LBTC Design

LBTC is deployed as a standard token on supported blockchains (i.e. ERC-20 on Ethereum, BEP-20 on BSC, etc.) with a minimal level of customization.

On EVM chains

LBTC uses standard OpenZeppelin implementations for:

ERC-20: token standard widely adopted across EVM networks.
ERC-20 Permit: enables off-chain signed messages to authorize spending (gasless transactions). Necessary for many DeFi protocols, e.g. DeXs
Two-step Upgradable: allows LBTC to be upgraded following best-practices (two-step transactions with timelock), following a standard proxy and implementation pattern.
ERC-20 Pausable: used for automated incident response to pause all critical functions.

Minting: Mints new LBTC into circulation after authorization from both the Security Consortium and Bascule.
- Transactions can be minted individually or in batches.
- Minting can be performed with an optional fee charged in LBTC (used to cover network gas costs, e.g. for auto-mint).
Redemptions: Burns LBTC with a request to withdraw Bitcoin to a provided bitcoin address.
Chainlink CCIP: Used for bridging between Supported Blockchains. Minting allowed after authorization from both the Security Consortium and Chainlink. to mint.
Consortium: Multi-sig contract to check all authorizations, must be signed by ⅔ of members

Minters: used for adapters with delegated minting rights (i.e. CCIP).
Claimers: restricted set to call the minting with fee functions, to prevent frontrunning attacks (inconvenience).
Operator: change the maximum authorized mint fee, based on network conditions and exchange rate.
Pauser: to (un)pause critical security operations.
Owner: change role membership and contract configuration.

Last updated 4 months ago

LBTC is deployed as a standard token on supported blockchains (i.e. ERC-20 on Ethereum, BEP-20 on BSC, etc.) with a minimal level of customization.

LBTC uses standard OpenZeppelin implementations for:

ERC-20: token standard widely adopted across EVM networks.
ERC-20 Permit: enables off-chain signed messages to authorize spending (gasless transactions). Necessary for many DeFi protocols, e.g. DeXs
Two-step Upgradable: allows LBTC to be upgraded following best-practices (two-step transactions with timelock), following a standard proxy and implementation pattern.
ERC-20 Pausable: used for automated incident response to pause all critical functions.

Minting: Mints new LBTC into circulation after authorization from both the Security Consortium and Bascule.
- Transactions can be minted individually or in batches.
- Minting can be performed with an optional fee charged in LBTC (used to cover network gas costs, e.g. for auto-mint).
Redemptions: Burns LBTC with a request to withdraw Bitcoin to a provided bitcoin address.
Chainlink CCIP: Used for bridging between Supported Blockchains. Minting allowed after authorization from both the Security Consortium and Chainlink. to mint.
Consortium: Multi-sig contract to check all authorizations, must be signed by ⅔ of members

Minters: used for adapters with delegated minting rights (i.e. CCIP).
Claimers: restricted set to call the minting with fee functions, to prevent frontrunning attacks (inconvenience).
Operator: change the maximum authorized mint fee, based on network conditions and exchange rate.
Pauser: to (un)pause critical security operations.
Owner: change role membership and contract configuration.

Last updated 4 months ago