Absolutely Solid, Lets do this, it will also gain a lot of free advertising and get the word out..
OIP-35: Add WBTC to the Treasury
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As you may know me, I am in, when it is about good vibes.
BTC changed the world. There is no other asset, that gained so much attention during the last years, or lets say: since ever in Krypto.
We will put a sign out there, to young and old, to people who understood what OHM is going to change in the world of decentralized finance.
I am in. And at that point I want to say: Thank you. Thank YOU dear reader, for your mental and financial investment into OHM. Thank you dear DAO for making this happen.
We are the change, that we want to so in this world.
And what we create at OHM is already changing the world - for each of us, and for all of us.
Good vibes only from Mexico,
Alexandros - bike
definitely good for diversification and getting more well respected/noticed. I'm in.
I was hoping for this! Great move!
This will bring more growth to OHM GO FOR IT!!
like it
I think overall this will be a valid step forward for the protocol. Bitcoin is never going anywhere, it's still the number 1 asset and as a growing protocol it should be added.
Bitcoin being added to the treasury was destiny from day 1, so of course I am for it. That said, wBTC is not without risks, but I really appreciate how this proposal addresses said risk and leaves an open path for upgrading to better options in the future. Let's do this.
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I appreciate this first step … and would hope we also persue other decentralized BTC options when available… or even a green wrapped option if it appears for the x2 memetic premium
100% Do it! The more well known mainstream assets put into the treasury the more reputable the treasury/protocol becomes.
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Edited post:
I was intially in for wBTC but after reading this post, I have reservations so I prefer another alternative.
https://infernaltoast.medium.com/ohm-on-adding-pow-currency-to-its-treasury-ca9e703cdf94
100% this is a great move. Considering the fact almost all Institutions will eventually hold Bitcoin in their reserves , it makes sense that Olympus , the future grand daddy of Crypto Institutions should have a significant reserve. Amazing guys!! There’s no team like the one Olympus has, so grateful for all your guys work.
We need all the Bitcoin.
wBTC is already in DAI… This is an asset dependent on a custodian…
This could hurt us with future regulations by adding wBTC directly as it is an IOU…
Not to mention if one of the custodians get rekt… We lose it. This is not a good idea as DAI already jeopardizes integrity and longevity of the protocol for the exact same reason…….
PLS NO
https://www.youtube.com/watch?v=31g0YE61PLQ
PLS DONT
Im in in principal. Adding BTC to the treasury seems like a natural next step. I know the whole 3.3% thing is cute but I would advocate for a larger proportion of the treasury funds be targeted for btc because it makes up such a large portion of the value in the space and a large proportion of transactions every day
I'm also concerned about the custodial nature of wBTC. We should be very careful about the precedent this might set. BTC is a great asset to add but a wrapped version controlled by BitGo is no different than MakerDAO adding USDC.
OHM embodies the core crypto ethos of decentralization and I don't think we should compromise on that. Adding wBTC could be the beginning of a slippery slope.
Have we considered using a synthetic version of BTC like sBTC instead? It can achieve the same outcomes without any of the trust assumptions.
mors We have looked into several different tokenized BTC and we came to the conclusion that WBTC is the best option for Olympus at the moment. Despite its centralization risks, WBTC has the largest market cap ($11.8b), is the most liquid and represents the best candidate for an LP pair if we wanted to explore this path in the future.
I'm sure they will vote for other kinds of BTC in the future. Just gotta start somwhere.
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We need to move away from proof-of-work as a space. Climate and other environmental impacts are too severe to continue using PoW coins, much less developing new integrations against them. Strongly no on this, for that reason and also centralization risk of the bridge.
I'm not well enough versed on this to have an opinion (yet), but I would like to see a response to this concern:
https://infernaltoast.medium.com/ohm-on-adding-pow-currency-to-its-treasury-ca9e703cdf94
"As Cryptopunk #1164, I firmly disagree with OHM’s proposal 35 to add WBTC to its treasury. While WBTC does have the price-peg to real ‘Bitcoin Core Chain’, it is a flimsy IOU that is wholly operated by BitGo. The smart contract of WBTC is atrocious: it allows a private key to mint infinite WBTC for any reason at any time, allowing the key holder to rug every WBTC liquidity pool for all of its assets at any time. This is a major threat to OHM. This would mean that the leak of some keys would jeopardize OHM completely."
I am in favor of adding BTC but it should not be a centralized version of it, which is wBTC.