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Makerjiang brings Bitcoin to the Ethereum blockchain

May 4, 2020

Manufacturers → Governance, a decentralized community of MKR token holders who regulate the Maker protocol, voted to bring Bitcoin to the Ethereum blockchain Accept Wrapped Bitcoin as a new collateral object in Protocol Maker, according to the official announcement of May 3rd. For those who don’t know, wBTC is the first ERC20 token to be supported 1: 1 with Bitcoin.

WBTC is the fourth type of collateral added to the MakerDAO DeFi ecosystem. The first three were ETH, BAT and USDT. wBTC can now open Vaults Maker to generate Dai. The report added that:

“WBTC will help bring more liquidity into Ethereum’s ecosystems and decentralized finance (DeFi) and decentralized exchange (DEX).”

Bring Bitcoin to the Ethereum blockchain

Bitcoin holder You can swap your BTC to open a vault and generate dai through wBTC.

Makerjiang brings Bitcoin to the Ethereum blockchainMakerjiang brings Bitcoin to the Ethereum blockchain

The process of A safe can be opened at Oasis Borrow: a decentralized financial platform. The conversion takes 5 steps. Users first log in to Coinlist, complete KYC, wrap BTC in wBTC, send wBTC to a compatible wallet, and then create a wBTC vault to generate a new DAI, according to the report.

As Cointelegraph reported in early February, assets in excess of $ 1 billion are in DeFi logs. They report that crypto experts were skeptical about the early introduction of Bitcoin in DeFi protocols, but were also curious and interested in how the future would develop.

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