Custodied BTC · Ethereum
Wrapped BTC WBTC
An Ethereum token representing BTC held in custody. Its backing and redemption depend on the custodian and merchant network.
Sample protocol snapshot. These figures are not the current protocol state.
Assessment overview
The assessment could not be loaded. Available protocol data is shown below.
Risk data & lending terms
Lending terms
Effective annual interest
1.25% – 1.88%
Current rate, adjusted for retained reserve
Retained reserve
20.0%
Current share of gross minted debt
Global minting limit
9.0M ZCHF
Across all originals · 56.2% used
Effective interest = (base rate + contract premium) ÷ (1 − retained reserve). Rates vary; average 1.55%, weighted by debt outside the reserve.
Positions & price exposure
Price exposure
0 ZCHF (0.00% of this asset's debt) is within 10% of its configured liquidation price at the last observed market price.
The last price observation is 1580 hours old; this asset's monitoring window is 1 hours. Price-based figures describe that earlier observation.
Collateral value / debt
181%
reference-priced collateral ÷ debt across the considered positions
Nearest price cushion
reference-price distance to the highest configured liquidation price · median 42.2%
Positions considered
8
active, with debt, at 64.0k CHF / WBTC
Debt by price cushion
- ≤ 0%–
- 0 – 5 %–
- 5 – 10 %–
- 10 – 20 %–
- 20 – 40 %1.4M
- > 40 %3.7M
Positions nearest their liquidation price
| Position | Price cushion | Debt ZCHF | WBTC | Liq. price | State |
|---|---|---|---|---|---|
| 0x0C80da…882223v2 · clone | 37.5% | 1.4M | 35.00 | 40'000 | open |
| 0x422050…9D70e6v2 · clone | 40.6% | 3.8k | 0.1000 | 38'000 | open |
| 0x8E2Dc1…9E2cf8v2 · original | 42.2% | 1.3M | 36.00 | 37'000 | open |
| 0xfB2146…D66ec1v2 · clone | 42.2% | 74.0k | 2.0000 | 37'000 | open |
| 0x4dF874…a1D840v2 · clone | 42.2% | 3.7k | 0.1000 | 37'000 | open |
Cushion = reference-price distance to the configured liquidation price. Reference price: 64'015 CHF. Showing 5 of 8; the full list is in the Positions block.
What if the price falls?
Explore debt at or beyond its configured liquidation price. Positions and parameters stay unchanged. This estimates threshold exposure, not liquidation proceeds or losses; comparisons assume 1 ZCHF = 1 CHF.
Starting price: 64'015 CHF / WBTC, observed 07 Sept 2026, 14:22 UTC. This scenario uses an unverified or outdated reference price.
0 ZCHF (0.00%) across 0 positions at or beyond their configured liquidation price.
Scenario price: 57'614 CHF
Compare price scenarios
| Price drop | Reference CHF price | Debt beyond threshold | Share of asset debt | Positions |
|---|---|---|---|---|
| 0% | 64'015 | 0 ZCHF | 0.00% | 0 |
| 10% | 57'614 | 0 ZCHF | 0.00% | 0 |
| 20% | 51'212 | 0 ZCHF | 0.00% | 0 |
| 40% | 38'409 | 1.4M ZCHF | 27.65% | 1 |
