Aave Labs Believes cirBTC Meets Conditions for Launch on Ethereum Market

Aave Labs has published a technical assessment on the governance forum, stating that the wrapped Bitcoin cirBTC issued by Circle meets the technical conditions for launching on the Aave Ethereum market. cirBTC is issued by Circle with a 1:1 Bitcoin reserve target, and at the time of assessment, its supply on the Ethereum mainnet was approximately 910.15 coins, valued at about $70,120,000. Aave Labs pointed out that the contract upgrades, transfer pauses, and address freezes for cirBTC are controlled by a single key, and no on-chain time lock has been set. Additionally, the audit report for the cross-chain token service (CCTS) framework that allows for the minting of cirBTC on Ethereum has not yet been provided. Furthermore, the reserve proof data source has reported multiple times that reserves are below the supply, and the specific reasons cannot be determined from on-chain data.