|Total Value Locked||24H|
|% Supply Locked||0.66%|
WBTC is an ERC20 token that is backed 1:1 by bitcoin. The idea behind the token is to bring the vast liquidity of the Bitcoin network to Ethereum with various crypto projects working together to make that possible. BitGo handles the initial custody, and Kyber and Ren dipped into their Bitcoin holdings to supply the initial liquidity. WBTC is traded on various DEXes and centralized exchanges. Users can also swap their BTC for WBTC through a number of merchants, who act as sources of token distribution including Dharma, Kyber, Set Protocol, Ren, and DeversiFi, and more. To swap BTC for WBTC, a user must undergo KYC/AML with a merchant, who supplies the user’s BTC to the custodian, who mints an equal amount of WBTC. The reverse is also possible: merchants can redeem BTC by burning WBTC tokens. Users can verify that WBTC is fully-backed via on-chain proof of reserves.
You can see the WBTC order book, proof of assets, and info on partners on the WBTC dashboard. To get WBTC, you can either undergo the KYC process with an official merchant or buy directly from a DEX.