|Market Cap||$ 6.7B|
|Volume 24h||$ 218.2M|
The current price of Wrapped Bitcoin (WBTC) is $ 43,177.00. Over the last 24 hours, the price has decreased by -1.42%.
Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin. It's a token on the Ethereum blockchain that represents Bitcoin at a 1:1 value. The purpose of WBTC is to offer the value of Bitcoin but with the flexibility of an ERC20 token. This enables smart contract capabilities and makes it possible to use Bitcoin in a variety of decentralised apps, finance applications, games, and more on the Ethereum network.
Wrapped Bitcoin is a community-driven initiative, and its creation isn't attributed to a single individual or entity. It came into existence thanks to a joint effort by several cryptocurrency projects and companies, including BitGo, Ren, Kyber Network, and many others. These groups collaborated to create this Bitcoin-powered ERC20 token to enable more functionality and use-cases for Bitcoin.
Wrapped Bitcoin works by 'wrapping' the Bitcoin on the Ethereum network. This means that for every WBTC issued, there is an equivalent amount of Bitcoin held in reserve. This enables WBTC to maintain its one-to-one relationship with Bitcoin, while still functioning as an ERC20 token on the Ethereum platform.
When WBTC is minted, Bitcoin is held by a custodian (currently BitGo) who then mints an equivalent amount of WBTC. The process is reversed when WBTC is redeemed for Bitcoin. A Proof of Reserve is maintained on-chain which ensures that each WBTC is backed 1:1 with Bitcoin.
The primary unique aspect of Wrapped Bitcoin is its ability to integrate Bitcoin with the Ethereum network. By packaging Bitcoin into an ERC20 token, Wrapped Bitcoin allows Bitcoin holders to interact with smart contracts and decentralized applications on the Ethereum blockchain. This opens up a variety of possibilities for Bitcoin, including lending, staking, yield farming, and more.
The total supply of WBTC is continuously changing based on demand. Because of its one-to-one ratio with Bitcoin, the total supply can fluctuate as more WBTC is minted or burned (redeemed for Bitcoin). The circulating supply of WBTC is 0.2M.
Yes, one of the main purposes of Wrapped Bitcoin is to allow Bitcoin to be used in the DeFi space on the Ethereum network. WBTC can be used in a variety of DeFi applications, providing Bitcoin holders the opportunity to earn interest, borrow, lend, and more.
You can buy Wrapped Bitcoin (WBTC) on any of the CEX.io, Kraken, Coinbase Pro, CoinEx. These platforms are currently offering WBTC.