According to data from CoinMarketCap.com, Compound Wrapped BTC is seeing a rise of more than 57 thousand percent. Due to which its price is being seen at $ 5.41 lakh i.e. Rs 4.12 crore at 12:34 pm.
business desk. There are many types of cryptocurrencies in the cryptocurrency market, which leave no stone unturned to make investors rich. But all of these currencies were smaller than bitcoin. No one had shown the ability to beat the world’s oldest cryptocurrency.
Now such a cryptocurrency has come to the fore that has left the price of bitcoin far away. At present, it is 10 times more expensive than bitcoin. Whereas during the business level, it was 250 times more expensive. The name of this currency is Wrapped BTC. Let us tell you about this currency.
Huge jump in the price of
Wrapped BTC According to data from CoinMarketCap.com, Compound Wrapped BTC is seeing a rise of more than 57,000 percent. Due to which its price is getting to see $ 5.41 lakh i.e. Rs 4.12 crore at 12:34 pm.
Surprisingly, the price of this coin was a little more than $ 935 i.e. $ 71 thousand 24 hours ago, which reached $ 12.22 million i.e. 93 crore rupees. As of now, no information has been received about its market cap and other things. Even after that, there is a great increase in it.
The
special thing is that 10 times more expensive than bitcoin, now the world’s most expensive cryptocurrency has become Wrapped BTC in terms of price. Before that bitcoin had this crown, but bitcoin is the largest currency in terms of market cap right now. Currently, the price of bitcoin is around $48000.
This means that currently wrapped BTC has become more than 10 times more expensive than bitcoin. Today the price of bitcoin is seeing an increase of more than 3 percent.
What is Wrapped BTC
Wrapped bitcoin is an ERC-20 token, which is a representation of bitcoin on the Ethereum blockchain. One of the major advantages of WBTC is the integration of the Ethereum wallet, dapp, and smart contract into a single system. Through the WBTC partner, 1 bitcoin can be converted into 1 wrapped bitcoin.
The purpose of creating WBTC was to allow bitcoin holders to participate in the decentralized finance (DeFi) app, which is very popular on the Ethereum blockchain. WBTC is maintained by a group called the WBTC DAO, which has over 30 members. It was originally started by 3 companies namely BitGo, Ren and Kyber.
How Wrapped Bitcoin Works
Suppose you already have bitcoins and want to use DeFi applications, but there is a problem that there is no cryptocurrency bridge connecting bitcoin and ethereum. Wrapped BTC helps solve this problem, and provides the liquidity needed for the DeFi protocol. WBTC is an ERC-20 token backed on a 1:1 basis with bitcoin. When bitcoin is wrapped, the cryptocurrency is held in reserve by the BitGo Trust.
Advantages of Wrap Tokens
These tokens give owners of digital assets the freedom to explore other blockchains. A large part of the DeFi ecosystem is based on the Ethereum network rather than the Bitcoin blockchain. This can be extremely frustrating for BTC owners, as it means it is almost impossible for them to get involved unless they sell their crypto assets or buy others.
Since the launch of WBTC.network in January 2019, several DeFi protocols – including MakerDAO, Dharma, Compound and Kyber Network – have begun allowing borrowers to use WBTC as collateral.
