Proposal: Add support for BBTC (Binance BTC)

Proposal: Support/List/Add BBTC on Aave, as the collateral asset.

Thanks, everyone, here’s the proposal by @Helen_ACE, The Binance Btoken Team, Contact us: [buidl@binance.org]

Brief introduction of BBTC.

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
Click to check the official announcement.

Current Liquidity and the strategy of BBTC. Why should we have it?

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;

Here’s the list we are going to add BBTC in the coming weeks: Uniswap, Aave, Curve, Compound, Cream, Fortube(Listed), MakerDao, Balancer, InstaDapp, and more.

(will keep you updated under this thread)

Benefits for [Aave] and the general DeFi Community

1)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.

2)Risk Mitigation:

  • 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 users’ 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).

How to Exchange BBTC on Binance?

Binance.com users can deposit or withdraw BTokens by selecting the ERC20 network option in the Binance.com wallet when trying to deposit or withdraw. For example, BBTC is the BToken token representing BTC wrapped on Ethereum:

  • To withdraw BBTC, users need to select the ERC20 network and input an ERC20 address on the BTC withdrawal page.
  • To deposit BBTC users need to select the ERC20 network when depositing BTC and acquire the ERC20 deposit address for BTC.

Furthermore, In the mid of Nov, Binance Bridge can support to transfer in/out of the BTC from the bitcoin network to Ethereum or vice versa, which will need a Binance.com account.

References

Thanks, Regards.

3 Likes

Binance and Aave users are not the same imo.
Also Binance is centralized.

I am not in favor of this proposition.
It would be interesting to see the market cap of BBTC in the futur to see if it is adopted by the DeFi community.

1 Like

I mean in my point of view, I support this proposal.

1/ Why don’t we give more options for people to choose?
2/ I can get support when I massing up, like transferring the asset to the wrong address. (Don’t you know that USDT can freeze your USDT in whatever he wants? It’s the same.) @TheoRochaix

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. Aave.

BBTC it’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. It’s a good idea to list BBTC and to provide a solid option to users.

Not sure if Aave 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:

Here’s the target list where we are going to add BBTC soon: Uniswap(by this week), Aave(In Governance), Curve(In Governance), 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.

When will this be live?