What Is Wrapped Bitcoin?
Wrapped Bitcoin price today is $17,726.43 USD with a 24-hour trading volume of $40,205,700 USD. Wrapped Bitcoin is down 2.00% in the last 24 hours. The current CoinMarketCap ranking is #14, with a market cap of $2,202,691,963 USD.
It has a circulating supply of 124,260 WBTC Defi coins and a max. supply of 21,000,000 WBTC coins. The top exchanges for trading in Wrapped Bitcoin are currently Binance, Huobi Global, Binance.KR, OKEx, and HitBTC. You can find others listed on our crypto exchanges page.
Wrapped Bitcoin is an Ethereum token designed to bring increased liquidity to DeFi apps; BTC holders can lend their Bitcoin in the form of WBTC. Wrapped Bitcoin delivers the power of Bitcoin with the flexibility of an ERC20 token. Wrapped Bitcoin (WBTC) is the first ERC20 token backed 1:1 with Bitcoin. Completely transparent. 100% verifiable. Community-led.
Quick Fact About Wrapped
| Coin Basic | Information |
|---|---|
| DEFI Coin Name | Wrapped Bitcoin( WBTC) |
| Circulating Supply | 122,831 WBTC |
| Total Supply | 122,831 WBTC |
| Contract Address | 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To Visit |
| Twitter Group | Click Here To Visit Twitter Group |
| Documentation | Click Here To View |
| Project Location | N/A |
| Official Project Website | Click Here To Visit Project Website |
Wrapped Bitcoin Defi Features
24/7 WBTC API
For institutional traders and Market-Makers, swap instantly BTC for WBTC -and vice versa- without ever having to login to your CoinList account.
Increased Transaction Speed
Tokenization of BTC using the Ethereum blockchain allows for an increased speed of verified transactions.
ERC-20 token
Wrapped Bitcoin (WBTC Defi) is an ERC-20 token, pegged to bitcoin 1:1, that was launched on the Ethereum network on January 31, 2020. As a result, bitcoin can be used in the largely Ethereum-powered DeFi market.
How It Work
Receiving
To receive WBTC, a user requests tokens from a merchant. The merchant then performs the required KYC / AML procedures and verifies the user’s identity. Once this is completed, the user and merchant execute their swap, with Bitcoin from the user transferring to the merchant, and WBTC from the merchant transferring to the user.
Minting
Minting refers to the process of creating new wrapped tokens. Minting in the wrapped framework is initiated by a merchant and performed by a custodian.
Burning
Burning is the action of redeeming Bitcoin for WBTC tokens, and only merchant addresses can do this. The amount to be ‘burnt’ is deducted from the merchant’s WBTC balance (on chain) and the supply of WBTC is then reduced.
Why Do Need Wbtc.Network
Wrapped Bitcoin brings greater liquidity to the Ethereum ecosystem including decentralized exchanges (DEXs) and financial applications. Today, the majority of trading volume takes place on centralized exchanges with Bitcoin. WBTC changes that, bringing Bitcoin’s liquidity to DEXs and making it possible to use Bitcoin for token trades.
WBTC standardizes Bitcoin to the ERC20 format, creating smart contracts for Bitcoin. This makes iteasier to write smart contracts that integrate Bitcoin transfers.
Maintaining various nodes and managing transaction types in order to support multiple currencies can be onerous. Now exchanges, wallets, and payment apps only need to handle an Ethereum node.
Wrapped Bitcoin Partner
Welcome to the first token that makes Bitcoin compatible with the Ethereum chain, jointly initiated by Kyber, Ren, and BitGo.
Wrapped Tokens DAO
The addition and removal of merchants and custodians will be an open process controlled by a multi-signature contract. Keys to the multi-sig contract will be held by institutions as part of the WBTC DAO.
Merchants
Merchants perform key roles for the Wrapped Bitcoin community as administrators who initiate the process of minting newly wrapped tokens and burning wrapped tokens which is performed by the Custodians.
Custodians
The custodian provides reliable, institutional-grade security for your WBTC. All WBTC issued will be fully backed and verified through on-chain proof of reserves.
How to Add WBTC to Your Portfolio
Investors can go through the “wrapping” process using a merchant, or they can purchase WBTC on one of several exchanges.
If you hodl WBTC, its price will rise and fall with that of BTC. Alternatively, you could use it to invest in DeFi protocols.
Fees Associated with WBTC Wrapping
As with most financial services, wrapping with Wrapped Bitcoin comes with a cost. There are fees you have to pay to the following entities:
- Custodian fees. These are collected by the custodian when the merchant chooses to mint or burn wrapped tokens.
- Merchant fees. The merchant takes a fee from the user as payment for helping them turn their BTC into WBTC.
- Sidechain transaction fees. To help prevent spam on the sidechain, there is a fee that is shared by all entities that are running a sidechain node.
Frequently Asked Questions About Wrapped Bitcoin
What Is Wrapped Bitcoin?
The is a general-purpose framework for building decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs.
What Is Current Price Of Wrapped Bitcoin?
Wrapped Bitcoin Current Price Available At Our Marketcap Page. Check Live Price On Coinworldstory Marketcap Page .
What Is Total Supply Of Wrapped Bitcoin?
Total Supply Of Wrapped Bitcoin Is 122,831 WBTC
