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We have had $WBTC aka "Wrapped Bitcoin" for some time, we now have a powerful alternative in $BTC.b.
This is a 🧵to explain what $BTC.b is, how to get it, why it's a great alternative to $WBTC & how to earn yield from it.
This is a 🧵to explain what $BTC.b is, how to get it, why it's a great alternative to $WBTC & how to earn yield from it.
BTC.b is a token representing BTC that was bridged from the Bitcoin native blockchain (".b") over to another chain, initially only Avalanche. the (".b") standing for an asset bridged from the native network of Bitcoin.
Why BTC.b over WBTC? Whilst both are tokenized versions of BTC, WBTC is controlled by a centralised entity, not ideal. BTC.b has the native asset held up & controlled by a smart contact at a rate of 1:1. BTC.b is less likely to depeg from the native value.
