Soon there’ll be another network that permits people to tokenize BTC so as to leverage the underlying blockchain’s speed and costs. On September 24, BitGo, the custodian of the Wrapped Bitcoin project (WBTC), the foremost popular tokenized BTC platform to-date, announced a partnership with Tron.
Members of the crypto ecosystem will soon be ready to leverage WBTC via the Tron (TRX) network. a bit like the tokenized BTC created using Ethereum’s ERC20 token standard, the Wrapped Bitcoin (WBTC) team will utilize the TRC20 token standard from Tron’s infrastructure. Similarly, all the BTC deposited is backed by the BitGo Trust, and every WBTC minted on Tron are going to be well worth the same price together BTC.
“We are excited to expand Tron’s defi potential by partnering with the industry leader BitGo to bring integral cross-chain solutions like Wrapped Bitcoin (WBTC) and Wrapped Ether to Tron,” said Justin Sun, founding father of the Tron project and CEO of Bittorrent.
Sun also mentioned that users can utilize a decentralized exchange (dex) that’s almost like Uniswap called Justswap. “[Justswap] has achieved $100 million 24-hour volumes since its start and represents Tron’s strong and growing defi ecosystem,” Sun claimed.
WBTC has been an integral a part of the decentralized finance (defi) space, and therefore the project commands the foremost tokenized BTC thus far . Between projects like RSK, Liquid, and ETH-based BTC derivatives like WBTC, renBTC, hBTC, sBTC, imBTC, pBTC, tBTC, tzBTC, btc2, and therefore the latest addition on Tron there are over twelve tokenized BTC projects people can choose between today.
The trustless tokenized BTC project called tBTC only recently re-launched and there’s now 83 tBTC ($885k) in circulation on Friday afternoon. Additionally, the Polkadot ecosystem also will see a tokenized BTC project with polkaBTC. Compared to all or any the tokenized BTC platforms, WBTC eclipses all of them with 73% of the availability or 83,983 tokenized BTC assets consistent with stats from Dune Analytics.
Similarly to when Tether migrated an excellent majority of USDT to the Ethereum network, the WBTC team says speed and lower fees was one among the explanations to partition some WBTC over to Tron. “Since launching WBTC in 2019, Bitgo has seen tremendous growth on Ethereum including the remarkable rise of defi activity,” said Mike Belshe, CEO, BitGo.
“Our new strategic alliance with Tron creates even greater opportunities for users to expand to other chains and tokenize their BTC on the Tron dapp ecosystem while transacting at a lower cost and faster speed,” Belshe added.