Let us cite the project lead of tBTC, Matt Luongo, for a description of tBTC :
tBTC is a Bitcoin sidechain on Ethereum, built to give Bitcoin the capabilities of Ethereum and bring additional collateral to DeFi. The asset (TBTC) is an ERC-20 pegged to Bitcoin, it can be minted or redeemed for BTC by anyone and without intermediaries. Instead of relying on a single custodian like wBTC or federation of custodians like Liquid, tBTC is supported by a decentralized bonded multi-federated peg model using ECDSA technology.
Its current supply is 628 TBTC and its TVL is of 66M USD, with 38M in KEEP and 20M of ETH backing 8M worth of BTC according to https://keepstats.org/.
wBTC is the most liquid Bitcoin-on-Ethereum ERC20, with a supply of 106K wBTC.
We’ve seen significant interest for tBTC/wBTC pool. Currently, almost half of the tBTC supply is sitting in a tBTC/wBTC pool on sushiswap. https://etherscan.io/address/0x2dbc7dd86c6cd87b525bd54ea73ebeebbc307f68
Although there’s currently a vote for implementing a tBTC/[sBTCpool] metapool, this exposes the LPs to compounded tBTC, wBTC, sBTC and renBTC risk. CIP#30 - Introducing a [tBTC, [sBTC]] Metapool
We believe that because many LPs would prefer be exposed to the risks of tBTC and wBTC only, a wBTC/tBTC pool would greatly increase tBTC/wBTC liquidity on Curve and hence reduce slippage for tBTC/wBTC swaps, which will be an important volume driver to Curve.
Reasons why this proposal should be voted for
-Increases tBTC/wBTC on Curve, possibly an important BTC-On-Ethereum market