Summary
This is a proposal for creating a new liquidity market to support the rsBTC token for lending and borrowing on the Liqwid protocol. Would also like for rsBTC to be enabled as an isolated collateral in the ADA market only.
Relevant Links
https://x.com/RosenBridge_erg
https://x.com/sigmanaut/status/1811530199106032030
Project and Token Summary
BTC a well known coin which is well supported/accessible https://www.coingecko.com/en/coins/bitcoin
rsBTC is currently supported through the Rosen bridge (an open-source protocol for cross-chain asset transfers) rsBTC price, live rsBTC chart, trades & market cap | TapTools. Cardano and Ergo developer communities continue to have a symbiotic relationship with the focus on pioneering innovative eUTXO protocols. Details on how Rosen bridge’s guard and watcher security architecture operates can be found here: https://rosen.tech/.
rsBTC Market Reasoning
Providing BTC holders defi markets on Cardano could be a great on boarding mechanism. Not only for lending and borrowing but ideally including an isolated collateral in the ADA market only.
Risk Considerations (technical): The bridge implements a unique guard and watcher security system with validation by multiple node operators. Multiple prominent Cardano SPOs and Ergo Mining Pools are operating as the initial set of guards and watchers. The is also said to have been audited by Ergo founder Kushti.
Interest rate market parameters: (open to suggestions from the core team).
Would love to hear if peoples thoughts on if this should be added?
- Yes
- No