|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
WBTC Supply on Aave Hits All-Time High Despite Backing Anxieties
Sep 27, 2024 at 06:00 am
Wrapped Bitcoin (WBTC) supplied on decentralized lending platform Aave hit an all-time high despite anxieties around the Bitcoin (BTC) wrapper's backing
Despite anxieties around the backing of the Bitcoin ( BTC ) wrapper, Wrapped Bitcoin ( WBTC ) hit an all-time high with $65,051.95 in WBTC being supplied on decentralized lending platform Aave, according to Dune Analytics on Sept.26.
Aave’s WBTC supply on the Ethereum network hit 37,000 in September, which is over $2 billion at current prices, Dune showed.
The record-breaking total value locked (TVL) on Aave comes amid skepticism from retail crypto investors about the safety of the underlying spot Bitcoin backing WBTC.
On Aug. 9, BitGo — the cryptocurrency custodian that holds WBTC’s Bitcoin backing — agreed to grant Hong Kong-based crypto exchange BiT Global partial control of the multisignature wallet that holds the custodied Bitcoin.
“This announcement proved controversial due to Justin Sun's involvement, with many in the ecosystem expressing concern over his ‘affiliated projects [showing] worrying signs of possible misappropriation of collateral,” a rival Bitcoin wrapper, Threshold, said in August.
Sky, a decentralized finance (DeFi) protocol formerly known as Maker, opted to remove WBTC from its platform on Sept. 19.
However, on Sept. 24, the DeFi protocol reconsidered its plan to offboard WBTC after a new recommendation from key adviser BA Labs.
BA Labs recommended pausing the offboarding plan following a lengthy conversation with BitGo co-founder Mike Belshe on Sky's governance forum. Among other assurances, BitGo committed to providing at least 60 days of public written notice before any changes to entities controlling WBTC keys.
On Sept. 23, 21.co, the parent company of cryptocurrency asset manager 21Shares, announced plans to add Chainlink's proof of reserve to 21BTC to address concerns over the Bitcoin wrapper's backing.
Coinbase chief legal officer Paul Grewal addressed related concerns regarding the user terms of service for Coinbase's new cbBTC Wrapped Bitcoin product. He confirmed that Coinbase will reimburse clients if the exchange loses the underlying Bitcoin.
WBTC remains the most popular Bitcoin wrapper with over $9 billion in TVL, according to DeFiLlama.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Quick Guide to Livepeer (LPT) Airdrops
- Sep 27, 2024 at 12:15 pm
- Livepeer airdrops are essentially distribution events where free tokens, specifically Livepeer or Livepeer-related assets, are sent to wallet addresses of participants
-
- CYBRO Presale Surges Past $2.5 Million: A Once-in-a-Lifetime Next-Generation DeFi Investment Opportunity
- Sep 27, 2024 at 12:15 pm
- CYBRO is capturing the attention of crypto whales as its exclusive token presale quickly surges above $2.5 million. This next-generation DeFi platform offers investors unparalleled opportunities to maximize their earnings in any market condition.
-
- Why are Whales Shifting Gears from Ripple (XRP) to RCO Finance (RCOF)?
- Sep 27, 2024 at 12:15 pm
- Ripple (XRP) has started slowing down as the crypto market continues rallying. As a result, whales have started migrating to tokens that have
-
- ETFSwap (ETFS): A Revolutionary DeFi Platform for Tokenized ETFs
- Sep 27, 2024 at 12:15 pm
- ETFSwap (ETFS) is not just another cryptocurrency; it's a pioneering platform that redefines trading through its tokenized ETF solution.
-
- PayPal Unveils New Features Allowing U.S. Business Account Holders to Buy, Sell, and Hold Cryptocurrencies
- Sep 27, 2024 at 12:15 pm
- The move comes as more business clients seek access to crypto services available to consumers. PayPal also intends to expand its cryptocurrency features
-
- OKX Adds Aave V3 Pools to On-chain Earn Product, Featuring AVAX Rewards
- Sep 27, 2024 at 12:15 pm
- NASSAU, the Bahamas, Sept. 26, 2024 (GLOBE NEWSWIRE) -- OKX, leading crypto exchange and global Web3 technology company, has issued updates for September 26, 2024.
-
- Claim $BFC or Stay Poor: You Decide!
- Sep 27, 2024 at 12:15 pm
- $BFC Program Airdrop Claim
-
- Hamster Kombat (HMSTR) Gains Popularity with Play-to-Earn Model and Blockchain Integration
- Sep 27, 2024 at 12:15 pm
- Hamster Kombat (HMSTR), a play-to-earn game on Telegram, attracts 200 million users and integrates with TON blockchain, enhancing gaming with cryptocurrency rewards.
-
- CZ's Release from Jail May Surge Bitcoin (BTC) Trade Price above $70k Level
- Sep 27, 2024 at 12:15 pm
- Many experts predict that the trade price of Bitcoin will soon surge above the $70k level. Along with multiple bullish factors, CZ is also getting