Having a BTC option on Pooltogether should be a top priority and I think I have the perfect fit. DIGG token!
DIGG is an elastic supply token that’s function is to maintain the price of BTC by expansion or contraction of supply. Every 24 hours if DIGG is above the price of BTC the supply grows to try and create sell pressure. If it is below the supply shrinks. Currently you earn DIGG for staking DIGG and the APY is very high! 126% at this time. This prize could grow very rapidly.
DIGG is the first of several products from my other favorite platform BadgerDAO whose aim is to bring BTC to DEFI.
I’m not very familar with DIGG, but these unbacked algorithmic “stablecoins” don’t seem to work very well. (Check the current state of Basis Cash, which started the trend). If there was a BTC pool, it would have to be using something like wBTC in my opinion. Unfortunately, the yield on that is low.
There are those that do believe DIGG will work and 126% APY would make for a pretty awesome pool. Not here to sell you DIGG, here to sell you a sweet BTC pool!
I agree that BTC should be brought to PoolTogether, but I think the layers of DIGG would only attract people in the DIGG ecosystem. Something like WBTC has much much more reach. I note and agree with @MarkOSullivan94 decentralization should be prioritized with either renBTC (18kBTC currently locked) or tBTC (1.6k currently locked) .
Again - I think decentralization should be considered, but I’m not sure there is enough demand interest in tBTC or renBTC - do not see any lending protocols offering rates. Again we come back to WBTC - it’s adoption and demand interest is key for something like PoolTogether.