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When you look at CoinMarketCap's top 100 cryptocurrencies, it is certain that Bitcoin (BTC) is without a doubt the number one in the market cap. You can also see an unfamiliar name, Wrapped Bitcoin (WBTC), which uses Bitcoin (BTC) in its title and is ranked 16th place.
In this post, I will walk you through what the WBTC (Wrapped BTC) is.
WBTC (Wrapped BTC) is Bitcoin (BTC) in the Ethereum ecosystem that, as the word implies, is wrapped and made available on the Ethereum (ETH) ecosystem. You can get WBTC (Wrapped BTC) at a 1:1 ratio with Bitcoin (BTC) as collateral.
The share of Bitcoin (BTC) in the entire cryptocurrency market (BTC Dominance) is overwhelming at 63.5% as of December 15, 2020. By making Bitcoin (BTC) usable within the Ethereum (ETH) ecosystem, it is possible to trade Bitcoin through many ERC-20-based cryptocurrencies and DEXs (Decentralized Exchanges). In other words, Bitcoin (BTC) holders can purchase ERC-20 cryptocurrencies by using WBTC (Wrapped BTC). In fact, the Decentralized Finance (DeFi) market, which has recently emerged as a hot topic in the industry, has become active on the Ethereum (ETH) network, and the amount of WBTC issuance has increased rapidly. This means that Bitcoin (BTC) is increasing the liquidity of the Ethereum (ETH) network.
In terms of value, Wrapped BTC (WBTC) value is designed to be always equal to the value of Bitcoin (BTC) since WBTC uses BTC as collateral.
Please note that, in order to convert BTC to WBTC, one must go through identity verification steps such as KYC/AML.
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