Positions
| Position | Owner | WBTC | Minted ZCHF | Coll. ratio | Liq. price | Effective interest | Reserve | Auction | Expires |
|---|---|---|---|---|---|---|---|---|---|
| 0x0C80da…882223v2 · clone | 0x963e…b301 | 35.00 | 1.4M | 160% | 40'000 | 1.25% | 20% | 24 h | 04 Sept 2027 |
| 0x8E2Dc1…9E2cf8v2 · original | 0x963e…b301 | 36.00 | 1.3M | 173% | 37'000 | 1.88% | 20% | 2 d | 09 Nov 2027 |
| 0x194E0d…879F4ev2 · original | 0x963e…b301 | 40.30 | 1.2M | 215% | 34'000 | 1.25% | 20% | 24 h | 04 Jun 2028 |
| 0xc7DEe3…53eF19v2 · clone | 0xE346…D341 | 29.85 | 1.0M | 183% | 35'000 | 1.88% | 20% | 2 d | 09 Nov 2027 |
| 0xfB2146…D66ec1v2 · clone | 0xDc82…11cf | 2.0000 | 74.0k | 173% | 37'000 | 1.88% | 20% | 2 d | 09 Nov 2027 |
| 0xc37511…043635v2 · clone | 0x3777…B1E0 | 0.1379 | 4.8k | 183% | 35'000 | 1.88% | 20% | 2 d | 09 Nov 2027 |
| 0x422050…9D70e6v2 · clone | 0x9291…2B76 | 0.1000 | 3.8k | 169% | 38'000 | 1.88% | 20% | 2 d | 26 Apr 2027 |
| 0x4dF874…a1D840v2 · clone | 0xA448…6Ea2 | 0.1000 | 3.7k | 173% | 37'000 | 1.88% | 20% | 2 d | 09 Nov 2027 |
41 closed or denied positions
| 0x84eDBA…dC758Cv1 · clone | 0x7e24…B53F | 0.0000 | 0 | – | 40'000 | 3.33% | 10% | 24 h | 15 Apr 2025 |
| 0x9532A1…243662v1 · clone | 0x7e24…B53F | 0.0000 | 0 | – | 40'000 | 2.50% | 20% | 24 h | 29 Jan 2025 |
| 0x14eC23…319A92v1 · clone | 0xf980…f526 | 0.0000 | 0 | – | 40'000 | 2.50% | 20% | 24 h | 29 Jan 2025 |
| 0xfC22a3…7538A7v1 · original | 0xbfE1…494e | 0.0000 | 0 | – | 30'000 | 3.33% | 10% | 24 h | 15 Jul 2028 |
| 0xF465aD…9100C3v1 · original | 0xbfE1…494e | 0.0000 | 0 | – | 30'000 | 2.22% | 10% | 24 h | 25 Jul 2026 |
| 0x95eA1b…6Ee75Ev1 · clone | 0xDccf…c24c | 0.0000 | 0 | – | 30'000 | 2.22% | 10% | 24 h | 31 Aug 2024 |
| 0x4c400C…e79F67v1 · clone | 0xdEa2…27Ee | 0.0000 | 0 | – | 30'000 | 2.22% | 10% | 24 h | 25 Mar 2026 |
| 0x53b42a…7bD877v1 · clone | 0xdEa2…27Ee | 0.0000 | 0 | – | 30'000 | 2.22% | 10% | 24 h | 25 Mar 2026 |
| 0x99EF4d…Fe486ev1 · clone | 0xDc82…11cf | 0.0000 | 0 | – | 30'000 | 2.22% | 10% | 24 h | 25 Mar 2026 |
| 0x030eE6…2D771dv1 · clone | 0xdEa2…27Ee | 0.0000 | 0 | – | 30'000 | 2.22% | 10% | 24 h | 25 Mar 2026 |
| 0x5eD895…7E66a4v1 · clone | 0xdEa2…27Ee | 0.0000 | 0 | – | 0.000000 | 2.22% | 10% | 24 h | 25 Mar 2026 |
| 0x98CE3e…492f96v1 · clone | 0xDc82…11cf | 0.0000 | 0 | – | 30'000 | 2.22% | 10% | 24 h | 25 Mar 2026 |
| 0x98725e…241EF3v1 · original | 0x963e…b301 | 0.0000 | 0 | – | 40'000 | 2.22% | 10% | 24 h | 25 Mar 2026 |
| 0x220aaf…99A47Fv1 · clone | 0x5F7b…913c | 0.0000 | 0 | – | 36'000 | 2.50% | 20% | 24 h | 29 Jan 2025 |
| 0x13753e…22E590v1 · clone | 0xC01c…FdcA | 0.0000 | 0 | – | 37'320 | 2.50% | 20% | 24 h | 29 Jan 2025 |
| 0x9FB558…eD29B6v1 · clone | 0xdEa2…27Ee | 0.0000 | 0 | – | 36'000 | 2.50% | 20% | 24 h | 29 Jan 2025 |
