Summary
This RFC would like to quickly gather comments in light of the recent announcement of the renBTC shutdown. The new token that should replace renBTC will not be ready before the legacy token will be sunset and thus is not feasible to replace the current one in the basket.
It is therefore suggested to officially sunset mBTC as a product and not continue to migrate the assets to a new basket.
Abstract
The Ren Protocol recently announced the sunset of the Ren 1.0 network.
It was also stated that:
“As compatibility between Ren 1.0 and 2.0 cannot be guaranteed, holders of Ren assets should bridge back to native chains ASAP, or risk losing them!”
As the timeframes are very short and the mBTC basket holds renBTC, it is highly recommended to withdraw all assets from there and all related contracts.
Due to the low liquidity of mBTC in general, the recent announcement of renBTC, and the fact that there are not many bitcoin-like assets remaining on Ethereum, it is recommended to not pursue a new version of mBTC at this stage.
Motivation
mBTC has relatively low liquidity already on Ethereum, and the concept of a diversified bitcoin asset did not gain traction. Currently there are only 29.44 mBTC (or ~$507.98k) in the contract. Together with the recent shutdown announcement of renBTC, it would makes sense to put mBTC into a legacy status and not to replace it with a new basket of assets. A migration would also be unwise, as it would take considerable time that we don’t have, and the benefit would be also seemingly low for the protocol as a whole.
Pros
- Less complexity of mStable products
- Cost savings
- Further strengthening and allocating more time to Meta Vaults
Cons
- One less mAsset to offer to users
Next Steps
It is suggested that the community comment on this RFC in the coming days, and bearing no significant opposition or change in ideation, we would move ahead with this RFC in the coming weeks and create a formal draft proposal on Github to be used for review.
