[Proposal]: List BBTC as Collateral Asset

Proposal: List BBTC (Binance BTC) as Collateral Asset.
A proposal by Binance Btoken Team, Contact us: buidl@binance.org

Summary

List BBTC as the collateral asset.

For: List BBTC as a collateral asset
Against: Do nothing

Background

BBTC (Binance BTC) is the ERC20 token on the Ethereum network created via the Binance Token Canal program, launched on the 31.Otc 2020. Binance will lock a portion of tokens on their own native chains and mint the same number of tokens as ERC20 tokens on Ethereum with a naming convention of BBTC. Deposits and withdrawals for BBTC are enabled on binance.com by 31.Oct.2020. Check the official announcement (https://www.binance.com/en/support/announcement/b4b0312230964cf1a347d4712be5123d)

Motivation

Current Liquidity and the strategy of BBTC. Why should we have it?

BBTC contract address
BBTC was just launched last week, which is a very important strategy of Binance and Binance community to support cross-chain assets and liquidities, and we are approaching/ adding liquidity to the top DeFi protocols of Ethereum;

Here’s the list we are going to add BBTC in the coming weeks: Uniswap, Aave, Curve, Compound, Cream, Fortube(Listed), MakerDao, Balancer, InstaDapp, and more.
(will keep you updated under this thread)

Benefits for [Cream] and the general DeFi Community

Larger User Bases and Liquidity Growth:
Binance is one of the largest crypto exchanges, and >15m Binance communities can potentially contribute to the DeFi ecosystem. BBTC will become an important bridge between CeFi and DeFi worlds, which will introduce quite decent liquidity in the DeFi ecosystem on Ethererum.

Risk Mitigation:
1)BBTC is an ERC20 token on the Ethereum network that represents a 1:1 peg of the same asset on their own blockchain.
2)Heightened security and risk control measures for the wrapped tokens are in place, as well as using the SAFU fund to ensure the safety of users’ assets.

BBTC might become an incentive token in the future. The holder will share the savings revenue of the BBTC they hold. (features are in design).

How to Exchange BBTC on Binance?
Binance.com users can deposit or withdraw BTokens by selecting the ERC20 network option in the Binance.com wallet when trying to deposit or withdraw. For example, BBTC is the BToken token representing BTC wrapped on Ethereum:

1)To withdraw BBTC, users need to select the ERC20 network and input an ERC20 address on the BTC withdrawal page.
2)To deposit BBTC users need to select the ERC20 network when depositing BTC and acquire the ERC20 deposit address for BTC.

Furthermore, In the mid of Nov, Binance Bridge can support to transfer in/out of the BTC from the bitcoin network to Ethereum or vice versa, which will need a Binance.com account.

References
Click to find the official announcement from Binance:
Binance Token Canal Enables Wrapped BTokens on Ethereum

Click to find the official blog from Binance:
Token Canal Upgrade: Binance Wrapped BTokens on Ethereum, Panama Turns into Bridge

BBTC on the Coinmarket Cap/Coingecko: In progress.

click to check Custodian and the Audit Report

Thanks, Regards.

4 Likes

From the security audit of the contract you linked:

The linked contract implementation attempts to implement a pauseable token, however the burn and mint operations can still occur thus manipulating the market…The development team has acknowledged this exhibit but decided to not apply its remediation

So basically Binance has the power to prevent anyone from moving their tokens and then mint new tokens to dump while everyone is locked out. You intentionally left an exploit available that allows Binance to rugpull. Care to comment?

1 Like

Good idea, I am a trader on binance and user of BSC as well.

I think BBTC is a good way to connect centralized resources and decentralized world.

More connection and integration is nicer.

1 Like

Thanks, BBTC is similar to WBTC, which is fully 1:1 wrapped coins. Binance will provide a similar dashboard as well to demonstrate the locked assets in original blockchains like bitcoin. The similar wrapped token is already deployed in the Binance Smart Chain (BSC), and Binance did not prevent anyone from moving their tokens between different blockchains, e.g., ethereum to BSC or vise versa in the past two months. We do not impose any more control or restriction than WBTC or USDT.
Basically, the goal of the Binance BTokens is to build the infra to enable cross-chain liquidity.

2 Likes

Voting starts now

Thats a non-answer. Answer yes or no - Does Binance acknowledge the known exploit in the BBTC contract code that lets Binance steal users’ funds and you are choosing to leave this exploit open?

Regardless of how similar the functionality is to WBTC or USDT, the concern is about how Binance itself is treating security concerns that allow them to steal user funds.

Nice try. I mean, why not?