Wrapped Bitcoin (WBTC) is an ERC-20 digital asset that is backed 1:1 with Bitcoin (BTC).
The key points about WBTC are:
- WBTC allows Bitcoin holders to access the Ethereum ecosystem and DeFi applications by "wrapping" their BTC into an ERC-20 token.
- To mint WBTC, a user sends their BTC to a custodian, who then issues the corresponding amount of WBTC tokens. The custodian holds the BTC in reserve to back the WBTC 1:1.
- WBTC can be used for trading, lending, borrowing, and other DeFi applications on the Ethereum network.
- The WBTC project is overseen by the WBTC DAO, which controls the addition and removal of custodians.
- As of October 2022, the total and circulating supply of WBTC is 238,013.41 tokens.
In summary, Wrapped Bitcoin is an innovative way to bring the liquidity and functionality of Bitcoin to the Ethereum blockchain and DeFi ecosystem.
https://crypto-bitcoin.info/
