BitGo announced the launch of Wrapped Bitcoin (wBTC) and Wrapped Ether (wETH) on the Tron blockchain. This is a way for Justin Sun’s project to continue to integrate the DeFi industry.
Wrapped Bitcoin and Ether come to Tron
The Tron Foundation announced the news in a press release issued yesterday. Wrapped Bitcoin (wBTC) and Wrapped Ether (wETH) are being launched as TRC-20, which are the equivalents of the ERC-20 for the Tron blockchain. BitGo customers have already started producing („mint“) wBTC and wETH on the Tron blockchain.
Integrating the DeFi industry
The maneuver is of course used to create a bridge between the DeFi sector of immediate edge scam, which uses a lot of „Wrapped“ tokens, and the Tron blockchain. The wBTCs represent a considerable weight for decentralized finance: it is the first asset of the sector in terms of capitalization, according to DeFiMarketCap data. Today, they weigh 3.6 billion dollars and allow Bitcoin to be used with various DeFi protocols.
Tron’s ambition has been confirmed by Justin Sun, the creator of the project :
«This is the beginning of a new era where the growing TRON community can finally begin to appreciate the unlimited potential of DeFi. »
Sun also pointed out that Tron has its own DeFi services, such as JustLink and JustSwap. BitGo CTO Chen Fang also welcomed this development:
«We are proud to contribute to the growth of the ecosystem with unique and previously unexplored use cases. »