Wrapped BTC (Wormhole) (WBTC)
Details about Wrapped BTC (Wormhole) cryptocurrency
Wrapped BTC (Wormhole)
WBTC
Unknown for now
€3,519,550
1
Unknown
https://wormholenetwork.com/
@wormholecrypto
Wrapped BTC (Wormhole) price charts
WBTC exchanges
Wrapped BTC (Wormhole), the crypto
Wrapped BTC (Wormhole) (WBTC) is a cryptocurrency that represents Bitcoin (BTC) on the Ethereum blockchain. It is a backed by Bitcoin at a 1:1 ratio, meaning each WBTC is backed by an equivalent amount of Bitcoin stored in custody. WBTC enables Bitcoin holders to perform Ethereum compatible operations, such as decentralized exchange trading, lending, borrowing, and other DeFi applications.
The point
The main point of Wrapped BTC (Wormhole) (WBTC) is to enable cross-chain interoperability between the Bitcoin and Ethereum blockchains. By creating a 1:1 pegged cryptocurrency, Bitcoin holders are able to access decentralized finance (DeFi) applications built on Ethereum. This allows Bitcoin to be used in the fast-growing DeFi ecosystem and provides increased liquidity for Ethereum decentralized applications (dApps).
The problem
Wrapped BTC (Wormhole) (WBTC) tries to solve the problem of cross-chain interoperability between the Bitcoin and Ethereum blockchains. By creating an ERC-20 token that is pegged to Bitcoin at a 1:1 ratio, Bitcoin holders can use their Bitcoin on the Ethereum blockchain in a decentralized and trustless manner. This allows Bitcoin to have access to the growing DeFi market, while also increasing liquidity for Ethereum dApps.
Compare WBTC and BTC performance
Timeframe | WBTC | BTC |
---|---|---|
1h change | -0.351345 % | 0.540472 % |
24h change | 2.87 % | 1.35928 % |
7 day change | 7.59 % | 7.11285 % |
14 day change | -0.35 % | -1.59007 % |
30 day change | 25.81 % | 25.8729 % |
200 day change | 173.29 % | 172.53 % |
Year change | 60.19 % | 165.178 % |