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wanBTC Price (WANBTC)
$21,644.00
1.98%
wanBTC Price Chart (WANBTC/USD)
Last updated 15 Jun 2022, 20:39PM UTC. Currency in USD.
Markets
| # | Exchange | Pair | Price | Spread | Volume(24h) | Trust |
|---|
WANBTC Price Statistics
- wanBTC Price Now $21,644
- 24h Low / 24h High $19,870 / $22,491
- Trading Volume $38,044
- Market Cap Rank #0
- Market Cap $0
- Volume / Market Cap 0.0000
-
All-Time High
$56,755 -61.57%
Mar 04, 2022 -
All-Time Low
$100 9.76%
Jun 15, 2022
What is wanBTC?
WanBTC is a cryptocurrency that aims to bridge the gap between Bitcoin and the Wanchain network. It stands for Wrapped Bitcoin, which means it is a tokenized version of Bitcoin on the Wanchain blockchain. This allows Bitcoin holders to use their coins on the Wanchain network and participate in various decentralized finance (DeFi) applications.
Why is Bitcoin being wrapped? The Wanchain network offers a more versatile and programmable environment compared to the Bitcoin blockchain. By wrapping Bitcoin, users can take advantage of the features and applications available on the Wanchain network without losing the value and security offered by Bitcoin.
How does it work?
The process of wrapping Bitcoin involves locking up Bitcoin on the Bitcoin blockchain and minting an equivalent amount of wanBTC on the Wanchain network. This wanBTC is then pegged to Bitcoin, meaning it is fully backed by the same amount of Bitcoin locked up in a secure smart contract.
WanBTC can be minted and redeemed through approved wrapped Bitcoin custodians. These custodians hold the Bitcoin and ensure its security while issuing wanBTC to users who want to participate in the Wanchain ecosystem.
Benefits of wanBTC
1. Access to DeFi: With wanBTC, Bitcoin holders can directly engage in DeFi applications on the Wanchain network. This opens up opportunities for lending, borrowing, liquidity provision, and more.
2. Interoperability: By bridging Bitcoin to the Wanchain network, wanBTC allows for interoperability between two prominent blockchain ecosystems. It enables the transfer of value and data between the two networks, widening the potential use cases for Bitcoin.
3. Security: WanBTC maintains the security of Bitcoin due to its pegged nature. The underlying Bitcoin reserve ensures that each unit of wanBTC can be redeemed for one Bitcoin, eliminating the risk of devaluation or loss.
Use cases for wanBTC
1. Yield farming: Users can leverage their Bitcoin holdings with wanBTC to participate in yield farming activities on Wanchain's decentralized platforms. This allows users to earn additional cryptocurrencies as rewards for providing liquidity.
2. Decentralized exchanges: By using wanBTC, users can trade Bitcoin directly on decentralized exchanges (DEXs) within the Wanchain ecosystem. This enables seamless and secure trading without relying on centralized intermediaries.
3. Collateral for loans: WanBTC can be used as collateral to borrow other cryptocurrencies on lending platforms, unlocking additional liquidity for Bitcoin holders.
Conclusion
WanBTC provides a valuable solution by bringing Bitcoin's liquidity to the Wanchain network. By allowing Bitcoin holders to wrap their coins as wanBTC, users gain access to DeFi applications and interoperability with other blockchains. The security and stability of wanBTC make it an attractive option for those looking to explore the potential of decentralized finance while retaining the value of their Bitcoin assets.