It is an ERC-20 token backed 1:1 with real Bitcoin
Question.Why you have to make an erc-20 token backed with real btc if we already have the actual bitcoin? That doesn't make sense IMO.
Topic: Wrapped BTC (WBTC) surges as it becomes an accepted collateral asset (Read 160 times)
Why you have to make an erc-20 token backed with real btc if we already have the actual bitcoin? That doesn't make sense IMO.
May 14, 2020, 09:36:45 AM
~snip~
Nothing is surprising. Any BTC named coins in the market would potentially rise up if there are events that are tied up with BTC.We do know that halving recently happened and we know
on how the market do hyped up when there are fundamentals like this one.I do even remember that eBTC back in the past where it did hype up too when 2017 bull run happened and then suddenly
dumped its price and i wont be surprise if this one does the same thing.
May 14, 2020, 09:34:12 AM
Wrapped Bitcoin (WBTC) went live on Ethereum at the beginning of 2019. It is an ERC-20 token backed 1:1 with real Bitcoin and is intended to capture the benefits that can result from the tokenization of the Bitcoin cryptocurrency. Such as integrating Bitcoin’s liquidity with Ethereum-based decentralized applications (dapps) and decentralized exchange.
Last week, MakerDao announced WBTC was to be included in their collateral family as an increasingly important role for BTC in the Ethereum DeFi ecosystem becomes apparent. With more and more options for bringing BTC over to the leading smart contract platform emerge, BTC holders can now begin to capitalize on the diverse range of DeFi protocols available in the Ethereum economy.
This may be the cause of the current Wrapped Bitcoin market cap. An increase could be observed at the time of writing reaching more than 11M USD.
Full report: https://dappradar.com/blog/how-wrapped-bitcoin-trading-is-evolving-on-kyber
Last week, MakerDao announced WBTC was to be included in their collateral family as an increasingly important role for BTC in the Ethereum DeFi ecosystem becomes apparent. With more and more options for bringing BTC over to the leading smart contract platform emerge, BTC holders can now begin to capitalize on the diverse range of DeFi protocols available in the Ethereum economy.
This may be the cause of the current Wrapped Bitcoin market cap. An increase could be observed at the time of writing reaching more than 11M USD.
Full report: https://dappradar.com/blog/how-wrapped-bitcoin-trading-is-evolving-on-kyber
So, someone creates a token 1:1 with bitcoin price and they want to use it as valid collateral.
The tokens creation has a cost of $2 approx, what does give that high price to that token? Maybe its because there are only 1300 tokens on circulation...
But to be honest this will never be valid collateral, or not for this community.
May 14, 2020, 09:23:21 AM
Wrapped Bitcoin (WBTC) went live on Ethereum at the beginning of 2019. It is an ERC-20 token backed 1:1 with real Bitcoin and is intended to capture the benefits that can result from the tokenization of the Bitcoin cryptocurrency. Such as integrating Bitcoin’s liquidity with Ethereum-based decentralized applications (dapps) and decentralized exchange.
Last week, MakerDao announced WBTC was to be included in their collateral family as an increasingly important role for BTC in the Ethereum DeFi ecosystem becomes apparent. With more and more options for bringing BTC over to the leading smart contract platform emerge, BTC holders can now begin to capitalize on the diverse range of DeFi protocols available in the Ethereum economy.
This may be the cause of the current Wrapped Bitcoin market cap. An increase could be observed at the time of writing reaching more than 11M USD.
Full report: https://dappradar.com/blog/how-wrapped-bitcoin-trading-is-evolving-on-kyber
Last week, MakerDao announced WBTC was to be included in their collateral family as an increasingly important role for BTC in the Ethereum DeFi ecosystem becomes apparent. With more and more options for bringing BTC over to the leading smart contract platform emerge, BTC holders can now begin to capitalize on the diverse range of DeFi protocols available in the Ethereum economy.
This may be the cause of the current Wrapped Bitcoin market cap. An increase could be observed at the time of writing reaching more than 11M USD.
Full report: https://dappradar.com/blog/how-wrapped-bitcoin-trading-is-evolving-on-kyber
Jump to: