{"id":107469,"date":"2021-01-06T14:58:49","date_gmt":"2021-01-06T14:58:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107469"},"modified":"2021-01-06T14:58:49","modified_gmt":"2021-01-06T14:58:49","slug":"tron-and-bitgo-release-wrapped-btc-eth","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/tron-and-bitgo-release-wrapped-btc-eth\/","title":{"rendered":"TRON and BitGo Release Wrapped BTC, ETH"},"content":{"rendered":"

Two of the biggest names in the cryptosphere have joined forces. As per a press release, financial services firm BitGo has partnered with blockchain-based operating system TRON to launch two new assets on the latter\u2019s network.<\/p>\n

The newly minted TRC20 assets \u2013 Wrapped Bitcoin (WBTC) and Wrapped Ether (WETH) \u2013 allow users to leverage the world\u2019s best-performing cryptocurrencies on the TRON network. The BitGo Trust will act as the sole custodian for the underlying BTC and ETH, while TRON will facilitate use-cases for the assets in its extensive ecosystem. <\/p>\n

For the first time, WBTC and WETH can now be used for trading, saving, staking and borrowing on TRON, as well as put to use in other defi services native to the network.<\/p>\n

\u201cThis is the beginning of a new era, wherein TRON\u2019s growing community may finally enjoy the unlimited potential of DeFi,\u201d said TRON boss Justin Sun. \u201cOur blossoming alliance with BitGo has finally brought cross-chain solutions like WBTC and WETH to fruition. We dreamt of providing our users with the benefits of BTC\/ETH without the high gas fees, and today it is a reality.\u201d<\/p>\n

\u201cAs the custodian for wrapped tokens, BitGo is leading DeFi growth and generating liquidity across blockchains,\u201d added Chen Fang, the company\u2019s Chief Product Officer. \u201cWe are witnessing the growth of this ecosystem with unique and unexplored use cases for wrapped assets by bringing WBTC and WETH to TRON.\u201d<\/p>\n

The Fast Rise of Wrapped Assets<\/strong><\/h2>\n

Initially launched as ERC20 assets, Wrapped Bitcoin and Wrapped Ethereum are relatively recent innovations that enable users to utilize the world\u2019s most trusted digital assets on different networks. Before their conception, it was impossible to use bitcoin to interact with Ethereum-based defi products. Instead, the bitcoin would have to be sold in exchange for an ERC20 token like Ethereum or Tether (USDT), or fresh capital injected. Before TRON teamed up with BitGo, meanwhile, the former\u2019s defi services could only be accessed using its own TRC20 standard.\u00a0<\/p>\n

In recent years, numerous defi protocols have thrown their support behind wrapped assets, which users can employ as collateral to obtain cryptocurrency loans typically paid out in stablecoins. The advent of wrapped assets brings greater liquidity to the cryptocurrency market and allows for trades to be executed more quickly, in the case of WETH. The increasing utility of WBTC in particular has been notable, with DeFi Pulse data indicating that the total value locked rose by 943% from mid-May to mid-August, 2020.<\/p>\n

TRON\u2019s decision to mint WBTC and WETH is part of the blockchain\u2019s broader ambition to challenge Ethereum for defi supremacy. In 2020, the network launched its own versions of popular Ethereum-based primitives such as JustSwap, a naked reference to Ethereum\u2019s AMM Uniswap. TRON also launched its own version of stablecoin system MakerDAO, simply called JustStable. <\/p>\n

The addition of Wrapped Bitcoin and Wrapped Ethereum will be a major boon for the network, as it looks to play its part in the expanding defi ecosystem in 2021.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Two of the biggest names in the<\/p>\n","protected":false},"author":3,"featured_media":107468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nTRON and BitGo Release Wrapped BTC, ETH - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/tron-and-bitgo-release-wrapped-btc-eth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TRON and BitGo Release Wrapped BTC, ETH - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Two of the biggest names in the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/tron-and-bitgo-release-wrapped-btc-eth\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T14:58:49+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/ccryptafotoTRON-and-BitGo-Release-Wrapped-BTC-ETH.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/tron-and-bitgo-release-wrapped-btc-eth\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/tron-and-bitgo-release-wrapped-btc-eth\/\",\"name\":\"TRON and BitGo Release Wrapped BTC, ETH - 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