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Jyoti Singh
Mar 4, 2020
by Jyoti Singh

WBTC On Ethereum To Surpass Lightning Network In Value

WBTC
As per reports, the wrapped Bitcoins (WBTC) on Ethereum’s blockchain are showing tremendous growth, presently. The reports further mentioned that soon the amount of WBTC would surpass Lightning Network.

More Cros-Chain Communication

The positive development of WBTC on Ethereum’s network allows more cross-chain communication. The report mentioned that the development would help the Ethereum to combine its smart contract speciality with Bitcoin’s secured Blockchain database.

According to the Crypto Lark, presently, the worth of WBTC on Ethereum’s blockchain network is the same as the worth of BTC on Lightning Network, i.e., around $7.8 million.

The WBTC was launched in February 2019, on Ethereum’s network and it mostly behaved like a stablecoin. The sources stated that the WBTC project was started by BitGo, and in this project, Kyber Network and Republic Protocol (REN) were its (BitGo’s) partner.

DeFi Being Criticized

The report stated that the project was a part of Ethereum’s decentralized finance (DeFi) movement. Currently, the Ethereum has locked more than $1 billion in DeFi-related contracts. It has been expected the value of WBTC would hit another 130 percent this year.

The report further stated that many crypto investors have criticised DeFi because they feel the hackers could easily steal the digital currency from the platform. The founder of Litecoin Charlie Lee also criticized DeFi but there were many people who considered it to be a cynical attack.

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Ethereum Litecoin Charlie Lee Lightning Network BitGo wBTC Decentralized Finance (DeFi) Crypto Lark Kyber Network Republic Protocol
WBTC On Ethereum To Surpass Lightning Network In Value
Jyoti Singh
Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

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