Enable mBTC/WBTC (0.02% fee tier) Stableswap gauge on Ethereum

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Overview

Proposal to enable mBTC/WBTC (0.02% fee tier) Stableswap gauge on Ethereum

Background

mBTC is a cross-chain wrapped token created by Babypie, pegged to native BTC (Bitcoin) on a 1:1 basis, and does not accrue any underlying yield. mBTC can only be minted by depositing BTC into Babypie. If users simply hold mBTC in their wallet, they won’t earn rewards. mBTC is fungible, and moving forward, users would be able to trade mBTC for WBTC and vice versa via PancakeSwap on Ethereum.

With the goal of building robust liquidity for the mBTC-WBTC pair on Ethereum, Babypie commits to incentivizing the pair through the Cakepie Voting Market. Babypie plans to distribute incentives to voters who support the pool each epoch, aiming to maintain a competitive APR for mBTC-WBTC liquidity providers and encouraging long-term participation. As part of the Magpie Ecosystem, Babypie looks forward to leveraging the services provided by PancakeSwap and Cakepie, promoting sustainable growth for all parties involved.

Details

Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 2% emission cap

Audits:

  • Supremacy:
  • PeckShield:
  • AstraSec:

Token Utility: mBTC (Magpie BTC) is minted when users deposit native BTC on Babypie. mBTC can be utilized in DeFi, allowing users to participate as liquidity providers. Once the Babylon staking protocol is launched on Mainnet, mBTC holders will be able to earn yield by staking their mBTC as smBTC via Babypie.

Volatility: Not depegged

Oracles: No oracles used.

Control: The private keys to the contract are controlled by the following 3/6 multisig (0xf433c2A2D6FACeCDd9Edd7B8cE9cEaaB96F41866), where transactions require validation from 3 out of 6 signers.

Merit: New DAO onboarded (TVL, incentives for voters via Cakepie, trading fees, volume)

Links

Token address:

  • mBTC:
  • WBTC:

Liquidity pool address: Pancake StableSwap LPs (Stable-LP) Token Tracker | Etherscan

Website: Magpie XYZ

Socials:

Documentation: Babypie Introduction | Babypie

Github: Not public

Any other relevant links: Babypie - Medium

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Thank you for your application! The Kitchen has enabled the mBTC/WBTC 0.02% fee tier stableswap on Ethereum with 1x boost multiplier and 2% emissions cap.