Wrapped Bitcoin (WBTC) is the first ERC20 token that is backed 1:1 with Bitcoin.
Loopring tweeted: “There’s nearly 50k WBTC on Ethereum. That’s >$500m. It’s time we put some WrappedBTC trading pairs on the Loopring Exchange. WBTC-USDC, ETH-WBTC are now live on Loopring. It is possible to enjoy enjoy gas-free, high-performance, BTC order book trading on Ethereum.”
In response one of the users expressed, the order books are there waiting to be made liquid. We call on our organic community of market makers and programmatic traders to get the job done! Remember, all maker orders receive a rebate. So no gas, no trading fees; actually earn money.
The CEO of FTX Official expressed that FTX has seen a massive OTC demand for WBTC this month.
Coindesk previously published that nearly 70% of all wrapped Bitcoins created in August were minted for Alameda Research. In July, the trading firm’s proposal to increase collateral on Compound from 0% to 40% was approved.
Several users are wrapping their BTC. Many of them are looking for WBTC Swaps in an attempt to identify clear arbitrage opportunities on the curve.
Binance, the best known cryptocurrency exchange has listed WBTC. This has added to the DeFi Craze. Therefore WBTC is now tradable on Binance. It is possible to wrap one’s Bitcoin on Binance.
James T, Crypto writer for the Currency Analytics opined: “I liked the idea of Wrapped BTC (WBTC) as it is a great way to using the value of BTC, and entering DeFi Industry. Is BTC dominating ETH on Ethereum?”
Reportedly, DeFi players like BitGo, Ren, Dharma, Kyber Network, Compound, MakerDAO and the Set Protocol have inspired WBTC.”
WBTC is showing create functionality in the DeFi industry. The Defi platforms are helping borrowers and lenders from across the world to connect to each other by making it possible to collateralize digital assets and also providing DeFi as a key benefit.
While trustless, is the prime concern, the WBTC are tokenized in trust requiring ways. It is nice to be most liquid though.
Some of them felt that Bitcoin has finally found a non-HODL use case on Ethereum. Very soon more of BTC might be on Ethereum. The BTC is still on the main chain through. The value is converted under the wrap. Ethereum Layer works like kind of a second layer for Bitcoin. It is getting simpler to convert Bitcoin to Wrapped BTC very easily.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
Get the latest Crypto & Blockchain News in your inbox.
Join Now