{"id":139117,"date":"2020-07-13T08:43:12","date_gmt":"2020-07-13T07:43:12","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=139117"},"modified":"2020-07-13T08:43:12","modified_gmt":"2020-07-13T07:43:12","slug":"wrapped-bitcoin-will-now-have-a-40-collateral-factor-on-compound","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/wrapped-bitcoin-will-now-have-a-40-collateral-factor-on-compound\/","title":{"rendered":"Wrapped Bitcoin will now have a 40% collateral factor on Compound"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A <\/span><strong><a href=\"https:\/\/compound.finance\/governance\/proposals\/16\">proposal<\/a><\/strong><span style=\"font-weight: 400;\"> by Alameda Research last week to increase the collateral for Wrapped Bitcoin (WBTC) to 40 percent was passed today after a governance poll on Compound Labs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After implementation, users can use the ERC20 token backed 1:1 with Bitcoin to borrow other assets on the <a href=\"https:\/\/cryptoslate.com\/companies\/compound\/\">Compound<\/a> platform.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">WBTC confirmed the development early on July 12 via a tweet:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The governance has voted in favor of proposal 16<\/p>\n<p>WBTC will have a 40% collateral factor on Compound <a href=\"https:\/\/t.co\/kARLf4dOUk\">https:\/\/t.co\/kARLf4dOUk<\/a><\/p>\n<p>&mdash; WBTC (@WrappedBTC) <a href=\"https:\/\/twitter.com\/WrappedBTC\/status\/1282217525380395010?ref_src=twsrc%5Etfw\">July 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>More exposure via BTC-pegged assets<\/h2>\n<p><span style=\"font-weight: 400;\">Prior to the governance pool, <a href=\"https:\/\/cryptoslate.com\/coins\/wrapped-bitcoin\/\">WBTC<\/a> was not available as a collateral option for users on Compound. However, the widespread use of ETH-based assets like DAI, <a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\">USDC<\/a>, and ETH saw users demand Bitcoin-based products for collateral usage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time, users said Bitcoin has greater market liquidity than any other ETH-based asset and was subject to similar volatility. One major risk was that WBTC is \u201cnot trust-less and has a central point of failure.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/compound.finance\/governance\/proposals\/16\"><span style=\"font-weight: 400;\"><strong>proposal<\/strong><\/span><\/a><span style=\"font-weight: 400;\"> saw \u201cfor\u201d and \u201cagainst\u201d members at loggerheads; with 533,998 votes for the former and 523,974 for the latter:<\/span><\/p>\n<figure id=\"attachment_139121\" aria-describedby=\"caption-attachment-139121\" style=\"width: 1274px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-139121\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/ddhhd.png\" alt=\"\" width=\"1274\" height=\"490\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/ddhhd.png 1274w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/ddhhd-300x115.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/ddhhd-1024x394.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/ddhhd-768x295.png 768w\" sizes=\"(max-width: 1274px) 100vw, 1274px\" \/><figcaption id=\"caption-attachment-139121\" class=\"wp-caption-text\">(<em>Source<\/em>: <a href=\"https:\/\/compound.finance\/governance\/proposals\/16\">Compound<\/a>)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/most-of-the-20-crypto-firms-worth-over-1-billion-apiece-are-based-in-asia\/\">Polychain Capital<\/a> accounted for 325, 941 \u201cagainst\u201d votes alone. They were followed by Dharma at 100,000 votes. Both firms are investors in Compound Labs but hold no special governance positions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Compound founder <a href=\"https:\/\/www.linkedin.com\/in\/rleshner\">Robert Leshner<\/a>, Alameda Research, and Gauntlet Network were the biggest \u201cfor\u201d voters by total governance votes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Compound noted the proposal made \u201cno changes beyond setting the Collateral Factor of WBTC to 40 percent.<\/span><\/p>\n<h2>Similar risks as DAI<\/h2>\n<p><span style=\"font-weight: 400;\">Explaining the proposal on July 9, Alameda Research said the idea was floated previously but \u201cthe risk of large amounts of WBTC minting\u201d caused most discussions to fall apart. However, the risk is believed to \u201cbe very low\u201d upon further inspection.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That same risk is also present on USDC and DAI markets, noted Alameda Research, adding:<\/span><\/p>\n<blockquote><p><b>\u201cWe believe that adding more diversity to the set of usable collateral will decrease rather than increase the structural risk to the platform by moving some usage away from DAI and towards WBTC.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Alameda Research said the change was justified and appropriate. In addition, it helps diversify the set of assets available to borrow on Compound. The proposal now sees more weightage for Bitcoin-based products than before.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The WBTC was earlier set for a collateral factor of 65 percent, but since reduced to 40 percent upon discussions with the community. Alameda Research still supports a change to the former but said it respects any community worries related to the specific proposal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Alameda and <a href=\"https:\/\/cryptoslate.com\/companies\/ftx\/\">FTX<\/a> founder <a href=\"https:\/\/cryptoslate.com\/people\/sam-bankman-fried\/\">Sam Bankman-Fried<\/a> expressed his thoughts on the proposal\u2019s success:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">5) I remain excited about Compound, COMP, and the future of DeFi.  Let&#39;s try to iron out the details and build products that can move the space&#8211;and the broader financial ecosystem&#8211;forward!<\/p>\n<p>&mdash; SBF (@SBF_Alameda) <a href=\"https:\/\/twitter.com\/SBF_Alameda\/status\/1282218824729690112?ref_src=twsrc%5Etfw\">July 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A proposal by Alameda Research last week to increase the collateral for Wrapped Bitcoin (WBTC) to 40 percent was passed today after a governance poll on Compound Labs. After implementation, users can use the ERC20 token backed 1:1 with Bitcoin to borrow other assets on the Compound platform. WBTC confirmed the development early on July [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":139194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,60035],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wrapped Bitcoin will now have a 40% collateral factor on Compound<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/wrapped-bitcoin-will-now-have-a-40-collateral-factor-on-compound\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wrapped Bitcoin will now have a 40% collateral factor on Compound\" \/>\n<meta property=\"og:description\" content=\"A proposal by Alameda Research last week to increase the collateral for Wrapped Bitcoin (WBTC) to 40 percent was passed today after a governance poll on Compound Labs. After implementation, users can use the ERC20 token backed 1:1 with Bitcoin to borrow other assets on the Compound platform. WBTC confirmed the development early on July [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/wrapped-bitcoin-will-now-have-a-40-collateral-factor-on-compound\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-13T07:43:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/wrapped-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" 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