Bitcoin whales are using the current Bitcoin price surge to lock in profits. One of them deposited $14.5 million of WBTC based on the confidentiality of Bitcoin’s recent all-time high (ATH) to get huge gains. That whale in question seems to be planning to sell 195.4 WBTC, which is about 14.5 million dollars on Binance,…
Threshold Network has proposed further decentralizing BitGo’s Wrapped Bitcoin (WBTC) amid its recent challenges in the DeFi market. On Oct. 9, Matt Luongo, founder of the Bitcoin-focused venture studio Thesis, outlined the goal of expanding the number of signers involved in managing the WBTC asset using the Threshold Network. This proposal follows Threshold Network’s earlier…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 Binance Research’s latest monthly report suggests that Wrapped Bitcoin (WBTC), the wrapped version of Bitcoin (BTC), dominates the tokenized BTC market. Noteworthy, this product, developed by BitGo, Kyber Network, and Ren, continues to maintain this position despite the criticism it is faced with. This WBTC allows crypto users to…
It’s been 48 days since Bitgo revealed its partnership with Bit Global on Aug. 9, 2024. Since that announcement, the supply of wrapped bitcoin (WBTC) held on Aave V3 has soared to a new peak. Meanwhile, cbBTC, the bitcoin derivative token from Coinbase, has hit a market cap of $247.8 million. Bitcoin Derivative Landscape Shifts…
BA Labs, an adviser to Sky, formerly known as Makerdao, has decided to stop recommending any additional parameter changes regarding the offboarding of wrapped bitcoin (WBTC) collateral. The move follows statements from Bitgo’s CEO Mike Belshe and a vote from Sky community members. Sky Adviser BA Labs Recommends Pausing WBTC Offboarding Changes BA Labs’ decision…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 Sky, formerly known as Maker, has moved forward with its decision to offload its wrapped Bitcoin (WBTC) collateral following a governance vote. The decentralized finance (DeFi) platform, which specializes in lending and borrowing, concluded a three-day vote on September 19 with overwhelming community support. The vote saw 88.17% of…
This week, Cryptoquant researchers highlighted a new rivalry heating up in the wrapped bitcoin market, with Coinbase’s cbBTC stepping up to challenge Bitgo’s long-established reign. Coinbase’s Wrapped Bitcoin Token cbBTC Shakes Up Market Coinbase introduced its wrapped bitcoin token, cbBTC, in mid-September 2024, and it has swiftly expanded to a supply of 1,670 cbBTC, according…
James Fickel reduces ETH/BTC exposure, swaps 5K ETH for WBTC. Fickel faces $38.5M loss after aggressive ETH/BTC trades. James Fickel, founder of Amaranth and known for his bullish stance on the ETH/BTC trading pair, has swapped another 5,000 ETH, valued at $11.3 million, for 204.8 WBTC at a 0.041 ETH/BTC rate over the past six…
September 13, 2024 at 12:10 PM GST 2 mins read News Sky Protocol’s vote on removing wBTC from its DeFi ecosystem could impact $200 million in loans and collateral. BA Labs proposed wBTC’s removal due to centralization risks linked to Tron founder Justin Sun’s involvement with its custodian. The vote will occur in phases, affecting…
Coinbase has officially launched its wrapped Bitcoin token, cbBTC, on its layer-2 network, Base, and Ethereum mainnet, according to a Sept. 12 statement. The new product comes around a month after Coinbase teased it on the social media platform X. cbBTC According to Coinbase, cbBTC is an ERC-20 token fully backed by Bitcoin and custodied…
Aave DAO has received a proposal to integrate Coinbase’s upcoming Bitcoin wrapper, cbBTC, into its V3 platform on the Ethereum mainnet and Base. In a Sept. 10 post, Aave’s founder, Stani Kulechov, explained that the proposal aimed to position Aave as the preferred platform for launching Tier-1 assets. Proposal details The proposal seeks to expand…
According to a Sept. 3 statement, 21.co, the parent company of 21Shares, has introduced its Wrapped Bitcoin product (21BTC) on the Ethereum blockchain. The company stated that it was collaborating with Flow Traders, a leading global market maker, to launch a product that would give customers “peace of mind as they explore decentralized applications and…
Threshold Network has proposed a plan to enhance the stability and security of Wrapped Bitcoin (WBTC) by replacing its centralized custody model with Threshold’s decentralized system. This move comes in response to recent concerns within the decentralized finance (defi) ecosystem over the current custody arrangements for WBTC. Threshold Network Proposes Decentralized Custody Model for WBTC…
An anonymous whale has been acquiring Wrapped Bitcoin (WBTC), collecting more than $118 million worth of WBTC within a brief period. The whale has accumulated a total of 1,953 WBTC, acquired at an average cost of $58,853 per coin. The last transaction involved the purchasing of 347 WBTC, which was valued at almost $16 million….
The recent controversy surrounding wrapped Bitcoin (wBTC) has raised concerns among the crypto community, particularly in the Ethereum DeFi sector. MakerDAO halted lending and borrowing of wBTC following BitGo’s partnership with Justin Sun and Tron. The controversy began when BitGo disclosed its plan to share custody of wBTC with BiT Global, a company tied to…
MakerDAO, the decentralized autonomous organization behind the DeFi protocol Maker, has approved a proposal to halt new borrowing against BitGo’s wrapped Bitcoin (WBTC). On Aug. 15, MakerDAO revealed that it was reducing the debt ceiling for all WBTC vaults to zero. This move effectively prevents any new borrowing from these vaults and lowers WBTC’s loan-to-value…