Wormhole instrumental in ICYMI $WBTC going live on Solana

Wormhole instrumental in ICYMI $WBTC going live on Solana

The activation of ICYMI $WBTC on Solana was facilitated by the wormhole, which enables its use throughout the DeFi ecosystem of Solana. Kamino Finance, Orca, and Drift Protocol are all involved in this.

Wrapped Bitcoin ($WBTC), which is the initial wrapped bitcoin, is a kind of service allowing the dragging of bitcoin within DeFi via an ERC-20 token. 

As an ERC-20 token that is fully supported by Bitcoin, it boasts complete authenticity and absolute clarity, making it an integral part of Wormhole’s multi-chain ecosystem.

In the case of Via Portal, it is the initial $WBTC token and is currently within the confines of a smart contract. Added to that is a portal-wrapped token, $WBTC, the minting for which is done on Solana. 

Towards the beginning, users utilized $WBTC’s Ethereum abilities to take advantage of Bitcoin. Currently, through Wormhole, it encompasses Solana. 

The portal facilitates seamless transitions between Ethereum and Solana, offering the Solana ecosystem access to 150,000 $WBTC liquidity for multi-chain shifting.

Wrapped Bitcoin (WBTC) is a tokenized form of Bitcoin (BTC) that functions on the Ethereum Blockchain. It is compatible with ERC-20, enabling the complete incorporation of decentralized exchanges, crypto lending solutions, prediction markets, and other ERC-20-capable decentralized finance (DeFi) applications. 

WBTC supports Bitcoin at a 1:1 ratio through a network that automates tracking for both merchants and custodians. This helps ensure that its pricing remains connected to Bitcoin in a decentralized and autonomous fashion.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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Published at Tue, 25 Jun 2024 15:49:55 +0200

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