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SLND9: List tBTC Isolated Asset in the Main Pool
Proposal to add tBTC to the Main Pool on Solend as an Isolated Asset.
Protocol Description:
tBTC is a decentralized wrapped Bitcoin, backed 1:1 and permissionlessly redeemable for mainnet BTC.
Unlike other wrapped Bitcoins, the BTC that backs tBTC is held by a decentralized network of nodes using threshold cryptography.
tBTC is the first BTC natively deployed on Solana, rather than a Wormhole-wrapped version, and the supply has grown steadily since launch.
The tBTC development team is working on a native Solana minting experience, which will allow mint and redemption directly to and from Solana, a world first, launching soon.
Threshold DAO seeks to build deep tBTC lending markets on Solana, and Solend is the leading lending protocol.
tBTC Specifications:
1 Governance:
tBTC operates on Threshold DAO’s decentralized threshold encryption protocol.
Threshold DAO is governed by the network’s work token, T.
T token holders govern the DAO via proposals raised to the Threshold forum, which can be raised to a vote via Snapshot, as well as the on-chain Governor Bravo module via Boardroom.
tBTC contract deployments are currently managed via the Treasury Realms account
In the future, all contract authorities will be passed to the Governor Bravo contract.
2 Oracles:
The Pyth BTC oracle will be used for the purpose of this integration.
3 Audits:
Least Authority:
Immunefi Bug Bounty:
4 Market History:
tBTC is a wrapped BTC token, and is pegged to the price of BTC. Since launch, tBTC’s price has not significantly diverged from that of BTC. tBTC launched in January of 2023, and currently has ~2400 BTC to collateralize the ~2400 tBTC.
5 tBTC Details:
tBTC contract address:
The addition of tBTC to the Solend Main Pool as an isolated asset will encourage new BTC use cases on Solana, and increase Solend utilisation, without increasing risk for the Solend protocol.
tBTC is already integrated on leading options markets on Solana, and a lending market will allow users to achieve higher capital efficiency.
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