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An analysis of Wrapped Bitcoin

Steven Zheng
Wrapped Bitcoin (WBTC) is an Ethereum token launched on Jan. 31 as an attempt to bring the liquidity effects of bitcoin (BTC) into the Ethereum ecosystem.The post An analysis of Wrapped Bitcoin appeared first on The Block.

Wrapped Bitcoin (WBTC) is an Ethereum token launched on Jan. 31 as an attempt to bring the liquidity effects of bitcoin (BTC) into the Ethereum ecosystem. WBTCs are backed 1-to-1 by BTC secured by centralized custodians.

WBTC’s token contract is governed by a multi-signature contract managed by a group including custodians that manage BTC to burn and mint WBTC and merchants who initiate burn/mint calls on behalf of users who want to trade in their BTC for WBTC, and vice-versa.

The Block has analyzed the status of WBTC as the token nears six months on the Ethereum network.

Since launching at the end of January, the circulating supply of WBTC has grown 340%, with nearly 320 WBTC (~$3 million) deployed on the Ethereum blockchain.

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