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Wrapped Bitcoin is a way to lock up Bitcoin (BTC) in a smart contract on the Ethereum (ETH) blockchain. A smart contract can turn the BTC into an ERC20 token, which is the standard token type used on Ethereum.
The process of locking up the Bitcoin and turning it into an ERC20 token is known as "wrapping." Once the BTC is turned into an ERC20 token, it can be used in Ethereumâ€™s rapidly expanding DeFi ecosystem. Traders can deposit wrapped Bitcoin into a yield aggregator and earn interest on their deposit, supply liquidity to Uniswap and earn a percentage of trading fees & deposit wrapped Bitcoin in MakerDAO and take out a collateralized loan.
There are some benefits when you wrap Bitcoin. These advantages have helped creating a new sector in the blockchain industry.
Wrapped Bitcoin (NOT AN ICO) is aiming to tokenise Bitcoin as an ERC-20 Token, allowing for benefits such as cheap and fast transactions What is Wrapped Bitcoin? What is $WBTC? I ...
With the rise in popularity of ERC20, digital tokens in the Ethereum ecosystem have emerged as an important asset class. These tokens have all the advantages that blockchains and Ethereum have to offer in terms of transparency in total number of coins, owners, minting, fast confirmation times, transactions details and smart contract execution.
Wrapped Bitcoin was founded back in January 2019.
Its source code was released publicly on github on November 2018
under the MIT License license.
Organization wise, Wrapped Bitcoins Development is and is being developed under the lead of a non-public figure..
The consensus on which the Wrapped Bitcoin network is run is called Aura, while
the underlying algorithm is called Aura Consensus.
In the current state of Wrapped Bitcoin currently is
There is no official WBTC-subreddit yet
|directions_run Active Users|
|create Daily Posts|
|speaker_notes Daily Comments|
There is no official Telegram Channel for WBTC yet
There is NO official Twitter account for Wrapped Bitcoin yet
|person 1 Followers|
There are no events for Wrapped Bitcoin in the next 3 Months
The Google Trends chart displays the search interest on google in Wrapped Bitcoin relative to its peak over the last year. A rising chart shows growing interest int he project.
Every change to the codebase of Wrapped Bitcoin is registered as a commit. More active projects have many commits, dead projects nearly none.
Extending a project results in many new lines of code. Changing existing code results in nearly the same amount of additions and deletions. Projects that are growing show a large number of code additions with relatively few deletions.
|star 51 Stars|
|remove_red_eye 6 Watchers|
|usb 39 Forks|
|sync_problem 12 Open Issues|
|border_color 157.46 % Comment Coverage|
|lock_open MIT License License|
Convert between WBTC and USD with the live Wrapped Bitcoin prices, aggregated from all big exchanges that trade Wrapped Bitcoin.
Volume from exchanges is considered untrusted if the exchange has little reputation and no License but reports suspiciously high trading volume in particular coins.
Unknown who founded Wrapped Bitcoin
One amazing project that has been the focus of the deFi community lately is the Wrapped Bitcoin. Wrapped Bitcoin, or WBTC, has been the most successful project in the deFi category in terms of market capitalization, use in the sector, and community growth. The purpose behind Wrapped Bitcoin is very intriguing. It is a protocol that aims to bring the whole Bitcoin infrastructure under the covers of Ethereum. This means that users will be able to use Bitcoin while staying inside Ethereumâ€™s ecosystem.
WBTCs, as actual products are tokens based on ERC-20 standards. Each token is basically supported by a Bitcoin in a 1:1 parity. WBTC is a way to integrate Bitcoin, and therefore other cryptocurrencies, to their DeFi counterparts on the Ethereum blockchain. Before WBTC, there was no way for Bitcoin holders to participate in the DeFi space, as it only supports ERC-20 tokens. How things happened before was that users had to exchange their Bitcoin for Ethereum or any other ERC-20 token, and it required transferring their coins to and fro cryptocurrency trading exchanges and wallets. Altogether, it used to be an arduous task, and the users then were not owning Bitcoin, they were holding Ethereum. WBTC has made this process easier and much quicker. The legging into Ethereum from Bitcoin does not require these many steps and can be considered direct for an end-user.
WBTC is a collaborative project of BitGo, Compound, MakerDAO, Kyber, and Ren.
The project is very young now. It was launched in January 2019 as a collaborative effort between multiple big players of the community. It is interesting to note that the majority of these organizations belonged to deFi space and were aiming to use Bitcoin to increase liquidity on the Ethereum network. BitGo, Compound, MakerDAO, Kyber, and Ren are some of the blockchain entities supporting the development of WBTC. The reason to target Bitcoin is that Bitcoin is by far the most popular cryptocurrency of all time, and a majority of it is just sitting idly in cold wallet storage. By bringing a fraction of that idle cryptocurrency into the natural market will boost the deFi economy and will prove to be fruitful in terms of better liquidity. Wrapped Bitcoin has gained quite a name for itself. It has become a rising force in the deFi space. Crypto-enthusiast who were particularly interested in Bitcoin is now pulled towards the world of deFi all because of WBTC. In October, Coinbase announced that it is going to list WBTC on its exchange, Coinbase Pro. This is a very exciting development for WBTC, as it is now being accepted and listed by many renowned trading exchanges.
