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05 December 2020

Stretched thin? Wrapped Bitcoin assets may encourage supply crisis

Stretched thin? Wrapped Bitcoin assets may encourage supply crisis


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In a blog post of Friday, Binance re-introduced BTCB to the world — a wrapped Bitcoin asset intended to bring liquidity from the world's largest cryptocurrency, BTC, to Binance Smart Chain's DeFi (decentralized finance) ecosystem. .

First announced last year, Binance initially saw wrapped Bitcoin solely as a vehicle for traders to obtain cross-chain asset exposure without leaving BSC.

For instance, WBTC — a wrapped Bitcoin token on Ethereum — has enjoyed massive success since its January 2019 launch: it currently ranks as the #14 cryptocurrency by marketcap, and has found significant adoption in protocols such as Aave and Uniswap, whose contracts both rank among the top-10 holders of WBTC. .

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cointelegraph.com
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