The Bitcoin (BTC) network uses a proof-of-work (PoW) consensus protocol to secure the network, which means network participants can earn mining rewards (if they choose to mine the digital currency), but they can’t earn staking rewards natively.
Fortunately, for BTC holders who would like to earn staking rewards on their bitcoin investment, you can tokenize your coins into Wrapped Bitcoin to earn staking rewards in the Ethereum (ETH)-based DeFi ecosystem.
Read on to learn how to stake bitcoin (in tokenized form) and start earning staking rewards on your “digital gold.”
What is Wrapped BTC & how does it work?
Wrapped Bitcoin (WBTC) is a tokenized version of BTC on the Ethereum network. WBTC integrates BTC into Ethereum’s decentralized finance ecosystem by conforming to the ERC-20 standard.
WBTC was launched in 2019 by BitGo, Kyber, and Ren and is currently the largest wrapped token by total market capitalization.
WBTC allows Ethereum applications to integrate an ERC-20 token...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...