When BitGo first announced Wrapped Bitcoin (WBTC) in 2018, we expected that the token would create additional liquidity for decentralized exchanges and enhance all decentralized applications (dApps). Since then, we’ve been thrilled to see other applications and use cases, including decentralized lending, collateralization, and insurance that can be built on top of this infrastructure even without our involvement. The diverse blockchain community identifies use cases far beyond what the technology was initially designed for.
And now, BitGo is pleased to announce that WBTC is live on Base. This integration marks a significant milestone for Base and for the broader decentralized finance (DeFi) ecosystem.
Why is WBTC important?
WBTC standardizes Bitcoin (BTC) to the ERC-20 format, so dApps can leverage BTC for decentralized lending, margin trading, and derivative markets on the Ethereum network. The purpose of WBTC is to enable BTC holders to interact with dApps and smart contracts on the Base network, where BTC itself cannot be directly used.
WBTC aims to bridge the liquidity and utility of BTC with the programmability and versatility of the Ethereum ecosystem, expanding the capabilities of both cryptocurrencies. It provides a means for BTC holders to access the growing range of decentralized financial services available on Ethereum.
What is Base?
Base, an Ethereum Layer 2 (L2) chain incubated by Coinbase and constructed on the open-source Optimism OP Stack, provides a secure, cost-effective, and developer-friendly platform for onchain development.
Base aims to offer developers a safe, economical, and supportive environment for building dApps, and emphasizes the importance of decentralization. With the OP Stack serving as its backbone, Base is part of a broader ecosystem of L2 chains sharing interoperability, sequencing, and governance.
As the first Ethereum Virtual Machine (EVM) L2 solution to offer support for WBTC, Base is paving the way for enhanced DeFi capabilities and interoperability. With WBTC now available on Base, users gain access to a variety of dApps that leverage WBTC’s liquidity and security to unlock financial opportunities.“
At Base, we recognize the importance of collaborating with innovative apps to maximize the potential of an onchain finance ecosystem. We’re excited to work with leaders like BitGo to enable a growing number of onchain apps to offer native WBTC on Base to their users,” says Sam Frankel, Head of Ecosystem at Base.
Base provides a seamless environment for engaging with dApps, such as: exchanges, lending platforms, yield farming protocols, or other DeFi services. Whether you’re a seasoned DeFi enthusiast or exploring this space for the first time, Base offers a secure and efficient platform for accessing dApps and unlocking new possibilities in decentralized finance.“
Base has been on an extremely strong growth trajectory and we’re excited to bring WBTC natively to Base. As the designated custodian for WBTC, we’ve been committed to bringing BTC liquidity to other chains in a trusted and secure manner since inception, and can’t wait to see the positive reactions from the ecosystem,” says Nuri Chang, Vice President of Product at BitGo.
With the integration of native WBTC, Base is positioned to enhance its offerings within the onchain finance landscape. Additionally, as Base embraces dApps, users will have the opportunity to leverage the decentralized nature of blockchain technology. Unlike traditional centralized applications, which are controlled by a single entity or organization, dApps operate on a decentralized network of nodes, where data and processes are distributed across multiple participants.
Why BitGo?
BitGo’s established track record of robust security protocols to help ensure the secure custody of the BTC supporting WBTC. This augments the token’s appeal to prospective investors and traders who prioritize security considerations. This collaboration heralds an unparalleled degree of transparency through the implementation of a proof-of-reserve mechanism.
This functionality facilitates public validation, ensuring that each WBTC token maintains a 1:1 backing with an authentic BTC asset. Consequently, this initiative fortifies trust and integrity across the ecosystem.
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