Wrapped Bitcoin (WBTC) is the tokenized version of the original cryptocurrency Bitcoin (BTC) on the Ethereum (ETH) blockchain network. WBTC essentially operates as an ERC-20 token. As it is known, the ERC-20 token standard is a system used in the ETH network. Tokens that follow this standard are compatible with all decentralized applications in the ETH ecosystem. WBTC can also benefit from all the opportunities offered by the ETH network. Considering the decentralized finance (DeFi) ecosystem, whose value exceeds millions of dollars, it is possible to better understand the importance of this situation. Throughout this content, we will talk about WBTC tokens and the opportunities it offers to its users. We will also touch on some technical data about this cryptocurrency.
“Ensuring the power of Bitcoin in ERC-20 flexibility.” One of the statements the team has recorded for the WBTC token. A one-to-one BTC-based project that offers many benefits to WBTC users. As it is known, Ethereum (ETH), the favorite altcoin of the crypto money market, hosts many new projects. The value of these innovations exceeds millions of dollars. We can say that the heart of the decentralized finance (DeFi) ecosystem beats in the ETH network. Combining this unique ecosystem with the power provided by the original cryptocurrency Bitcoin (BTC)… Experts say this is a pretty good idea. Indeed, combining the mobility of the ERC-20 with the power of BTC could open up great possibilities for the cryptocurrency ecosystem.
Wrapped Bitcoin (WBTC) is designed to be one-to-one with Bitcoin (BTC). The validity of this situation is checked by the community. Investors using the network and other components of the network always check and ensure the one-to-one ratio of WBTC. In addition, these components in the network also guarantee the liquidity of WBTC. The first ERC-20 token in history to be based on Bitcoin at a one-to-one ratio is WBTC. It should also be noted that entrepreneurs have made a breakthrough in this context. Wrapped Bitcoin (WBTC) stands out as an innovative cryptocurrency that is completely transparent, 100% verifiable and most importantly managed by its own community. One of the claims of the team is that BTC is more powerful and useful in this form. It was also stated that WBTC provided a better liquidity opportunity to the ETH ecosystem.
When Was Wrapped Bitcoin (WBTC) Launched?
The Wrapped Bitcoin (WBTC) project was first announced to crypto lovers on October 26, 2018. The implementation of the project and the start of its activities became possible on 31 January 2019. The Wrapped Bitcoin (WBTC) project is essentially a product of the Wrapped tokens project. WBTC, which was established not by a single person but by the combination of different organizations, is among the remarkable initiatives of the ecosystem. BitGo, Kyber Network and Ren are known as the founding partners of WBTC.
The first activities of the organization called BitGo date back to 2013. This institution, which provides services at the corporate level, offers various financial services to its users. BitGo, which we know to be the main guarantee of WBTC, took its place among the leading developers of this project. Kyber Network, the other founding organization of the WBTC project, operates as a kind of Blockchain liquidity protocol. Crypto lovers who benefit from this platform enjoy being able to use different currencies in various decentralized applications. Ren, another architect of WBTC, is another project that targets decentralized finance. We see that this project has achieved great success in its history. It seems that the developers of the Wrapped Bitcoin (WBTC) platform aimed to create a quality platform by combining their experiences.
How Does Wrapped Bitcoin (WBTC) Work?
Wrapped Bitcoin (WBTC) is a type of ERC-20 token. As it is known, ERC-20 tokens are a standard used in the Ethereum (ETH) network. Tokens following this standard can harmoniously rule the entire ETH network. This means a very wide area of use for tokens such as WBTC. As an ERC-20 token, WBTC embodies the technical capabilities and features of the Ethereum network. WBTC, which can be stored in Ethereum wallets, can be integrated into all decentralized applications (dApps) and smart contracts in this network. So how can we interpret this situation? Accordingly, it is possible to say that WBTC is a crypto currency that can be used on a very large scale.
WBTC is the standardization of the leading cryptocurrency Bitcoin (BTC) with the ERC-20 format. Let’s admit that this situation is open to discussion. However, the result is a product that offers various opportunities for users. Thanks to WBTC, it becomes possible to create smart contracts for BTC. WBTC is a cryptocurrency that supports various Ethereum nodes. Accordingly, it is possible to make payments in many applications and to use ETH compatible wallets.
Wrapped Bitcoin (WBTC) Price
Currently wBTC price in last 24 hours -3.80%with change 374,802.38 TL It is bought and sold in pounds. On the other hand, the price of Wrapped BTC against the US Dollar 21,106.66 $from, against the Euro 20,687.53 €It is traded from.
Since it is an ERC-20 token, the total amount of this cryptocurrency is not limited. The number of wBTC tokens currently in circulation is 230 thousand 261. WBTC saw the lowest level of $13,900 in a year as of the time this content was prepared. For the all-time record, we can say that the level of $ 66,400 has been recorded.
Where to Buy Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (WBTC) is available from many exchange platforms. Of course, there are also non-exchange ways to procure this cryptocurrency. However, exchanges have the feature of being a party that users can trust. However, users need to be careful about which exchange they prefer. Binance offers trading for WBTC on Coinbase, FTX, Uniswap or Kucoin exchanges platforms.
