[POLL] What's your preferred BTC for a yToken and yVault?

Description:

[EDIT] The poll will close in 6 hours.

What’s your preferred BTC for a yToken and yVault?

  • sBTC
  • pBTC
  • renBTC
  • WBTC
  • HBTC
  • imBTC

0 voters

7 Likes

RenBTC. Decentralized and its real BTC, not a synthetic. I hope everyone votes for this one.

18 Likes

Yes other choice may be very stupid :frowning:

Renbtc is the best things

6 Likes

Not sure if renBTC is scalable enough to support this.

1 Like

Maybe a renBTC wBTC balancer pool if there is not enough liquidity. It should be mostly renBTC though.

7 Likes

Depends on the use case. renBTC is particular good for high velocity transactions, that mint and then burn again in relatively quick succession. It is not as good at holding BTC in custody for long periods.

A solution could be to use a custodial option like WBTC for vaults or long-term locks, and renBTC for creating liquidity for yearn through chain interop.

One thing to note is that the scalability of renBTC depends on the value of the collateral bonded in the network which is directly tied to the price of the token. Increased volume through the network, leads to increased fees and token price appreciation, that in turn, helps scale the network.

One single approach will not work but we can adopt whatever product meets our requirements.

4 Likes

renBTC. wBTC is held in custody in Bitgo. Their security is probably OK but risk of problems with US law around bitcoin, especially if it does start to threaten vested financial system. No need to take these risks. renBTC will scale as we and others use it. It is better.

6 Likes

tbtc? even more trustless than renbtc since tbtc is backed by at least 150% of the btc value in eth whereas renbtc nodes only have to stake a flat amount of 100k ren regardless of how much btc is locked in the system.

https://tbtc.network/developers/tbtc-security-model/

https://docs.renproject.io/darknodes/faq/ren-token

4 Likes

I would second tBTC if/when possible. At the same time it will be a newer live implementation - last tBTC release had to be rolled back on some issues.

RenBTC is the clear alternative for now until we can ensure tBTC releases safely.

1 Like

This is misinformation. tBTC is not more trustless in its final form than ren.

4 Likes

how is renbtc more trustless if the value of btc in the system can be greater than the value of ren at stake? or can you explain why this is a false assumption? i am only going off what i read on the ren website in the link i shared.

3 Likes

it definitely is, it’s backed by ETH instead of REN.

1 Like

You clearly have zero understanding of sMPC and I dont have time to explain right now. RenDAO (aka the darknodes) have levers why there wont be more renbtc than ren collateral. Also you need to consider is the value of ren to darknode holders the same as market value?

4 Likes

because tokenomics are here to make sure that such an event wont occur at any time

Decentralization aside, can anyone bring numbers to the table?

e.g.

  • Which (x)BTC has highest trading volumes?
  • Is it the most popular one?

Would it make sense to add it first?

1 Like

Without entering into the tribalism zone, I have to say that adding anything that isn’t trustless with fully open source code and decent battle testing in terms of cumulative total value locked over time is a complete no go. There is no suggestion in this poll that fits that criterion. Ironically, wBTC would likely be the best option even though it is federated custody since at the very least it has been holding a lot of value for a while without any issue. I would still vote against it though.

It really isn’t a good look for the space when communities striving for decentralization, trustlessness and censorship resistance adopt primitives that are neither of these.

9 Likes

@milkyklim data ftw https://btconethereum.com/. top 3 right now by circulation:

3 Likes

This is not the full picture. RenBTC is also supported by 0x and kyber with pools, same as wbtc. Please consider that afaik no other xBTC is supported by massive liquidity pools

1 Like

There are certainly other massive liquidity pools:

Screen Shot 2020-07-27 at 2.40.13 PM
https://beta.curve.fi/ren/

Screen Shot 2020-07-27 at 2.40.45 PM
https://beta.curve.fi/sbtc/

:thinking:

5 Likes