[TEMP CHECK] Add FBTC to Aave v3 Main Instance on Ethereum

Governance New Asset
1

[TEMP CHECK] Add FBTC to Aave v3 Main Instance on Ethereum

Author: @ACI

Date: 2024-11-01

Summary

The proposal aims to onboard Ignition’s FBTC, to the Aave v3 protocol Main Market on Ethereum.

Motivation

FBTC is a cross-chain BTC protocol that uses the Threshold Signature Scheme network to enable secure, decentralized Bitcoin scalability across multiple blockchains. By leveraging multi-party computation, FBTC strengthens bridge security, safeguarding user assets and ensuring robust cross-chain interoperability. This setup also integrates a cross-chain hub, allowing seamless BTC transfers while reducing issues linked to Bitcoin L2 growth.

This new asset will broaden opportunities for Bitcoin holders aiming to participate in DeFi on Aave v3. The introduction of FBTC offers users more flexibility in leveraging their Bitcoin, enhancing liquidity and driving increased engagement within the Aave protocol.

With $480M in total value locked (TVL), FBTC is emerging as a compelling solution in Bitcoin bridging, supported by its upcoming Chainlink Oracle integration to accelerate growth across EVM networks. Aave stands to gain significantly as a primary partner in this expansion, following the successful playbook of cbBTC, which quickly scaled through similar collaborative efforts.

Specification

Ticker: FBTC

Contract address on mainnet: 0xC96dE26018A54D51c097160568752c4E3BD6C364

Chainlink oracle: upcoming

Project: https://fbtc.com/

Reserves addresses: Bitcoin Reserve Address | FBTC

Proof of Assets dashboard: FBTC proof of assets dashboard

GitHub: GitHub - fbtc-xyz/fbtc-contract

Docs: https://docs.fbtc.com/

Audit: fbtc-contract/audits at main · fbtc-xyz/fbtc-contract · GitHub

Twitter: x.com

Risk Parameters will be provided by Risk Services Providers at the earliest possible and ARFC will be updated with that feedback.

Disclosure

The ACI is not directly affiliated with Ignition and did not receive compensation for creation this proposal.

Next Steps

  1. If consensus is reached on this [TEMP CHECK], escalate this proposal to the Snapshot stage.
  2. If the Snapshot outcome is YAE, this proposal will be escalated to ARFC stage.
  3. Publish a standard ARFC, collect community & service providers feedback before escalating proposal to ARFC snapshot stage.
  4. If the ARFC snapshot outcome is YAE, publish an AIP vote for final confirmation and enforcement of the proposal

Copyright

Copyright and related rights waived via CC0.

3 Likes
2

The current TEMP CHECK has been escalated to TEMP CHECK Snapshot

Vote will start tomorrow, we encourage everyone to participate.

3

After Snapshot monitoring, the current TEMP CHECK Snapshot has just recently ended, reaching both Quorum and YAE as winning option, with 836K votes.

Therefore the [TEMP CHECK] Add FBTC to Aave v3 Main Instance on Ethereum has PASSED.

Next step will be the publication of an ARFC to continue gather community and Risk Service Provider’s feedback, before moving on through governance process.