RFQ: Create FrxBTC using FraxFerry

Governance Proposals Fraxferry
1

Authors

Samuel McCulloch

Summary

Open RFQ period for all parties to propose creation of FrxBTC on Ethereum and its deployment on Fraxferry between Bitcoin and Ethereum to facilitate mints and redemptions.

Background and Motivation

On December 20, 2022, Ren protocol, one of the largest decentralized issuers of wrapped BTC, announced they would shutter V1 of their network. At its peak, more than 20k BTC was swapped into RenBTC and deposited onto Curve 1. Upon shutdown, no other major supplier of decentralized BTC will exist.

Frax has recently deployed FraxFerry, a bridge system connecting Frax protocol on Ethereum to other EVM networks. FraxFerry can be adopted to transfer, mint, and redeem BTC to FrxBTC using a special SPV client for trustless verification of the Bitcoin network.

Frax is uniquely positioned to release a FrxBTC asset as it could leverage its position on Curve & Convex to create new pairs like FrxETH/FrxBTC/FRAXBP Tricrypto.

Assuming this vote passes, an RFQ period will be opened until the 14th of January for all parties to propose FrxBTC implementations. At the end of the RFQ period, the FraxDAO will vote on which proposal to pursue.

Proposal

• For: Open FraxBTC RFQ period until Jan 14th 2023

• Against: Do nothing.

3 Likes
2

I think the temp check is the wrong way to frame the FrxBTC question after reading the chat. I think the proposal should be an RFQ, where any team (Core Dev Team, external teams) will have 30 days to prepare and present their proposals. At the end of the 30 days, a vote will be conducted to choose the best proposal and devote resources to it.

3

Hey all! We’ve built exactly this in tBTC v1, and are getting ready to launch a new version that would be a good fit next month — tBTC v2.

I’d love to learn a bit more about what you guys are looking for here, and how we might be able to work together.

1 Like