which we have seen a lot of demand for. Initially, renBTC can be listed with similar parameters as renFIL, meaning borrowing and lending possible while collateralization using renBTC can be explored later. Starting with only lending and borrowing would pose no protocol risk to the Aave.

If anyone is willing to help set up a on-chain proposal for that, that would be greatly appreciated!

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Thanks for the update, this is very promising for the future of Ren assets on Aave

I would suggest setting up a snapshot vote to list RenBTC as a borrowing asset on Aave to gauge the community support https://snapshot.org/#/aave.eth

I want to bump this thread now in light of the recent Polynetwork hack. WBTC is also a centralized point of attack anf while I believe wBTC is much more secure than Polynetwork I think the decentralized nature of REN makes it more secure.

At the very least we need another Bitcoin bridge on the protocol so we can spread the risk. I see no reason why renBTC should not be added as asset on both Ethereum and Polygon especially since renFil has already been listed and has much lower liquidity and demand than renBTC

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