🚨New: @FunctionBTC's $FBTC Goes Live on @Solana as Bitcoin Liquidity Continues to Expand
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Together with FBTC release we also released an oracle composition section. This comes after almost a year long oracle infra upgrade process.
In this particular case, FBTC price is priced as:
Exchange Rate x MostRecentOf BTC/USD.
(a multiplication chain of two items)
1) FBTC exchange rate (typically at 1) is how much BTCs per FBTC, capped at 1, but with circuit breaker below 0.99.
- Capping the exchange rate at 1 allows for protection against various infinite mint attacks
- Circuit breaker at 0.99 ensures the oracle stops updating and forces the market in reduce only mode (can repay, and deposit, cannot borrow more or withdraw if still debt). Hitting his circuit breaker means something seriously wrong is happening and needs investigation.
2) MostRecentOf (aka Resilient) BTC is the most recent BTC/USD of Pyth Pull, Chainlink, Pyth Lazer. This oracle returns the earliest of these 3 sources as long as they are within 8% of each other and neither is older than 2 hours. The deviation tolerance should be chos
Did they say “FBTC” ?
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