Author(s):@susuwormhole Tags: asset-onboarding Asset Name: wBTC(Wormhole) Asset Code: wBTC(Wormhole) Submission Date: 02-23-2023 Ratification Date: mm-dd-yyyy Status: Active Forum URL: https://forum.jetprotocol.io/t/asset-onboarding-application-wbtc-wormhole-wrapped-bitcoin/1302
1. What is your motivation for submitting this application?
The purpose of this application is to provide JET token holders the information necessary to evaluate wBTC(Wormhole) use as a collateral on Jet Protocol, and conclude the series of confirmation votes before welcoming new assets to the protocol.
2. What is your association with the proposed asset?
I am a community manager for Wormhole. Wormhole is a cross-chain interoperability protocol which has an application built on top of it called the Portal Bridge. The Portal bridge enables tokens such as wBTC to be sent cross-chain to supported networks such as Solana, Polygon, Binance chain and more!
3. What are the key benefits for the Jet Protocol to onboard the asset?
wBTC(Wormhole) creates an opportunity for users of Jet Protocol to utilize this asset as the foundation for their defi strategy, while also welcoming new, multi-chain defi users to Solana. Jet Protocol gains an asset that may help support growing the protocol’s TVL.
4. What are the known limitations of the asset?
Wormhole Wrapped Bitcoin does not have the same amount of liquidity as the native Bitcoin network. There is also risk introduced anytime an asset is bridged from their native blockchain to Solana.
1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including the protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).
In its native ecosystem, BTC works as a peer-to-peer payment system, as well as a token to pay fees within the transactions. Categorized as the oldest cryptocurrency, BTC is considered as a store of value asset and served as inspiration for many other blockchain networks in the crypto ecosystem.
2. Who are the founding members? What is their current involvement with the project?
You can see the Wormhole core contributors here.
3. Please indicate the ICO date, initial price, valuation of the token, and total capital raised (both in USD and crypto amounts).
wBTC(Wormhole) did not have an ICO.
4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?
5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?
6. What is the current token distribution (project team vs. investors vs. public)?
7. Are there any fees generated by the protocol? If yes, please provide details and amounts.
8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.
Yes. To see audits visit here.
9. Is the protocol open source? If yes, please provide links to the repository.
Yes - Repository.
10. Other relevant project data or comments:
1. Asset name:
2. Asset type (native/ wrapped):
3. Please provide a one-sentence description of the asset:
wBTC(Wormhole) is an SPL token minted when wBTC is bridged from the native Ethereum network to the Solana Ecosystem.
4. What’s the purpose of the asset within its native ecosystem?
Within its native ecosystem, Bitcoin is used as a peer to peer payment system. BTC is also the method for paying miners for their work securing the network, through a transaction fee.
5. Does the asset have any use outside of its native ecosystem (integrated protocols)?
6. Please provide all Smart Contract addresses. If the project is open source, detail how the Smart Contracts are implemented.
Token contract address - 3NZ9JMVBmGAqocybic2c7LQCJScmgsAZ6vQqTDzcqmJh
1. What exchange(s) support the asset?
2. Does the asset have a pool with meaningful liquidity on either Orca or Saber? What pools exist, and what is the amount of liquidity in each pool?
Orca currently has liquidity in the wBTC/USDC pool.
3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).
See 7-day asset trading history here
Image taken 2/21
4. A Pyth oracle is required to successfully onboard an asset to the Jet Protocol. Confirm there is an active Pyth Oracle price feed, or provide insight into the asset’s timeline for onboarding to Pyth.
See here for the pyth feed: https://pyth.network/price-feeds/crypto-btc-usd
5. How often does the asset drop significantly in price? Please provide a link to the price history.
wBTC(Wormhole) is pegged to the price of wBTC, therefore it has drop significantly in price once since launching in 2021.
6. For stablecoins only: Has the asset ever lost the peg? If yes, for what reason?
7. For algorithmic stablecoins only: Please provide details on the risks associated with the design.
8. For wrapped assets only: Which bridges are used? Are they custodial or non-custodial? Are they audited?
Portal bridge is a non-custodial bridge. Audits can be viewed here.
9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?
See liquidity here
Image taken on 2/21
10. List any parties interested in taking part in liquidations for the proposed asset type.
Potentially, any DeFi user due to wBTC’s blue chip status.
1. How many active addresses/ users currently hold the asset?
124 holders, see Solscan
2. Please provide a brief overview of the tokenomics.
wBTC(Wormhole) is a wrapper for wBTC. If a user desires to use wBTC on the Solana network, they can mint wBTC(Wormhole) using Wormhole’s contracts to lock up wBTX on Ethereum and mint wBTC(Wormhole) on Solana. A user can swap back wBTC(Wormhole) for wBTC on a 1-1 basis.
3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?
The total supply of Wormhole Wrapped Bitcoins could increase over time since any holder is able to bridge their tokens to SPL.
4. Please explain the staking mechanism (if any).
5. Please explain the slashing mechanism (if any).
6. Are there tokens on a vesting schedule? If yes, what is that schedule and related vesture limitations?
7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?
1. Is the project or the asset owned by any incorporated organization?
wBTC(Wormhole) is created by the Portal bridge. Portal Bridge is an open source, permissionless bridge used to mint wBTC(Wormhole). No organization owns wBTC(Wormhole).
2. In which jurisdictions was the token issued?
wBTC(Wormhole) is minted using Wormhole’s Portal bridge. Portal bridge operates as a permissionless solution, meaning the token was issued under no jurisdiction.
3. Was the token issued as part of a regulatory process (e.g. securities offering)?
4. Was the token issued as part of a fundraising process?
5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.
6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.
Link to project’s white paper:
Link(s) to active communities related to the project:
Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:
Link(s) to audits - both procedural and Smart Contracts:
Link(s) to legal opinions:
Link(s) to other legal material:
Other relevant links:
List all relevant Solana addresses here:
- Token contract address: 3NZ9JMVBmGAqocybic2c7LQCJScmgsAZ6vQqTDzcqmJh
- Authority: BCD75RNBHrJJpW4dXVagL5mPjzRLnVZq4YirJdjEYMV7
Marketing / Campaign Material
If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here:
The poll below has been added by the JetDAO Governance Committee and is solely for signaling purposes to showcase the sentiment of the community.