hashport is excited to announce the integration of Wrapped BTC ($wBTC) onto the platform! With this integration, users can now port $wBTC across networks supported by hashport. This integration gives $wBTC access to new DeFi applications and use cases on other networks such as providing liquidity, staking, and more.
What is Wrapped BTC?
Bitcoin (BTC) introduced the world to cryptocurrency in 2008 and still tops the charts in terms of market cap. With the launch of other decentralised networks and DeFi projects that reside on top of them, Bitcoin’s dominance has dropped to approximately 40% of the total crypto market cap. Without smart contract capabilities, bitcoin holders need a way to leverage their bitcoins in order to generate yield for themselves — Enter Wrapped BTC ($wBTC).
$wBTC is an Ethereum ERC-20 token pegged 1:1 to native bitcoin and can be swapped for BTC. Compatible with the Ethereum network, BTC holders can use $wBTC to participate in Ethereum’s DeFi ecosystem.
Being an ERC-20 token, $wBTC can take advantage of the relatively faster transaction speed of the Ethereum blockchain. The critical benefit of $wBTC is its ability to be integrated within the Ethereum ecosystem; wallets, dApps, and smart contracts, etc.
The ability to port $wBTC with hashport further expands its capabilities throughout the DeFi ecosystems of other networks. The hashport integration brings $wBTC to Hedera, where it has never before been directly accessible by hedera network participants.
Technical Updates — $wBTC Token Addresses
Ethereum Contract Address: 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599
Hedera Token ID: 0.0.1055483
If you’re attempting to port $wBTC and have any questions, please refer to hashport’s FAQ page here. If you require further assistance, you can reach out to support@hashport.network.
About hashport
hashport is the enterprise-grade public utility that facilitates the movement of digital assets between distributed networks, extending their functionality in a quick, secure, and cost-effective way. In order to remain platform-neutral, hashport functions without the use of a proprietary token. The network is built on a robust and performant architecture, secured and operated by a group of industry-leading validator partners from around the world. hashport has passed a rigorous security audit and follows industry best practices; regularly performing comprehensive network tests to ensure the integrity of the network.
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Disclaimer: The information provided on hashport’s website does not constitute investment advice, financial advice, trading advice, or any other sort of advice. You should not treat any site content as advice.
