WBTC (Wrapped Bitcoin) has officially launched on Ethereum as an ERC20 token fully backed by Bitcoin.
The new token is a joint initiative by BitGo, Kyber Network, Ren (formerly Republic Protocol), and other community partners. Its aim is to bring Bitcoin’s liquidity to the decentralized ecosystem on Ethereum and enhance all decentralized applications (DApps). It can now be traded on several apps and platforms.
WBTC will allow the Ethereum network to be leveraged to enable new applications and use cases for Bitcoin, making it now possible for traders to use Bitcoin value for token trades on decentralized exchanges (DEXs) such as AirSwap, DDEX, ETHfinex, IDEX, KyberSwap, Loopring, Radar Relay, RenEx, Switcheo Network, TheOcean.
WBTC standardizes Bitcoin to the ERC20 format, so DApps such as Compound, Dharma, dYdx, Gnosis, Maker, Set protocol and more can leverage Bitcoin for decentralized lending, margin trading and derivative markets.
All WBTC smart contracts have been audited by several credible third-party audit firms: Solidified Technologies, ChainSecurity and Coinspect. The first WBTC on the main Ethereum chain have been minted and burnt which can be observed on-chain on Ethereum. The proof of reserve is on-chain, which shows the exact 1:1 between minted WBTC tokens and Bitcoin stored by the custodians.