This sounds like a great way(s) to mitigate the risk involved.
I think I have a way to implement insurance without exposing us to any other protocols. We deploy a second pool with trading disabled called
iBTC then we support minting two different versions,
BTC++ is just the straight uninsured pool with trading and higher risk.
iBTC++ is 1%
iBTC and 99%
BTC++ . During normal times, redemption of
iBTC++ only gives you back the assets from
BTC++. During a black swan, an insurance redeemable flag is set, disabling new minting on
iBTC++ but changing redemptions to include the
BTC++ along with a proportional share of the
The DAO could potentially participate in
iBTC to give it a value boost at the beginning as @mickdegraaf suggested. Then we could redeem the DAO’s portion when
iBTC exceeds something like 40% of the outstanding
People can signal their support to BTC++ by using these as Twitter headers.
Courtesy of @nico
Great thread about tBTC and renBTC.
Suggestion from the community call;
Love the toggle! can I suggest having a (~USD Value) and an option to manually enter the amount of BTC++ I would like to mint?
Mainnet, Uniswap market and Balancer market