A community-driven initiative aiming to bring Bitcoin (BTC), and potentially other cryptocurrencies, to the Ethereum (ETH) network has updated the public on its progress for the first time since being announced.
For those unaware, the initiative, dubbed Wrapped Bitcoin (WBTC), was unveiled in late October by its three founding projects – Kyber Network (KNC), BitGo and Republic Protocol (REN).
The idea was born out of a need to solve a pain point of the Ethereum network, that is, a general lack of liquidity; a problem that has negatively impacting the user-experience on various Ethereum-powered decentralized exchanges and lending platforms.
Count us in
It was evident by reading through today’s announcement, authored by Anton Buenavista (Developer, Kyber Network), that the ecosystem has indeed rallied behind the WBTC project; indicating just how pressing Ethereum’s need for an injection of liquidity really is.
At the time of its unveiling almost two months ago, WBTC had already attracted a host of launch partners – sixteen to be precise. These included some of the most prominent projects in the Ethereum ecosystem such as MakerDAO (MKR), Gnosis (GNO) and Dharma.
Today’s announcement revealed that interest in WBTC – which is anticipated to go live in mid-January – has only strengthened ever since, with the following six teams now also on-board as launch partners: OmiseGO (OMG), dYdX, Loopring (LRC), GOPAX, bZx and TheOcean.
Loopring is glad to be part of the WBTC (wrapped Bitcoin) initiative. A strong group of launch partners to help bring Bitcoin to Ethereum. https://t.co/lIAT65R9e4
— LOOPRING (@loopringorg) December 20, 2018
Brace yourselves, WBTC-related announcements are coming
With WBTC going live in a matter of weeks, expect to see a blitz of announcements from Ethereum-powered projects coming out. As per today’s announcement on Kyber Network’s blog, each of DDEX, IDEX, RadarRelay and AirSwap (AST) have committed to supporting WBTC trading pairs from launch date.
Additionally, fellow launch partners Dharma and Compound will have support for WBTC integrated on their respective financial dApps upon its launch. Another member of the budding DeFi movement, Set Protocol, has agreed to support WBTC, too, when it launches on mainnet at some stage next quarter.
Kyber Network used the announcement to reveal that its KyberSwap product will list WBTC once it launches. What’s more, they “have developed the implementation of a new trading algorithm to support WBTC on the Kyber reserve;” just one of the various initiatives Kyber Network’s developers have completed to help spur along adoption of the WBTC ecosystem.
Hi everyone! We would like to share an update regarding the technical, ecosystem and governance progress of WBTC (Wrapped Bitcoin). Read about the first WBTC token minted and burnt, additional launch partners, and more!
Read here: https://t.co/rQED9BHHdq
— Kyber Network (@KyberNetwork) December 20, 2018