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About Wrapped Bitcoin (WBTC)

Wrapped Bitcoin (WBTC) is a form of digital asset that bridges the gap between the Bitcoin blockchain and the Ethereum ecosystem. It is an ERC-20 token on Ethereum that represents a 1:1 peg with Bitcoin, meaning that for every WBTC token in existence, there is an equivalent amount of Bitcoin stored in a custodial reserve. This integration allows users on the Ethereum network to access the functionality of Bitcoin while taking advantage of Ethereum's smart contracts and dApps.

The process of wrapping Bitcoin involves users depositing their Bitcoin with a custodian, who then mints an equivalent amount of WBTC on the Ethereum blockchain. This WBTC can be used within the Ethereum ecosystem for various purposes, such as DeFi applications, yield farming, and trading on DEXs. While WBTC offers greater liquidity and interoperability between the two major blockchain platforms, it's worth noting that it also introduces some degree of centralization through the involvement of custodians who manage the reserves. WBTC has a total supply of 162,205 WBTC. The market capitalization of WBTC is currently around $4,83 billion.

WBTC Use Cases

Wrapped Bitcoin (WBTC) serves as a bridge between the Bitcoin and Ethereum ecosystems, opening up a range of use cases, such as:

• DeFi Applications. WBTC can be used as collateral for lending and borrowing, allowing Ethereum users to utilize their Bitcoin holdings to access loans or earn interest. Additionally, WBTC can be integrated into various DeFi protocols, enabling yield farming, liquidity provision, and other automated financial activities.
• Decentralized Exchanges. WBTC can be traded on DEXs built on the Ethereum blockchain. This enables users to exchange their Bitcoin for WBTC and vice versa directly within the Ethereum ecosystem without relying on traditional centralized exchanges.
• Cross-Chain Transactions. WBTC facilitates cross-chain transactions between Bitcoin and Ethereum. Instead of converting Bitcoin to Ethereum and back, users can directly use WBTC to interact with Ethereum-based smart contracts and applications.
• Liquidity Pools and Yield Farming. WBTC can be added to liquidity pools on decentralized exchanges, allowing users to earn fees and rewards for providing liquidity to these pools. Thus, yield farming enables users to generate additional income through their WBTC holdings.
• Collateralization for Stablecoins. Some stablecoins on the Ethereum blockchain, require overcollateralization to maintain their stability. WBTC can serve as collateral to generate stablecoins, providing another opportunity for users to use their Bitcoin assets.
• Tokenized Assets. WBTC can also be utilized as a building block for creating more complex financial instruments and tokenized assets within the Ethereum ecosystem. This could include derivatives, synthetic assets, and other innovative financial products.
• Diversification and Portfolio Management. Investors can use WBTC to diversify their cryptocurrency holdings without leaving the Ethereum network. This allows for more flexibility in managing their investment portfolios.
  
  

What Can I Do with WBTC on Notum Platform?

With Notum, investing becomes even easier and more affordable. You can choose among a huge number of cryptocurrencies, manage your assets without delays, and get the best rates. The platform offers you to buy, stake and swap WBTC and thus get a fast stable income in 2023.

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