BTC/USDT SPOT market proposal

Summary : I propose BTC/USDT SPOT trading to be implemented.

  • Motivation : BTC/USDT spot is the trading pair with the biggest trading volume.
  • Use cases: BTC is the cryptocurrency with the largest market cap, addition of BTC/USDT will attract a lot of traders.
  • Differentiation: we don’t have any trading pair yet so that’s the reason why I propose BTC/USDT first
  • Implementation: price feed is going to come from either Chainlink or Band oracles.
  • Risks: Some might feel uncomfortable with USDT, there could be a risk that not all USDT are fully backed by USD, if this proposal passed, I will make a 2nd proposal to add USDC/USDT pair.
5 Likes

Being BTC the most liquid crytpoasset it is definitely desirable to have a spot market for it. The problem is that we don’t have a bridge with the Bitcoin network directly but only with Ethereum, so we have to trade an ERC20 wrapping of BTC instead of the native asset. Two options would be WBTC or RENBTC, both have their advantages and disadvantages.
Great initiative anyway!

2 Likes

Also, there is no need for a price oracle since it’s a spot market :wink:

1 Like