Allow tBTC to be minted directly on more Layer 2 EVM blockchains

General
1

Folks, tBTC is a great project and allows a lot of flexibility in making Bitcoin usable in DeFi.
But having it limited to Ethereum blockchain only doesn’t help in making it grow in market cap and usage.

More recently it has been increasingly difficult to use Ethereum for several operations due to the rising transaction fees. And there are a fair amount of L2 EVMs blockchains with significant market cap that can work very well.
For more than that Ethereum can be a safe haven, there is demand in other Layer 2 networks with very low fees in order to allow tBTC for DeFi operations and they are fairly safe to have tBTC welcomed there.

Even though tBTC can be minted in Ethereum and Bridged to other blockchains it is costly. Costly to mint and specially costly to bridge, so please consider having other Layer 2 networks support as Polygon, Arbitrum, Base, etc.

Just to illustrate a Bridge of 0.1 tBTC (~USD 9.200 currently) from Ethereum to Polygon has a USD 48 impact or 0.5%. In some bridges tried there was a USD 157 price impact or 1.3%

Currently Polygon has 1.65 tBTCs, Arbitrum 171.17, Base 325,94 and Optimism 44.11 which are all low supplies.

Please consider doing all the necessary to allow users to mint tBTC directly on other L2 blockchains. Pick one of them, any will be a great start. Others can follow.

2

Just saw that recentlly was released the Dapp that allows to mint directly on Arbitrum (https://arbitrum.threshold.network/).

So what does need to have the same for other blockchains like Polygon, Base, etc ?

Also why not unify in the same Dashboard just letting the user to choose which blockchain to mint on the top right corner.

3

Hi @freddythefilosopher - glad you found the Arbitrum portal. We will have a mid-January release for Base and with that a revamp of our token dashboard to be multichain (Eth, Arb, Base).

Currently we have a couple of constraints on L2 direct minting: must be whitelisted on Wormhole and must be EVM compatible. After the mid-January release, you can expect to see more direct minting on L2s that meet these constraints.

1 Like
4

Thanks for the reply @shoegazer69

I guess Polygon is straight foward for these points, isn’t it ?
With the 3 L2’s is a great start on Layer 2.

Yes, having a unified Dashboard allowing to change the destination blockchain for mint would be the ideal.