The current development activities are being done collectively under the collaboration of many cryptocurrency giants. The code for the WBTC protocol is available for the public on GitHub. The GitHub repository is very active and shows frequent commits.
|Adoption||WBTC has been widely accepted lately, and the community around the project has grown significantly.|
|Transactions per second||Since WBTC is an ERC-20 token, it offers a decent transactional speed.|
|Transaction speed||Since WBTC is an ERC-20 token, it offers a decent transactional speed.|
|Energy consumption||The technology does not rely on mining processes to carry out financial transactions and for that reason, it can be counted as an energy-efficient technology.|
|Product availability||WBTC has already tokenized around 560 Bitcoins and has started working as an actual product.|
|Exchange availability||WBTC is getting accepted and listed on many renowned cryptocurrency exchanges.|
|Security||wBTC is a relatively newer cryptocurrency, and therefore, its security has not been fully tried and tested.|
|Transaction cost||Different exchanges charge a little percentage of the transaction to wrap and unwrap a Bitcoin.|
|Decentralization||wBTC is not fully decentralised|
|Privacy||WBTC miners are required to comply with KYC/AML procedures. However, normal users who just hold WBTC are not required to comply with KYC procedures.|
The development around WBTC has been very promising and it has gained an unmatched amount of support in only two years. With the way things are going, WBTC is going to grow both in terms of its community and digital usage.
The upcoming projects under the hood of WBTC are Betoken. Betoken is a project that will increase the use of cases for WBTC and grow its involvement in daily transactions. Other than that, another much-hyped project is known as dYdX and is a tool that will allow users to lend, borrow, and margin Bitcoin on the Ethereum network.
WBTC has immense potential. This can be gauged by the fact that the most popular cryptocurrency is Bitcoin. Even if we talk in terms of market capitalization, BTC has a clear lead. On the other hand, deFi is the future of the cryptocurrency world. When both these forces will join, the result will naturally become one of the most sought after utility.
Wrapped Bitcoin is very similar to many other cryptocurrencies in its architectural styles. Although many of the other wrapped technologies do not necessarily target Bitcoin, the architectural concept is very close to the likes of Yearn Finance (YFI), Wrapped Ether (WETH), Tether (USDT), USD Coin (USDC), Dai (DAI), ChainLink (LINK) and Compound (COMP), etc.
Wrapped Bitcoin has swept the cryptocurrency markets with great success and has acquired amazing partnerships along the way. First of all, it is being developed under the collaboration of many cryptocurrency giants like BitGo, Compound, MakerDAO, Kyber, and Ren. Many cryptocurrency trading exchanges have also listed WBTC on their exchange lists in the previous year. Among these are Coinbase Pro, Binance, Bittrex, OKEx, etc. In September, WBTC entered into a partnership with TRON cryptocurrency as well. BitGo, one of the developers of WBTC, plans to launch the token on the TRON blockchain as well. This will take WBTC to new heights as it will capture another cryptocurrency network other than Ethereum.
WBTC has attracted a great number of followers in no time and has developed a huge community around itself. It has active representation on social platforms like Reddit, Medium, Twitter, etc. It is being adopted by a growing number of exchanges and is on its way to becoming a mainstream cryptocurrency.
It is being developed under the unanimous and collaborative efforts of many cryptocurrency organizations.
|# 1||Binance||WBTC/BTC||$ 40,463.98||$ 14,194,966||check|
|# 2||Binance||WBTC/ETH||$ 40,652.08||$ 3,507,311||check|
|# 3||Bittrex||WBTC/ETH||$ 40,519.22||$ 4,341||check|
|# 4||Bittrex||WBTC/BTC||$ 40,257.43||$ 2,585||check|
|# 5||Bittrex||WBTC/USDT||$ 21,200.88||$ 597||check|
|# 6||OKEx||WBTC/BTC||$ 40,403.23||$ 3,976,110||clear|
|# 7||Huobi||WBTC/BTC||$ 40,455.88||$ 202,939||clear|
|# 8||Huobi||WBTC/ETH||$ 40,347.60||$ 54,223||clear|
|# 9||TOKPIE||WBTC/BMC||$ 39,918.92||$ 7,788||clear|
|# 10||Indodax||WBTC/IDR||$ 7,074.000||$ 1,057||clear|
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