What is Wrapped Bitcoin?
Launched in January 2019 as a joint project between BitGo, Kyber Network and Ren, Wrapped Bitcoin (WBTC) is a Bitcoin token that can run on the Ethereum blockchain. The WBTC allows Bitcoin assets to integrate with Ethereum financial decentralized applications, which will enable Bitcoin to be more liquid.
The WBTC Token
WBTC is an ERC-20 token that is compatible with the Ethereum blockchain. Backed by Bitcoin at a 1:1 ratio, WBTC’s value is ensured by Bitcoin, allowing users to transfer tokens between Bitcoin and Ethereum networks seamlessly.
Wrapped Bitcoin has a market cap of just over $2 billion and has a circulating supply of 117,062 WBTC. The maximum supply is 21 million WBTC. Wrapped Bitcoin can be traded on all top cryptocurrency exchanges.
How Wrapped Bitcoin Works
WBTC acts as a bridge between Bitcoin and Ethereum so that Bitcoin users can run DeFi applications. Other DeFi protocols are also allowing borrowers to use WBTC collateral by using smart contracts.
When users want to utilize these other blockchain networks using their Bitcoin, they exchange their Bitcoin token for a WBTC token from the BitGo Trust. The BitGo Trust securely holds the Bitcoin in reserve to back the WBTC token.
Now the user can run DeFi and DApps on the Ethereum network without selling their Bitcoin or buying other cryptocurrencies. When the user wants to move tokens back to the Bitcoin network, they can unwrap their WBTC token by exchanging it back to the BitGo Trust for a Bitcoin token.
The Wrapped Bitcoin project is governed by a WBTC Decentralized Autonomous Organization (DAO). The DAO audits the WBTC tokens publicly to ensure the BitGo Trust and the smart contract match. The DAO also votes on any improvements, new minters, custodians, and DAO members.
What are Wrapped Bitcoin Frequenty Asked Questions?
Where does Wrapped Bitcoin (WBTC) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Wrapped Bitcoin currently ranks in position 20 out of the thousands of cryptocurrencies. It is also important to consider Wrapped Bitcoin‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Wrapped Bitcoin has a market cap of $ 8,798,286,638, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 825,497,257,596, Litecoin at $ 10,222,946,895, Ethereum at $ 354,441,680,517, Tether at $ 70,736,416,834, and XRP at $ 44,427,477,830.
What is the price of Wrapped Bitcoin (WBTC) today (updated in realtime)?
The current price of Wrapped Bitcoin is $ 43,856.00 in USD. (The price in Euros is 37.419,47 €; and the price in Bitcoin is Ƀ 0.99417400 BTC.)
What is Wrapped Bitcoin‘s (WBTC) market supply?
The total available supply of Wrapped Bitcoin is 205,921 WBTC. The total supply of Wrapped Bitcoin is 205,921 WBTC.
What is the 24 hour volume for Wrapped Bitcoin (WBTC)?
The 24 hour volume for Wrapped Bitcoin is $ 361,424,424.
How has Wrapped Bitcoin (WBTC) performed recently?
Wrapped Bitcoin‘s price has increased in the last 24 hours by 2.05%. This compares with a seven day change of -9.14%. The trading volume over the last 24 hours was $ 361,424,424. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Wrapped Bitcoin (WBTC) official website?
Links to Wrapped Bitcoin‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Wrapped Bitcoin (WBTC) performed well historically?
Here is a chart showing how Wrapped Bitcoin has performed historically.
Where Can I Buy Wrapped Bitcoin (WBTC)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Wrapped Bitcoin News
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- Derivatives data suggests Solana has reached a short-term topCointelegraph.com News - 14 hours agoSOL’s futures open interest recently hit $1 billion and while the recent price swing liquidated leveraged longs, data suggests the short-term top is not a…
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- Average Aussie crypto portfolio grew 258% in FY 20-21, survey revealsCointelegraph.com News - 18 hours agoOlder Australian crypto investors outweigh the new generation in initial investment, but the younger crowd is more active in daily trading. The average portfolio size…