Wrapped BTC Goes Live Bringing Bitcoin’s Liquidity to the Ethereum Ecosystem
Users Can Now Access More DApps With WBTC
WBTC is the result of a joint venture by BitGo, Ren (formerly Republic Protocol), Kyber Network, and other community partners.
It enables cross-chain functionality, aiming to enhance decentralized applications (DApps) by bringing Bitcoin’s liquidity to the Ethereum ecosystem.
The new format of WBTC opens new opportunities for a wide range of existing ERC20-based applications, as well as for innovative new use cases as the ecosystem grows.
DApps such as Dharma, Compound, dYdX, bZx, Gnosis, Set protocol Maker, and more, will now be able to leverage Bitcoin for margin trading, decentralized lending, and derivative markets.
The combination of each network’s competitive advantage, Ethereum’s smart contracts and Bitcoin’s liquidity, allows traders to facilitate token trades based on Bitcoin’s value, on decentralized exchanges (DEXs) like AirSwap, ETHfinex, DDEX, IDEX, Loopring, KyberSwap, Radar Relay, RenEx, TheOcean, Switcheo Network, and Dolomite.
Additionally, the cross-chain capabilities will help wallets providers like imToken to mitigate their operational costs as WBTC will allow them to support multiple currencies while only maintaining the one Ethereum node.
Original link: https://blokt.com/news/wrapped-btc-goes-live-bringing-bitcoins-liquidity-to-the-ethereum-ecosystem