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Wrapped bitcoin (WBTC), a clone of bitcoin (BTC), has traded at a discount to BTC's price since crypto exchange FTX filed for bankruptcy protection on Nov. 11. "All About Bitcoin" host Lawrence Lewitinn breaks down the Chart of the Day.
Wrapped Bitcoin—WBTC—lost its peg last week. Here's what that means, and why it matters.
Bitcoin-backed Wrapped Bitcoin (WBTC) tokens have been trading at a discount compared to their Bitcoin backing ever since the fall of major crypto exchange FTX.
Despite the scaremongering generated on Twitter, WBTC is perfectly fine
Wrapped Bitcoin (wBTC) is Bitcoin that has been regenerated to be used within the Ethereum ecosystem. Launched in January 2019, wBTC is an Ethereum token that's backed by Bitcoin (BTC), which implies that one wBTC should always be equal to one Bitcoin.
Wrapped Bitcoin (WBTC) Depeg News: Following the chaos around FTX collapse in recent weeks, speculation is now rife around the Wrapped Bitcoin (wBTC) depegging from the Bitcoin price. While the rumors suggest certain wBTC is missing as it belonged to Alameda Research, the BitGo team cited routine maintenance of DAO multisig rotation.
One wBTC is currently not one BTC for the first time since this tokenized dollar launched in 2018.
The Wrapped Bitcoin DAO is migrating to a new smart contract multisig with a new set of signers responsible for governing the contracts. The post Wrapped Bitcoin DAO removes FTX, nine others in move to new multisig appeared first on The Block.
Here are the latest DeFi interest rates from the most established DeFi lending and savings platforms. The post This Week's DeFi Interest Rates: Best Yields for Lending and Saving appeared first on Bitcoin Market Journal.
FTX filed for bankruptcy and FTX US later froze withdrawals for certain assets.
There are some issues inherent in these tokens that need to be known
Blockchain analytics firm Santiment says that crypto lender Nexo has pulled a huge portion of Wrapped Bitcoin (WBTC) off of decentralized finance (DeFi) platform MakerDAO following the firm's legal troubles with multiple state regulators.
Three months ago, there were 441,546 wrapped or synthetic bitcoins on the Ethereum and Binance Smart Chain worth $17.45 billion using exchange rates on April 24, 2022. Since then, that number has dropped by 53,582 synthetic bitcoins and today the number of wrapped or bonded bitcoins is approximately 387,964 worth $8.81 billion in value.
There are two main ways that come along with specific barriers to entering the blockchain-powered DeFi ecosystem for each individual or organization. The first is...
The $800 million of bitcoin backing HBTC is supposed to be clearly marked. Yet this hasn't been the case for a while. The post Huobi's version of wrapped bitcoin has a transparency problem appeared first on The Block.
Celsius continues to repay and reclaim large amounts of collateral from its DeFi positions. The post Celsius transfers $124 million in wrapped bitcoin from Aave appeared first on The Block.
Blockchain developer Copper Beckville shared a long Twitter thread where he outlined the supposed negative implications of Wrapped Bitcoin (WBTC) on the Ethereum network. At the time of Copper's thread, WBTC was the third-largest token by market cap on Ethereum.
The demand for DeFi coins has risen substantially in 2022 with DeFi making breakthrough improvements in its infrastructure over time. Some of the DeFi coins [.
The Global cryptocurrency market is still trading under pressure. However, the crypto whales seem to be trading into DeFi in order to keep up with returns on their investments.
The Wrapped Bitcoin token combines key features from the two largest cryptocurrencies in a single package. Most people don't need to own it.
