[Temp Check] Add GHO to Cosmos and Polkadot through IBC

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The proposal aims to bridge GHO to Cosmos and Polkadot using IBC to boost its demand and offer a decentralized stablecoin alternative, despite concerns over the security and timeline of Composable's IBC connection to Ethereum. Community feedback and a TEMP CHECK Snapshot will determine the next steps, with plans for audits and public reports to ensure bridge reliability before mainnet launch.

What is this about?

The discussion revolves around a proposal by Tint1 to bridge GHO, AAVE's stablecoin, to the Cosmos and Polkadot ecosystems using the Inter-Blockchain Communication (IBC) protocol. The goal is to increase GHO's demand and supply, provide a decentralized stablecoin alternative to USDC/USDT, and encourage cross-ecosystem interaction. The proposal includes a technical approach for establishing an IBC connection between Ethereum, Cosmos, and Polkadot, enabling GHO to be interoperable across these blockchains. It also outlines the next steps, which involve community feedback, a TEMP CHECK Snapshot, and potential allocation of GHO into identified liquidity pools if the snapshot is affirmative.

How is the community reacting?

  • Tint1 has highlighted Composable's achievements in connecting non-Cosmos chains through IBC and their plans to extend this to Ethereum.
  • JResearcher2 and Tint4 have raised concerns about Composable's claims, questioning the functionality and security of their IBC connection to Ethereum, and the timeline for developing and auditing a light client.
  • IrrationalExuberance3 expressed a positive view on the idea of integrating with Cosmos but remained neutral or bearish on Polkadot.
  • Tint5 responded to concerns by clarifying that Composable is in the testnet phase and that audits will be conducted to ensure the bridge's reliability before launching on the mainnet.

Why this is positive?

  • The proposal could increase GHO's demand and supply.
  • It provides a decentralized stablecoin alternative in the Cosmos and Polkadot ecosystems.
  • Fosters cross-ecosystem interaction and DeFi activity.
  • Composable's IBC implementation could enhance secure interoperability between Ethereum, Cosmos, and Polkadot.

Why this is negative?

  • There are concerns about the security and functionality of Composable's IBC connection to Ethereum.
  • Doubts about the timeline for developing and auditing a light client, which could delay the proposal's implementation.
  • Questions have been raised about Composable's trustworthiness due to potentially misleading claims.

Next actions

The next steps include gathering community feedback and proceeding to a TEMP CHECK Snapshot if consensus is reached. If the snapshot is affirmative, the plan is to allocate GHO into the identified liquidity pools. Community members are invited to test the bridge functionality on Goerli and provide feedback. Audits will be conducted, and reports will be made public to address concerns about the system's reliability before launching on the mainnet.

Posted 22 days ago

Last reply 21 days ago

Summary updated 12 days ago

Last updated 06/12 00:43