What chain is WBTC?

This token is created through a process that involves converting bitcoin (BTC) into wBTC in a 1:1 ratio. This means that each wBTC token is backed by an equivalent amount of BTC, ensuring that its value remains closely aligned with the underlying asset.

In addition to its trading services, BTCC also offers a platform for accessing DeFi applications through the use of wBTC. This allows users to take advantage of the growing number of financial opportunities available on Ethereum, while still maintaining exposure to the value of their original BTC holdings.

The creation of wBTC allows Bitcoin holders to access the growing ecosystem of decentralized finance (DeFi) applications on Ethereum. These applications offer a range of financial services, including lending, margin trading, and yield farming, that are not available on the Bitcoin network.

By using wBTC, bitcoin holders can participate in these DeFi activities without needing to convert their BTC into Ethereum's native currency, Ether (ETH). This eliminates the need for additional exchange steps and reduces the potential for slippage and other transaction costs.

Wrapped bitcoin, also known as wBTC, is a unique digital asset that has been designed specifically for use within the Ethereum network.