According to reports from the news portal CoinDesk, the Wrapped Bitcoin (WBTC) token will be expanded. This was corroborated by BitGo, which is a project developed within the Blockchain network of Ethereum.
This time, WBTC will be part of the Tron Blockchain network. This is the second ecosystem in which it will be possible to access this token. In parallel, BitGo has released the other Wrapped Ether (WETH) token in the aforementioned Tron network.
The news has prompted some important reactions. We’ve even heard that WBTC and WETH are now being coined as TRC-20 tokens. This information has been confirmed by checking it against the firm’s public order books.
Wrapped Bitcoin will now have a presence at Ethereum and Tron
The development of the Wrapped Bitcoin project, which will now have a presence in the Tron ecosystem, is based on the strength of the Bitcoin cryptomone. It should be remembered that this pioneering digital currency, of which WBTC is the equivalent, is in the middle of the most important bull run in its history.
CoinDesk notes that, „after some test coins executed by BitGo in mid-December, Alameda Research and Coinlist, have packaged and minted 100 BTCs as TRC-20 tokens.
At the same time, Alameda would have minted 1 WETH in Tron last Tuesday, explained the aforementioned media.
It should be noted that both Wrapped Bitcoin and Wrapped Ether were created to meet OTC demand. Also, they were born as ERC-20 tokens in the Ethereum network, but now they are expanding to the Tron ecosystem, which is trying to take advantage of the DeFi momentum.
The DeFi continue to accumulate locked value
Although Tron’s Decentralized Finance (DeFi) ecosystem is far from equal to that of the Ethereum, its potential is great. According to its developers, Tron’s Blockchain overcomes some of the limitations of Ethereum’s, among which is scalability.
In other words, the bottleneck in the Ethereum Golden Profit review network, which forces to pay high rates of GAS, is nonexistent in the Tron ecosystem. This fact has attracted the attention of investors, so projects like BitGo, have decided to get in tune with that nascent demand in this Blockchain.
Recently, it was known that the Total Blocked Value (TVL), in the DeFi, reaches $20 billion dollars.
The agreement between BitGo and Tron was already in the works
The partnership between BitGo and Tron, which guarantees that Wrapped Bitcoin will have a presence in that Blockchain, was signed in September 2020. On that date the project that houses WBTC and WETH, announced the presence of these in the Tron network as TRC-20 tokens.
According to Justin Sun, founder of Tron, the firm with BitGo, this is a „flourishing alliance“. According to Justin Sun, founder of Tron, the firm with BitGo, this is a „flourishing alliance“. Through this alliance, the owners of Bitcoin and Ethereum will be able to convert them into TRC-20 tokens. This way, they will have the option to use them in a variety of services provided by the Tron Blockchain network.
Among these services, there is the trade in decentralized exchanges, collateral loan markets, payment system, among others.
„We will continue to cultivate an ecosystem in which our users can access their favorite crypto currencies. But using innovative and highly liquid financial mechanisms. We hope to provide our users with the benefits of Bitcoin and Ethereum. All this, without the high GAS rates that are a reality today“, highlighted Sun, quoted in Medium.
Data to take into consideration
- Wrapped Bitcoin, is linked to Bitcoin and has about $3 billion in custody value.
- Now, with the partnership between BitGo and Tron, Wrapped Bitcoin will have a presence in the DeFi ecosystem of the latter.
- The race for DeFi supremacy is largely dominated by Ethereum. However, Tron claims to have greater advantages, including lower commission rates.
- Much of the crypto community has accused Justin Sun and his Tron Foundation of plagiarizing Ethereum’s DeFi ecosystem.