What is Wrapped Bitcoin (WBTC)?
Wrapped Bitcoin (WBTC) is a project that seeks to bridge the gap between the Ethereum and Bitcoin blockchains.
It is an ERC-20 token that is backed 1:1 with Bitcoin, allowing users to move their Bitcoin onto the Ethereum blockchain and use it in DeFi applications. WBTC also allows users to access liquidity pools, decentralized exchanges, and other DeFi applications. WBTC is managed by a decentralized autonomous organization (DAO) of custodians who are responsible for minting and burning tokens as needed.
The DAO also manages the reserve of BTC that backs the WBTC tokens. WBTC is supported by major exchanges, wallets, and DeFi protocols, making it one of the most widely used tokens in the DeFi space.
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