| 0xe4255F…854e97v1 · clone | 0x963e…b301 | 0.0000 | 0 | – | 30'000 | 2.50% | 20% | 24 h | 27 Jan 2025 |
| 0xe394e7…30645bv1 · clone | 0x2D89…4561 | 0.0000 | 0 | – | 40'000 | 2.50% | 20% | 24 h | 29 Jan 2025 |
| 0xDa3c50…9c1c87v1 · clone | 0x9aaD…BBcC | 0.0000 | 0 | – | 30'000 | 2.50% | 20% | 24 h | 29 Jan 2025 |
| 0xD0a865…dF019Fv1 · original | 0x93F9…f6A7 | 0.0000 | 0 | – | 70'000 | 2.50% | 20% | 24 h | 29 Jan 2025 |
| 0xB010cc…92CF4Cv2 · clone | 0x5b61…F1C0 | 0.0000 | 0 | – | 37'000 | 1.88% | 20% | 2 d | 31 Dec 2026 |
| 0xfE8163…2CE59bv2 · clone | 0x963e…b301 | 0.0000 | 0 | – | 40'000 | 1.25% | 20% | 24 h | 30 Jun 2026 |
| 0xB51c80…6ef4D0v2 · original | 0x963e…b301 | 0.0000 | 0 | – | 40'000 | 1.25% | 20% | 24 h | 04 Sept 2027 |
| 0xeE8333…9f96Aav2 · clone | 0x078a…45FD | 0.0000 | 0 | – | 75'000 | 1.75% | 20% | 24 h | 13 Dec 2025 |
| 0x0A4137…8Fb600v2 · clone | 0xa9bA…9604 | 0.0000 | 0 | – | 75'000 | 1.75% | 20% | 24 h | 13 Dec 2025 |
| 0x7c9E13…b4B9b1v2 · clone | 0x5275…f3a2 | 0.0000 | 0 | – | 75'000 | 1.75% | 20% | 24 h | 30 Sept 2025 |
| 0x090599…0cb26fv2 · clone | 0x963e…b301 | 0.0000 | 0 | – | 50'000 | 1.75% | 20% | 24 h | 13 Dec 2025 |
| 0x9f5c9C…c9c9CCv2 · clone | 0x77fA…2f71 | 0.0000 | 0 | – | 75'000 | 1.75% | 20% | 24 h | 30 Jun 2025 |
| 0x5A1f17…71DDF4v2 · clone | 0x83bD…2b4D | 0.0000 | 0 | – | 75'000 | 1.75% | 20% | 24 h | 30 Jun 2025 |
| 0x063Cb8…F6234Fv2 · clone | 0xf980…f526 | 0.0000 | 0 | – | 50'000 | 1.75% | 20% | 24 h | 01 Apr 2025 |
| 0x64e72F…e5530Cv2 · clone | 0x8E3F…0303 | 0.0000 | 0 | – | 50'000 | 1.75% | 20% | 24 h | 01 Apr 2025 |
| 0xf629b2…DFD465v2 · clone | 0x8E3F…0303 | 0.0000 | 0 | – | 65'000 | 1.75% | 20% | 24 h | 08 Mar 2025 |
| 0xe45FCc…45Ae1cv2 · clone | 0x437e…571E | 0.0000 | 0 | – | 65'000 | 1.75% | 20% | 24 h | 07 Mar 2025 |
| 0xE15081…BB5982v2 · clone | 0xf980…f526 | 0.0000 | 0 | – | 65'000 | 1.75% | 20% | 24 h | 07 Mar 2025 |
| 0xedb5E7…e4A078v2 · clone | 0xa9bA…9604 | 0.0000 | 0 | – | 65'000 | 1.75% | 20% | 24 h | 01 Oct 2025 |
| 0xF725f1…a6C9Edv2 · clone | 0x437e…571E | 0.0000 | 0 | – | 75'000 | 1.75% | 20% | 24 h | 31 Jan 2025 |
| 0xABA90C…3bABafv2 · clone | 0x437e…571E | 0.0000 | 0 | – | 75'000 | 1.75% | 20% | 24 h | 31 Jan 2025 |
| 0x1FFA43…45032bv2 · clone | 0x437e…571E | 0.0000 | 0 | – | 65'000 | 1.75% | 20% | 24 h | 31 Jan 2025 |
| 0x7C4aCe…31AC19v2 · clone | 0xdEa2…27Ee | 0.0000 | 0 | – | 49'000 | 1.75% | 20% | 24 h | 13 Dec 2025 |
| 0x192E98…6703A0v2 · clone | 0x8E3F…0303 | 0.0000 | 0 | – | 75'000 | 1.75% | 20% | 24 h | 31 Jan 2025 |
| 0xB4A71e…546709v2 · original | 0x963e…b301 | 0.0000 | 0 | – | 50'000 | 1.75% | 20% | 24 h | 13 Dec 2025 |
Effective interest includes the reserve adjustment. Collateral ratio = collateral value at the current price ÷ minted. Open a position on app.frankencoin.com ↗.
