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Bitcoins enter into the Decentralised Finance World with Wrapped Bitcoins (WBTC) by mintymile

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hive-175254 · @mintymile · (edited)
$9.91
Bitcoins enter into the Decentralised Finance World with Wrapped Bitcoins (WBTC)
![wbtcbanner.png](https://files.peakd.com/file/peakd-hive/mintymile/9w8EJYpf-wbtcbanner.png)
[Image taken from wbtc site](https://wbtc.network/)



### More Bitcoins inside the Ethereum Blockchain than in the Bitcoin’s own chain!!

Defi is definitely hot, when you consider that there is more Bitcoin value locked into Ethereum than on Bitcoin’s lightning network!! 

![bitcoin4207418_640.jpg](https://files.peakd.com/file/peakd-hive/mintymile/jGnr64fx-bitcoin-4207418_640.jpg)
Image by <a href="https://pixabay.com/users/PIRO4D-2707530/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=4207418">PIRO4D</a> from <a href="https://pixabay.com/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=4207418">Pixabay</a>

### Era of tokenized Bitcoin locked into Ethereum Smart Contracts

WBTC which is wrapped BTC is a ERC-20 token, which represents a BTC token locked into the Ethereum Blockchain. This is made possible with the user’s actual Bitcoins getting deposited with custodian BitGo. From here users can tokenize deposited BTC into WBTC and bring Bitcoins into DEFI projects, to do various  DEFI related operations like borrow using their locked BTC as collateral and lend BTC earning interest.

![wbtcprojects.png](https://files.peakd.com/file/peakd-hive/mintymile/ATPu6vIU-wbtcprojects.png)
*Some Defi projects where WBTC tokens are used* -  https://wbtc.network/

### Bitcoins used more in DEFI projects than for payment settlements

![thecompany3338207_640.jpg](https://files.peakd.com/file/peakd-hive/mintymile/O4a6N3X6-the-company-3338207_640.jpg)
Image by <a href="https://pixabay.com/users/the-design_org-109941/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=3338207">Vadim Taranov</a> from <a href="https://pixabay.com/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=3338207">Pixabay</a>

Pretty cool yes. However, right now the value of Bitcoins locked into the Bitcoin Network for use in enabling faster Bitcoin payments through  the ‘Lighting Network’ system is  9.0 million, while the value of Bitcoins(WBTC) locked into the Ethereum Network for DEFI purposes  and operations is 80.7 million!! 

Data taken from https://defipulse.com/

![wbtc.png](https://files.peakd.com/file/peakd-hive/mintymile/LBKLzPZz-wbtc.png)






### Bitcoin can rise in value thanks to its usage in the Ethereum Blockchain

This only shows that Bitcoin is used most in DEFI space, much more than it is used for making payments. Therefore, Ethereum indirectly adds value to Bitcoin with Bitcoins being locked in Ethereum Blockchain and used, it would definitely have a multiplier effect in the price of Bitcoin don’t you think?

Reference - https://cointelegraph.com/news/lightning-network-proving-less-electric-for-bitcoin-than-promised
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 32 others
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vote details (96)
@crypto.piotr · 
@tipu curate
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@tipu · 
<a href="https://tipu.online/hive_curator?crypto.piotr" target="_blank">Upvoted  &#128076;</a> (Mana: 16/32)
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@defi.campus · 
WBTC has been around for quite sometime now. I am now more keen on renBTC and the upcoming tBTC.
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@josevas217 · 
Hello @mintymile

Now, this is very interesting.  I didn't know that at all. 
 
Then the second most important currency could give value to the first in importance.

I think this is going to be much bigger than we can imagine.
👍  
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@mintymile · 
very true
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