Wrapped Bitcoin (wbtc) Price Index
The live price of Wrapped Bitcoin is $96,618.00 per (Wrapped Bitcoin / USD) today with a current market cap of $14.13B USD. 24-hour trading volume is $0.68B USD.Wrapped Bitcoin to USD price is updated in real-time. Wrapped Bitcoin is 4.14% in the last 24 hours. It has changed a market cap of $0.57B USD.
Live Wrapped Bitcoin Price Chart
Overview: What is Wrapped Bitcoin?
Wrapped Bitcoin (WBTC) is an ERC-20 token on the Ethereum blockchain that represents Bitcoin (BTC). Integration into the world of Ethereum wallets, dapps, and smart contracts is a key advantage of WBTC.
1 Bitcoin can be converted to 1 Wrapped Bitcoin via a WBTC partner, and vice versa. WBTC was created to enable Bitcoin holders to utilize Ethereum's popular decentralized finance ("DeFi") applications. The BTC backing WBTC is transparently verifiable via a "proof of reserve" system that verifies the 1:1 backing between newly minted WBTC tokens and Bitcoin held by custodians. WBTC is maintained by a group known as the WBTC DAO, which has over 30 members at present. It was founded initially by BitGo, Ren, and Kyber.
How Do WBTC Tokens Work?
Assume you're familiar with Bitcoin and eager to learn about DeFi. But ah! Between Bitcoin and Ethereum, there isn't much of a bridge.
Wrapped BTC helps solve this issue and provides liquidity to DeFi systems.
WBTC is an ERC-20 token backed by Bitcoin 1:1. (They resemble stablecoins, even if Bitcoin isn't always stable.)
The BitGo Trust has Bitcoin wrapped in a reserve. The amount of WBTC in circulation has been made public, along with verification that Bitcoin, the underlying asset, is securely maintained in custody.
WBTC can be wrapped (and unwrapped) in CoinList wallets.
What Are the Benefits of Wrapped Tokens?
They allow owners of digital assets to explore other blockchains.
The DeFi ecosystem (and DApps) are heavily dependent on Ethereum rather than Bitcoin. This is frustrating for BTC owners because they can't participate until they sell or buy other crypto assets.
Many DeFi protocols, including MakerDAO, Dharma, Compound, and the Kyber Network, now accept WBTC as collateral. This is then locked into a smart contract, with crypto loans usually paid out using the Ethereum DAI stablecoin.
WBTC DAO oversees the Wrapped Bitcoin project. Decentralized Autonomous Organization (DAO) is a good reminder.
WBTC Future
A dashboard will show all Bitcoin addresses and balances. The users will be able to validate each Bitcoin on the blockchain. A blockchain explorer like Etherscan can compare the actual number of Bitcoin stored with the total supply of WBTC in circulation.
This transparency adds to the digital currency's reputation, which is critical in any blockchain environment. WBTC will use the same security protocols as institutional custody.