WBTC Coin or
Wrapped Bitcoin has seen significant activities lately, capturing the attention of investors with major shifts, successes, and challenges. The Bitcoin Staking Protocol Babylon leveraged LSTs and WBTC to amass an incredible
$1.5 billion in deposits, demonstrating high interest and acceptance of WBTC in the market. WBTC successfully shifted to a
multi-jurisdiction custody arrangement highlighting its ability to adapt to changing market dynamics. The coin faced controversy over a recent change in custodianship causing many, like DeFi lender Sky, to express concerns. The company even ratified a plan to
offload Wrapped Bitcoin due to these concerns. Despite such challenges, online platform Coinbase hinted at a potential cbBTC amid the controversy, and BitGo, a
wBTC co-creator, offered a reward-focused USDS stablecoin, demonstrating competition and innovation in the space. In light of these events, the amount of WBTC being
redeemed has vastly outpaced minting following BitGo's custodial changes. While some like DeFi protocol Threshold are proposing merges and changes to secure WBTC's future, others are dropping it due to the Justin Sun controversy. Amid the debates and controversy, certain crypto whales have been actively buying up WBTC, potentially anticipating future value growth.
WBTC Coin News Analytics from Tue, 28 Feb 2023 08:00:00 GMT to Mon, 14 Oct 2024 15:06:03 GMT -
Rating -3
- Innovation 0
- Information 7
- Rumor -4
