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11 sats \ 1 reply \ @OneOneSeven 5h \ parent \ on: Stacker Saloon
What is Wrapped Bitcoin
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin (BTC) that operates on the Ethereum (ETH) blockchain. It adheres to the ERC-20 standard, which is the basic compatibility standard of the Ethereum blockchain. This compatibility allows WBTC to be fully integrated into Ethereum's ecosystem, including decentralized exchanges, crypto lending services, prediction markets, and other ERC-20-enabled decentralized finance (DeFi) applications. WBTC is backed by Bitcoin at a 1:1 ratio through a network of automatically monitored merchants and custodians. This aims to ensure that its price is pegged to Bitcoin and allows users to transfer liquidity between the BTC and ETH networks in a decentralized and autonomous manner. https://www.coinbase.com/price/wrapped-bitcoin
So, what is the problem here? It is nothing but a way to put BTC on the Ethereum blockchain for using in another way. Do you think that this is turning a BTC into an ishtcoin? What do you think?
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