Implement Triple Farming Incentives to the cBTC/ADA pool

Proposals
1

1. Please describe your project. What is it doing to improve Cardano?

AnetaBTC is an on-chain, open-source protocol that allows Bitcoin to be directly wrapped on Cardano which enables Bitcoin holders to unlock the value of their assets in a secure and efficient DeFi environment.

2. What does the Token do? How many holders does it currently have?

cBTC token (Policy ID: 4190b2941d9be04acc69c39739bd5acc66d60ccab480d8e20bc87e37)

The cBTC is backed 1:1 for BTC. Users can trade their ADA for cBTC and then use their cBTC as collateral for loans or redeem their cBTC for BTC.

cBTC token has 50 holders.

3. Why do you want a MIN Farm? How does the Minswap community benefit from offering a MIN Farm for your Token? Apart from the MIN Farm, will you add your own Token as incentives as well? If yes, how much?

We believe Minswap could play a crucial role for a successful Cardano/Bitcoin strategy as we want to bring large amounts of liquidity to the ADA/cBTC pair to Minswap.

This could bring increased liquidity to Minswap as there are already 12 cBTC which can be used to provide liquidity to Minswap. As cBTC TVL grows, this should facilitate strong volume which would allow Minswap to be the beneficiaires of this potential volume.

There will be additional liquidity incentives provided by the anetaBTC team.

4. How much circulating supply is there of your token? Please inform us briefly of your tokenomics, including the distribution and vesting schedule of the token (investors, team, yield farming, etc.)

There’s currently 12 cBTC tokens in circulation (roughly $350,000 or 1.2M ADA in additional liquidity).

The supply of cBTC will depend on the number of BTC minted.

5. Is your Project audited? By whom?

Our audit was conducted by Ikigai Technologies and can be found here: anetaBTC v1 Audit - anetaBTC - Medium

Thanks and please consider supporting us to have a Triple Farm soon!

57 Likes
2

This is the strart of utility of WBTC in Cardano!

4 Likes
3

Great way to bring in some BTC liquidity into Cardano verse.

4 Likes
4

Great project! And having more synthetics like BTC on Minswap never hurts. Great arbitrage opportunities for trading etc. Even more so in a bull run.

3 Likes
5

I support this proposal and would be happy to farm my cBTC on MinSwap.

3 Likes
6

Implement MIN farming on yet another Frosty project so Frosty can market dump MIN on MIN holders again?

How about NO?

4 Likes
7

Would you care to elaborate on it might be useful for the discussion?

3 Likes
8

This is a no brainer!
In terms of Question 3, AnetaBTC could provide incentives in cNETA. But if not, another means by which to acquire MIN is good in my eyes. Hell, there are some farms there i wander why the hell they are even there.

I’d also be for an iBTC/cBTC Pool. That just makes sense if you ask me.

4 Likes
9

I support triple farming, the incentives would bring more liquidity to cardano

4 Likes
10

An actual product that not only brings liquidity to Cardano. Not sure how this could not be perfect for a triple.

2 Likes
11

I support this proposal, I will farm

2 Likes
12

I give this a confident THUMBS UP. A new BTC choice is available.

2 Likes
13

MIN is now a stable coin until we get to next bull market, 8-12 months. What’s wrong with paying devs who are completing work? This is the first time we have a working BTC asset on the Cardano blockchain. Devs should get paid and that is why sell offs occur.

2 Likes
14

I think Minswap needs to be provided a reserve of cBTC/aneta tokens to counterbalance any dump of the farmed min.

1 Like
15

Great proposal for overall cardano ecosystem

2 Likes
16

:+1: Sounds awesome good developement.

2 Likes