Latest Wrapped Bitcoin updates on January 17th

The WrappedBTC team has recently announced important updates. On December 13th, they have completed a milestone, collecting 11 signatures from current members to start transitioning to a DAO. On November 25th, they have announced 9 WBTC burns being processed and the MakerDAO protocol introducing a new WBTC Vault type. On October 26th, the KyberNetwork, BitGo, and Renprotocol have created the ERC20 token, WBTC, fully backed by real Bitcoin. On September 28th, Changelly welcomed WBTC on their platform. On September 18th, DappRadar listed WBTC among the top 5 DeFi dapps. On September 15th, Renprotocol announced the new BTC stable pool on Arbitrum. Finally, on September 6th, WBTC crossed the 200k mark.

What is Wrapped Bitcoin ?

Wrapped Bitcoin (WBTC) is a new project that seeks to bring the benefits of Bitcoin to the Ethereum network. WBTC is an ERC20 token that is backed 1:1 with Bitcoin, allowing users to trade Bitcoin on the Ethereum blockchain. This will allow users to access the security and trust of Bitcoin in the Ethereum network.

Through this project, users will be able to use Bitcoin in decentralized finance (DeFi) applications and benefit from the various advantages of Bitcoin. This includes the ability to trade Bitcoin in decentralized exchanges and to use smart contracts for trading.

The project is an initiative of the Kyber Network, a leading decentralized crypto exchange and liquidity provider, in collaboration with BitGo, a leading digital asset custodian. The two companies have teamed up to create a new token, WBTC, that is backed 1:1 with Bitcoin.

WBTC is an Ethereum-based token that is pegged to the value of Bitcoin. When a user deposits Bitcoin into the platform, BitGo will mint an equivalent amount of WBTC which will be sent to the user’s Ethereum wallet address. The user can then use this token to interact with Ethereum-based applications such as decentralized exchanges, DeFi protocols, and smart contracts.

The project is designed to bring the benefits of Bitcoin to the Ethereum network. By bridging the two networks, users will be able to access the security and trust of Bitcoin while also benefiting from the Ethereum network’s smart contracts and decentralized applications.

In addition, the project is aimed at making it easier to use Bitcoin in Ethereum-based applications. By providing a tokenized representation of Bitcoin on the Ethereum network, users will be able to easily access the various DeFi applications and take advantage of their features.

The project is currently in its early stages, but it has the potential to revolutionize the way users interact with Bitcoin and Ethereum. With the increasing popularity of DeFi applications, the project could open up the world of Bitcoin to a much wider audience.

This article was published on 2023-01-29 by Marc Endevor. Information shown in this article was gathered from the project’s website and Twitter account. Coinvestigate cannot guarantee the accuracy of this information, or any news that may have impacted the project in the meantime.