Pump pumpBTC
Overview
Status
Deposits Live
Type
Liquid Staking
BTC Supply
₿0
Pump offers a mechanism that enables users to deposit wrapped BTC into smart contracts on EVM-based chains. Users receive PumpBTC, a token representing staked BTC, on Babylon in exchange for depositing a wrapped BTC token
Assessment
Asset Custody
PumpBTC works with custodians to store bitcoin assets
PumpBTC works with custodial providers to swap PumpBTC deposits into native BTC for BTC staking. When a user deposits a BTC derivative token (e.g., wBTC) into the PumpBTC contract, they are given PumpBTC in return. The staking contract is operated by a ⅔ GnosisSafe.
Cobo and Coinover have been mentioned as operators participating in Pump.
Source
Cobo and Coinover have been mentioned as operators participating in Pump.
Source
Supply Issuance
Minting of PumpBTC is managed by a smart contract
PumpBTC is minted through a smart contract. Users deposit a wrapped version of BTC on an EVM chain into the contract and then receive PumpBTC.
Censorship Resistance
No blacklist function currently implemented
Implementations of the token do not have a blacklist or pause function.
Governance
A centralized party can assign roles
A ⅔ GnosisSafe is responsible for assigning roles for various PumpBTC implementations. The token contract is not upgradeable.
Protocol Transparency
Proof-of-Reserves
The project provides a list of BTC addresses that it claims to be its reserves.
External operators disclosed
Operators of the protocol have been disclosed.
Redemptions enabled and documented
Redemptions are enabled. The project has documented how redemptions are processed in their documentation.
Contracts are open-source and verified
Contracts related to the project are source viewable and verified.
Additional Considerations
Key storage & signing
PumpBTC states that reserve wallets are managed by an MPC solution between Cobo and Coinover. EVM wallets managing derivative assets are signed by GnosisSafes.
Cross-chain PumpBTC
Users can also mint wrapped versions of PumpBTC to be moved to another chain. Crosschain minting and burning is handled by an implementation of LayerZero.
Knowledge Bits
Learn more