Summary
This proposal aims to onboard cbBTC to Unitus V2 on Base, and Unitus V1 on mainnet.
Background
The Coinbase Wrapped BTC (cbBTC) is an ERC-20 token backed on a 1:1 basis with Bitcoin (BTC) held by Coinbase.
When Coinbase users send their BTC from Coinbase to an address on Base or Ethereum, that BTC will automatically be converted 1:1 to cbBTC. When users receive cbBTC in their Coinbase accounts, it will be converted 1:1 from cbBTC to BTC.
According to Coinbase, several DeFi protocols are expected to offer support for cbBTC from Day 1, including DEXes Aerodrome and Curve; lending protocols Aave, Sky Protocol, Compound; RWA provider Maple; yield vaults Mellow, Veda; and cross-chain bridges such as deBridge, DeFinitive, among others.
The cbBTC token address is 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (same for both Mainnet and Base).
Motivation
The benefit of listing cbBTC include:
- Given the recent developments with WBTC, it’s necessary to consider alternative wrapped BTC tokens for use on Unitus. Coinbase, as the issuer and custodian, brings a stronger reputation that makes this a reliable option compared to WBTC
- Unitus V2 Supercharged Mode maximizes the borrowing power of cbBTC collateral to ensure best capital efficiency for users.
- Possibly attract more users to Unitus, driving growth and adoption of the platform.
Specification
- Ticker: cbBTC
- Address: 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (same for both Mainnet and Base).
| Chains | Collateral Enabled | LTV | Supply Cap | Borrow Cap | Borrow Factor | Reserve Factor | Liquidation Threshold | Liquidation Penalty | Close Factor | Supercharged Mode | Segregated Mode |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | Yes | 80% | 400 | 200 | 100% | 20% | N/A | 7% | 50% | N/A | N/A |
| Base | Yes | 80% | 200 | 100 | 100% | 20% | 85% | 7% | 50% | No | No |