Challenges & liquidations
| Started | Position | Challenger | Size (WBTC) | Filled | Liq. price | Bids | Status |
|---|---|---|---|---|---|---|---|
| 17 Nov 2025, 19:35 UTC | 0x0a4137…8fb600 | 0x963e…b301 | 0.2000 | 100% | 75'000 | 1 | Success |
| 17 Nov 2025, 19:01 UTC | 0xee8333…9f96aa | 0x0000…babb | 0.1150 | 100% | 75'000 | 1 | Success |
| 17 Nov 2025, 00:27 UTC | 0xee8333…9f96aa | 0x0000…babb | 0.1150 | 100% | 75'000 | 1 | Success |
| 09 Apr 2025, 12:31 UTC | 0xedb5e7…e4a078 | 0x963e…b301 | 0.2000 | 100% | 65'000 | 1 | Success |
Most recent 25. Full history on app.frankencoin.com ↗.
Changes & sources
Governance reference: not linked. A discussion link and a published assessment do not by themselves verify an adopted parameter set.
All protocol parameters
Reference market price
64'015 CHF
$79'059
Minted ZCHF
5.1M
debt against this collateral
Remaining aggregate limit
3.9M
of 9.0M ZCHF total limit
Estimated collateral value
9.2M CHF
143.49 WBTC locked
Open positions
8
8 total · 2 original / 6 clones
Debt / collateral value
55.3%
debt ÷ reference-priced collateral
Contract risk premium (V2)
0.24%
positions range 0.00% – 0.50%
Annual fee rate on gross debt
1.24%
= base rate + contract premium, before reserve adjustment
Challenges
0
active · 4 total
Source: protocol aggregate (api.frankencoin.com/ecosystem/collateral/stats) · price via defillama (07 Sept 2026, 14:22 UTC)
Community discussion
#17 · Acceptable Collaterals · opened 27 Jan 2024 by luziusmeisser · 2 comments · ▲ 3 · matched by title
Original post (show)
We should support Wrapped Bitcoin as a collateral.
What are the right parameters for a position with a three year horizon?
CHF interest stands at 1.75%, and the yield curve for three year mortgages stands at 2.02%, so let's start with 2%.
On top of that, we need to add a risk premium that depends on the volatility of the underlying asset, the reserve ratio, and the auction duration. These three define the expected outcome in case the market price P touches the liquidation price LIQ in the following chart:
Let's assume the auction duration is two days, with each of the two phases being 1 day. This gives the position owner (and the market) one day to react in case the position is being challenged. This should be enough given the liquidity of WBTC even if there are only very few system participants. Currently, Bitcoin's annualized volatility stands at 56%. This translates into a two-day volatility of 0.56*sqrt(2/365)=4.1% or an hourly volatiliy of 0.6%. Given these parameters, we are interested in the expected outcome of successful challenges. So the question is: given that the price touched the liquidation price and a challenge was started, what is the expected profit or loss for the system?
Plugging the above numbers into a Monte Carlo simulation, it looks like we can expect successful auctions to and at a price of around 96% of the liquidation price. This means that already with a buffer of 10%, the expected liquidation will be slightly profitable. To be on the safe side (considering that returns are not normally distributed in practice), let's set the buffer at 20%, yielding an average profit of 14% of the liquidation price (after deducting 2% challenger reward). This means that we do not need to add a risk premium at all at average with a buffer as generous as 20%. Even when simulating with historical data, we find that a 10% buffer is enough to make liquidations profitable most of the time:
(Chart from the Frankencoin thesis.)
With a buffer of 20%, the minter gets 80%, so when setting the interest to 2%, the effective interest is 2%/80%=2.5%, which should be a reasonably attractive rate. What do you think?
Comments
TaprootFreak · 27 Jan 2024 · ▲ 1
I am in favour of adding WBTC.
I find it difficult to have an opinion on the question of conditions. I will try to add some data. Perhaps it will be helpful.
On the credit side:
I currently have an interest rate of 0% on my Raiffeisen account. Apparently we have got used to the fact that the bank doesn't pay us any interest on overnight deposits. With my USDT in my Metamask, I have also got used to not receiving any interest on my USD holdings.On the debt side:
I have a mortgage with the following parameters:
max 80% loan-to-value
term of 3 years
Saron base rate 1.692064%
Raiffeisen surcharge 0.75%
Effective interest rate: 2.442064%Bitcoin has a slightly higher volatility than the housing market. So if I get an offer from Frankencoin for 80% loan-to-value and 2.5% interest, then I think that's very attractive.
torginmackinga · 28 Jan 2024 · ▲ 1
WBTC seems like a good collateral since it is very liquid.
The limit should not be set too high (compared to the total supply of ZCHF), as there is a tail risk that the custodian fails and the coins become unbacked.
