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Currently, the Prax registry is used for assets that generally originate on an IBC chain, 1 hop away. However, very soon, we expect that it will also be used for assets with longer bridge paths. For instance:
Eth via Axelar
Bitcoin (via Nomic or Osmosis)
This is already potentially problematic, as Osmosis's token metadata defines an asset called "Bitcoin" which is not really Bitcoin, but a rehypothecated asset backed by many different bridges.
Policy
The Prax registry should show an asset with a badge representing a "via", if and only if the asset is determined not to be native to the source chain. This policy is intended to minimize confusion when showing "canonical" representations of assets, without imposing any opinionated choice of what representation is preferable when there are multiple possibilities
For example:
USDC via Noble: no badge, USDC is natively issued on Noble
ETH via Axelar: badge, ETH is being bridged via Axelar, and this is a choice of bridge
USDC via Axelar: badge
"BTC" via Osmosis: badge, this is a pooled asset
Proposed implementation
This is probably best to implement as a configuration data that specifies a list of overrides, since most IBC assets will not need to be badged, but some (like BTC on Osmosis) are labeled as being native when they aren't really.
The text was updated successfully, but these errors were encountered:
## Describe your changes
Web apps are currently unable to visually distinguish certain IBC assets
that represent rehypothecated tokens. Aka, Bitcoin from Osmosis or
Nomic. Both of their metadata possess images of the plain Bitcoin logo.
This proto change proposes to add a new field: `badges`. It gives
entities like the [prax
registry](https://github.com/prax-wallet/registry) the ability to add
source chain icons to the metadata of assets. Frontends can then display
these badges [on top
of](penumbra-zone/web#1864 (comment))
the asset icon.
## Issue ticket number and link
penumbra-zone/web#1864prax-wallet/registry#97
## Checklist before requesting a review
- [x] (not relevant) I have added guiding text to explain how a reviewer
should test these changes.
- [x] If this code contains consensus-breaking changes, I have added the
"consensus-breaking" label. Otherwise, I declare my belief that there
are not consensus-breaking changes, for the following reason:
> Only a protobuf schema update
Problem
Currently, the Prax registry is used for assets that generally originate on an IBC chain, 1 hop away. However, very soon, we expect that it will also be used for assets with longer bridge paths. For instance:
This is already potentially problematic, as Osmosis's token metadata defines an asset called "Bitcoin" which is not really Bitcoin, but a rehypothecated asset backed by many different bridges.
Policy
The Prax registry should show an asset with a badge representing a "via", if and only if the asset is determined not to be native to the source chain. This policy is intended to minimize confusion when showing "canonical" representations of assets, without imposing any opinionated choice of what representation is preferable when there are multiple possibilities
For example:
Proposed implementation
This is probably best to implement as a configuration data that specifies a list of overrides, since most IBC assets will not need to be badged, but some (like BTC on Osmosis) are labeled as being native when they aren't really.
The text was updated successfully, but these errors were encountered: