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tBTC Proposed As DAI Collateral Type To DeFi lending protocol Maker
Summary: The tBTC, an unreleased Ethereum-based token backed 1:1 by bitcoin, is being proposed as a DAI collateral type to DeFi lending protocol Maker. Matt Luongo, the tBTC project lead, put forth the proposal on MakerDAO’s forum on Sunday. According to Luongo the tBTC is backed by “a decentralized bonded multi-federated peg model” rather than “a ...
The tBTC, an unreleased Ethereum-based token backed 1:1 by bitcoin, is being proposed as a DAI collateral type to DeFi lending protocol Maker.
Matt Luongo, the tBTC project lead, put forth the proposal on MakerDAO’s forum on Sunday. According to Luongo the tBTC is backed by “a decentralized bonded multi-federated peg model” rather than “a single custodian like wBTC or federation of custodians like Liquid,” which will let users redeem tBTC for BTC “at any time without 3rd party friction.”
“While I believe BTC can be great collateral for DAI, more importantly, I believe a native BTC on-ramp into the ecosystem can grow the protocol’s user base.” Said Luongo.
By Janelle Fox
Tags: Bitcoin,Dai,DeFi,Maker,Matt Luongo,tBTC
Link: tBTC Proposed As DAI Collateral Type To DeFi lending protocol Maker [Copy]
