Research summary
This review reaches an adverse research assessment because withdrawal timing remains unconfirmed, despite a signer committee comparable to an already-approved peer. sBTC uses a genuinely different design from custodial wrappers: 14 to 15 elected signers, including named entities such as Figment, Blockdaemon, and Kiln, approve mints at a roughly 70% threshold instead of using a small custodial multisig. This committee is comparable in size to Lombard BTC.b's approved 14-member, 10-of-14 Security Consortium. But Stacks' own documentation does not state deposit or withdrawal timing for either direction, and this review could not confirm the peg-out mechanics anywhere. A committee of comparable size is not enough on its own. Without confirmed exit terms, this registry cannot certify what a stressed redemption would actually look like.
Observable review triggers
- Withdrawal or peg-out timing and mechanics are independently confirmed and demonstrated at proposed size
- Current signer count and threshold are confirmed precisely, resolving the discrepancy across sources
- Phase 3's permissionless, Proof-of-Transfer-integrated signer model is implemented and independently verified
- Twelve consecutive months with no depeg or signer-related incident following the above disclosures
Facts on file
- Verdict
- Rejected
- Type
- Other
- Chains examined
- Ethereum
- Reviewed
- Last confirmed