BitGo has successfully launched WBTC and WETH on TRON
TRON together with BitGo, a leader in digital asset financial services, has successfully launched Wrapped Bitcoin (WBTC) and the newly minted Wrapped Ether (WETH) on the TRON blockchain as TRC20 tokens.
Wrapped Bitcoin (WBTC) is pegged to Bitcoin and has over $3B worth of Bitcoin in custody, while Wrapped Ether (WETH) is pegged to Ether.
The partnership brings BitGo’s wrapped bitcoin (WBTC) into the TRON ecosystem as a TRC-20 token. The introduction of WBTC – plus a newly-created wrapped ether token from BitGo – is meant to help fuel the developing decentralized finance (DeFi) ecosystem on Tron.
WBTC has been a key driver in the growth of DeFi on Ethereum. It is also worth noting that BitGo has nothing to do with the existing wrapped ether (WETH) token used widely in Ethereum DeFi applications.
BitGo is the sole custodian for the underlying BTC and ETH and this launch on TRON allows participating merchants to tokenize their assets by minting Wrapped Bitcoin and Wrapped Ether.
Users of Wrapped Bitcoin and Wrapped Ether will be able to utilize their BTC and ETH in a wide variety of decentralized applications in the TRON ecosystem which include trading on decentralized exchanges (DEXs), collateralized loan markets, payment systems, and more.
“Our blossoming alliance with BitGo has finally brought cross-chain solutions like WBTC and WETH to fruition. With this partnership, JustLink, JustSwap, and TRON’s growing suite of DeFi services, we will continue to cultivate an ecosystem for our users to access their favorite cryptocurrencies with innovative financial mechanisms and high liquidity. We dreamt of providing our users with the benefits of BTC/ETH without the high gas fees and today it is a reality.” said Justin Sun, Founder of TRON and CEO of BitTorrent in their official announcement article.
Can TRON challenge Ethereums dominance?
Without a doubt, in 2020 TRON was effectively playing catch up as the DeFi category exploded. TRON built what were effectively Ethereum copies and these dapps started to generate substantial activity. At the end of 2020, there were more than 17,000 unique active wallets within the TRON DeFi ecosystem daily.
TRON hit the headlines in 2020 as they mounted a sizable effort to enter the growing decentralized finance space and more recently the NFT and collectibles sector. TRON’s founder Justin Sun can be accused of many things, but procrastination certainly isn’t one.
BitGo’s introduction of WETH and WBTC is intended to bring much-needed liquidity and access to both token holders into the TRON ecosystem. The results are yet to be seen but the initial results seem positive.