New Asset Proposal: pBTC (pNetwork)

Summary

This proposal requests the listing of pBTC as collateral on Cream. pBTC is currently the second-largest non-custodial wrapped BTC on Ethereum (​​https://defipulse.com/btc) with more than 2.5k BTC bridged. It is integrated into major protocols (i.e. Curve) and is available on several chains including Ethereum, Arbitrum, Polygon and BSC.


For

List pBTC as a collateral asset

Against

Do not list pBTC as a collateral asset

Overview

pNetwork is a non-custodial cross-chain routing protocol. It enables the frictionless movement of assets across 11 and counting supported blockchains through pTokens. A pToken (i.e. pBTC) is a wrapped 1:1 pegged asset that can be minted/redeem for the underlying collateral. Collateral for pTokens is stored in a non-custodial fashion on-chain and managed by a network of independent nodes running on secure enclaves (TEE) that act as an additional layer of protection against malicious attack vectors. Thanks to its flexible design, the bridge supports metadata transactions, powering cross-chain interoperability between smart contracts. The project is completely open-sourced and community-oriented, in fact governed by the pNetworkDAO.

Motivation

There are three reasons why adding pBTC as collater on Cream would be beneficial for the Cream ecosystem:

  1. Boost in Cream’s TVL

The most obvious and immediate outcome is the increase in TVL. There is about 150M worth of liquidity of pBTC on Ethereum alone, waiting for new productive ways to leverage capital to gain more exposure (i.e. through leverage) or potentially earn a yield through lending.

  1. Availability on different ecosystems from day one

Thanks to the very nature of pNetwork, pBTC lives on different blockchains and is currently available on Ethereum, Arbitrum, Polygon and BSC. This is beneficial to Cream in that it helps the multi-chain expansion of the protocol with increase activity and liquidity on several chains altogether, provided there is an integration on said chains.

  1. Users acquisition and media exposure

The pNetwork community is a strong and vibrant group of people interested in decentralised finance and keen on governance discussions. We think giving Cream exposure to our +70k Twitter followers and + 7k Telegram community could not only boost an increase in users but most importantly add a thoughtful pool of participants in the day-to-day discussion around governance-related topics.

Boosting TVL, increasing multi-chain availability and fostering users acquisition ultimately means more revenue-generating opportunities for the CREAM protocol.

Asset Details

  • Available on : Ethereum, Arbitrum, BSC, Polygon
  • Token Standard: ERC-777 (ERC-20 compatible)
  • Market Capitalization: $150m
  • Coingecko: coingecko.com/en/coins/ptokens-btc
  • Defipulse: defipulse.com/btc
  • Major liquidity pools:
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The Listing Committee will review - thanks for posting

1 Like