Blockchain Bites: Bitcoin on Ethereum – The Whos, Whats and Whys
Some projects like Thesis’ tBTC project prioritizes decentralization while others, like the industry-leading wrapped bitcoin (WBTC) project by BitGo emphasizes convenience through a central custodian for all tokenized coins. Taking the form of wrapped or tokenized bitcoin, the digital asset takes the best of both blockchains – bitcoin’s price value and brand along with Ethereum’s programmability – into one highly in-demand token.
Tokenized bitcoin allows investors to bring large amounts of value over to the Ethereum network and its young DEX market in a few clicks. The growth of tokenized representations of BTC highlights that bitcoin is the crypto universe’s reserve asset and that Ethereum’s burgeoning “DeFi” ecosystem is crypto’s go-to platform for generating credit and facilitating fluid exchange.
