Hello everyone! Alice from pNetwork here.
Thank you for considering pBTC as an asset to be added to the mBTC basket - I see there are some open points on its security and market cap so I thought I would try and clarify them.
In terms of market cap, the TVL for pTokens is increasing consistently on both chains where it is currently present (Ethereum and EOS). On Ethereum, this is mostly driven by the pBTC on Steroids liquidity mining programme (Uniswap pool currently holds approx. 6M USD).
An interesting point to be made is the opportunity given by interoperability between these two chains (and other networks to be added in the near feature) and the direct integration of pBTC within the Bitfinex exchange that enables direct withdrawals of BTC onto Ethereum’s DeFi (directly from users’ BTC wallets on Bitfinex: https://cryptochronicle.com/bitfinex-announces-support-for-pnetwork-to-bring-crypto-assets-cross-chain/). Such integrations create the opportunity for pBTC to flow frictionlessly across these ecosystems, therefore creating an opportunity and benefit for mBTC should pBTC be supported.
As for security, the entire pNetwork follows a continuous auditing process - a best-in-class auditing process that sees the continuous technical review of code (every change is audited before going to production!).
Similarly to most projects in DeFi, pBTC follows a progressive decentralisation roadmap, but thanks to the use of trustless smart contracts and Trusted Execution Environments, full transparency is guaranteed on the whole cross-chain movement of assets (including all off-chain operations) already in this phase. Because the key-pairs needed to perform such cross-chain actions are generated and managed via TEEs (secure sandbox), the system produces unique transparency guarantees for anyone interacting with pTokens around the status of the validating network.
In other words, it is very impractical and economically expensive for anyone (both internal and external attackers) to compromise the system since the private keys are locked within these secure sandboxes.
More on this and the introduction of a decentralised network: https://medium.com/pnetwork/pnetwork-security-and-progressive-decentralisation-c5552216ca23.
I hope this will be helpful for your evaluation & hope to see pBTC on mSTABLE soon!