We request the support from the Yearn Community for TBTC DeFi adoption and use for Yearn Vault Strategies.
Specifically we require support from the Yearn Community in its adoption at AAVE, MakerDAO and Compound. This will allows Yearn to use TBTC as an Asset for a new or existing Vault.
TBTC is the first fully decentralized Bitcoin version on Ethereum (as opposed to centralized versions e.g. WBTC, partially centralized, e.g. renBTC or synthetic versions, e.g. sBTC)
tBTC is a decentralized, trustless and insured custody system for Bitcoin that creates TBTC Ethereum ERC-20 tokens, with a 1:1 BTC supply peg. Bitcoin holders who want to spend their BTC on Ethereum and DeFi don’t have to trust custodians, aka signers, because signers must deposit a bond higher than the value of the BTC they hold in custody.
The tBTC system is developed by the Keep Network.
Why is this Beneficial for Yearn
Vault TVL Growth : Bitcoin on Ethereum is a fast growing category of Assets. Bitcoin has an enormous amount of value and it is important to attract that volume to Yearn and DeFi in general.
Benefits for the general DeFi Community
Bring Optionality to the DeFi Community with a decentralized Bitcoin Exposure.
DeFI Space Risk Mitigation: TBTC is decentralized and does not have a central point of failure like renBTC or WBTC. Its addition reduces systemic Risk in the DeFI Ecosystem, something that seems to be forgotten in the current times, where so many centralized assets are being used.
Decentralized Assets are essential for DeFi to stay “Decentralized”. It is very important to keep that prospective in mind as a lot of liquidity based on Centralized Assets has flown into the DeFi Ecosystem.
Current TBTC Liquidity and Availability
TBTC has been launched slowly and safely with a 9 week graduated cap. See the full schedule here.
Pools available in Uniswap, Mooniswap, Curve and Balancer
tBTC Website: https://tbtc.network/
Developer Resources: https://tbtc.network/developers/