Aave Labs: Circle encapsulates Bitcoin cirBTC to meet the technical requirements for Aave's Ethereum market launch

Aave Labs released 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 target of a 1:1 Bitcoin reserve, and at the time of assessment, its supply on the Ethereum mainnet was approximately 910.15 coins, valued at about 70.12 million USD.

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. The audit report for the cross-chain token service (CCTS) framework that allows the minting of cirBTC on Ethereum has not yet been provided. Additionally, the reserve proof data source has reported multiple times that the reserves are below the supply, and the specific reasons cannot be determined from on-chain data.