A proposal by The Binance Btoken Team, contact us: email@example.com
BBTC (Binance BTC) is the ERC20 token on the Ethereum network created via the Binance Token Canal program, launched on the 31.Otc 2020. Binance will lock a portion of tokens on their own native chains and mint the same number of tokens as ERC20 tokens on Ethereum with a naming convention of BBTC. Deposits and withdrawals for BBTC are enabled on binance.com by 31.Oct.2020 (https://www.binance.com/en/support/announcement/b4b0312230964cf1a347d4712be5123d)
BBTC Contract: (https://etherscan.io/address/0x9be89d2a4cd102d8fecc6bf9da793be995c22541)
BBTC was just launched last week, which is a very important strategy of the Binance and Binance community to support cross-chain assets and liquidities, and we are approaching/ adding liquidity to the top DeFi protocols of Ethereum;
Here’s the planned list we are going to add BBTC in the coming weeks: Uniswap, Aave, Curve, Compound, Cream, Fortube(Listed), MakerDao, Balancer, InstaDapp, and more.
Larger User Bases and Liquidity Growth:
Binance is one of the largest crypto exchanges, and >15m Binance communities can potentially contribute to the DeFi eco-system. BBTC will become an important bridge between CeFi and DeFi worlds, which will introduce quite decent liquidity in the DeFi eco-system in Ethererum.
- BBTC is an ERC20 token on the Ethereum network that represents a 1:1 peg of the same asset on their own blockchain.
- Heightened security and risk control measures for the wrapped tokens are in place, as well as using the SAFU fund to ensure the safety of users’ assets.
- BBTC might become an incentive token in the future, the holder will share a savings revenue of the BBTC they hold. (features are in design).
Binance Token Canal Enables Wrapped BTokens on Ethereum
Token Canal Upgrade: Binance Wrapped BTokens on Ethereum, Panama Turns into Bridge
BBTC on the Coinmarket Cap/Coingecko: In progress.
Custodian and the Audit Report:https://github.com/binance-chain/token-canal-project
Pairing with ren pool would allow for higher liquidity as the somewhat “low” market cap of sBTC could be a limiting factor for liquidity BUT pairing with sBTC would make cross-asset bridge swaps via Synthetix cheaper and more efficient (sBTC pool pairing would also mean sbtc remains as the standard go-to base pool like the 3pool is for stable coins)
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