Do you remember when Bitcoin began to be used as a “store of value” asset in the early years of its creation? This continues today, with more and more people accumulating Bitcoin for the long term.
As the years went by and the application of smart contracts became more widespread, the crypto industry found it necessary to create wrapped tokens. Why? Because, for example, we weren’t able to include BTC in any DeFi investment. That’s why wBTC was created. This has allowed large investors to inject much liquidity into Ethereum and energize many DeFi protocols and NFTs. And wrapped tokens need secure bridges like Wanchain offers.
wBTC is the tokenized wrapped version, equivalent to 1 BTC, on the Ethereum blockchain. It’s made for use on Ethereum’s blockchain. However, there is no way to use wBTC, or any other Bitcoin’s wrapped token versions, in other blockchains. In order to close that gap, Wanchain launches BTC XFlows.
What is BTC XFlows?
BTC XFlows is the latest feature of Wanchain’s bridge. Users can natively move their BTC, BTC.b, BTCB or wanBTC in Bitcoin, Avalanche, BNB Chain, and Wanchain’s blockchains. This is done in a decentralized and non-custodial way.
#BTC #XFlows is officially live! Fast. Cheap. Non-custodial. Decentralised. #WeAreAllConnected
💡Cross-chain transformations between #Bitcoin, @avax, @BNBCHAIN and #Wanchain's Layer 1!
🌉 Try it: https://t.co/wXcSFHiZ3w
— Wanchain (@wanchain_org) May 4, 2023
This is a very important milestone for the DeFi sector. This will greatly increase the liquidity of an asset in networks that are becoming increasingly relevant. According to DeFillama, Avalanche has 304 DeFi protocols with a $780 million TVL. In the case of BNB Chain, it has 594 dApps with a $4.7 billion TVL.
So, if we consider that the current market cap of wBTC is $4.4 billion, imagine the huge impact of injecting just a small percentage of wBTC into these blockchains.
How do BTC XFlows Work?
There are different chains available depending on the asset you want to move. For example, if you want to bridge BTC, users can do it between Bitcoin, Avalanche, BNB Chain, and Wanchain.
However, BTC and its wrapped versions are not the only assets you can move with BTC XFlows. ETH, USDC, and USDT are also available. You can see all the possibilities in the tweet below:
🔗 $ETH XFlows 👉 5 chains
🔗 $USDC XFlows 👉 8 chains
🔗 $USDT XFlows 👉 10 chains
🔗 $BTC XFlows 👉 4 chains#WeAreAllConnected #Arbitrum #Astar #Avalanche #Ethereum #Tron #Polygon #OKXChain #BNBChain #Optimism pic.twitter.com/fVfJ9Kal2z
— Wanchain (@wanchain_org) May 6, 2023
But the Wanchain bridge not only lets you bridge Bitcoin’s related assets in different chains. You can also swap them at the same time. For example, you can move BTC.b (On Avalanche) to BTCB (On BNB Chain) with a cheap transaction fee ($0.11) and no slippage. This is an important development in moving Bitcoin liquidity across chains.
1/ ⏳ Teleporting $BTC.b on #Avalanche to $BTCB on #BNBChain using the #Wanchain Bridge!
💰 Transaction Cost: $0.11
🚫 No slippage#WeAreAllConnected #BTC #XFlows pic.twitter.com/rxNTLZGZc8
— Wanchain (@wanchain_org) May 2, 2023
So, if you want to move your BTC, BTC.b, BTCB, or wanBTC in a cheaper, safer, and faster way, BTC XFlows is a very interesting option.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Wanchain. Copyright Altcoin Buzz Pte Ltd.
