WBTC

MinimalGravitas

It costs about 3x more to send BTC over the Bitcoin network than to send ETH over Ethereum, here are the daily average fees: https://ycharts.com/indicators/ethereum_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_fee In fact, it currently costs less to to send 'wrapped BTC' (WBTC) over Ethereum than over Bitcoin, here are transactions on both networks from about 5m ago: https://bitcoinexplorer.org/tx/263a12be7adefa0a99ac1ceaa1bd03aae0a574a9ce7c9dcf9c0e3f17fb89cd6b https://etherscan.io/tx/0xdc2fe01913490fcf5e594f93a644aa1480d589cc82a94865c7a76fdecc0c40b5

RandoStonian

Eh, that's where it's at for now.  I'm honestly not *that* worried about WBTC suddenly becoming unpegged at this point. The 'trick' is risk management - never put all your eggs in one basket.

Banker_dog

My understanding is that’s mostly correct. It also allows BTC to operate on Cardano defi platforms without the need for a bridge (which differentiates WBTC, from this which will be trust less and native BTC on Cardano). Ultimately it provides seamless integration of BTC (potentially using their own wallets) directly into the Cardano ecosystem taking advantage of the smart contracts found there.

MinimalGravitas

> You can call it a sidechain if you want to. It's just a type of layer 2. If sidechains are Layer 2s, then you may as well say that Ethereum is a Bitcoin layer 2, there are bridges between them (such as Coinbase's wrapped BTC product) and many times more WBTC on Ethereum than on Lightning and all of Bitcoin's sidechains combined. Sure, you could use the term L2 like that, but then it tells you nothing about the structure you're referring to. > Oh and who thinks ETH is more secure than Bitcoin. With the abandonment of PoW not in a million years. I've linked you to the research paper that quantifies this, and explained it to you. It isn't my fault if you prefer to just believe that PoW makes it more secure regardless of evidence.

SunliMin

There definitely is bridging concerns, but canonical is so safe it might as well not be a concern. However, cross-chain bridges definitely is a concern. I got burned on Agave (AAVE fork on xDai/Gnosis Chain) because of a exploit in tokens from the Omnibridge. IIRC, the bridge added a “transferAndExecute” ability early on, pre-audit, to minimize user actions. This was removed post-audit, but only applied to new tokens. So since WBTC and such excited before the fix, those tokens had the extra feature. Basically you could say “Transfer USDC to xdai AND deposit it into defi” or something in one go. Secondary, AAVE is vulnerable to reetenrancy attacks. They are aware of it, and the solution is the DAO and vetting process for getting tokens added to exchange. They essentially audit tokens and make sure they don’t have code that could be used to abuse a reentrancy attack, before they’re added as a supported token. AGAVE was not aware that some bridged tokens were pre-audit code, while some were post-audit code. They trusted post-audit code and added tokens. Ones like WBTC on xdai with this extra ability were then used to do a reentrancy attack and drain agave entirely. I say all this to say, cross-chain bridges does have risk. Canonical bridges have less, but you still need to know what you’re doing to ensure there isn’t a risk. Technically, Omnibridge wasn’t vulnerable, but it created tokens with features that lead to the fall of the chains biggest defi app at the time. One man’s feature is another man’s exploit.

coinfeeds-bot

tldr; Threshold Network has proposed a plan to further decentralize Wrapped Bitcoin (WBTC) by expanding the number of signers managing the asset through its network. This follows a previous offer to acquire WBTC for $36.4 million in T tokens. Recently, WBTC's custody shifted to a multi-signature system across the US, Singapore, and Hong Kong, moving away from BitGo's sole custody. The proposal aims to enhance decentralization while maintaining the current market structure, ultimately creating a decentralized BTC-backed token. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

coinfeeds-bot

tldr; World Liberty Financial, associated with Donald Trump, has submitted a proposal to Ethereum's DeFi platform Aave to build a crypto project. The proposal suggests launching services on Aave, offering AaveDAO 20% of protocol fees and 7% of WLFI tokens. The project aims to attract new DeFi users by providing stablecoin liquidity for ETH and WBTC. The proposal is under discussion by AaveDAO, and if approved, it will be accessible to all Aave users, including Americans. The project faces potential regulatory risks similar to other U.S.-based DeFi protocols. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

wehodlfinance

Thanks for taking the time to look into the profile and app. We're totally into Bitcoin! Waiting for native BTC DeFi :) atm there are several projects working on it. Yea WBTC isn't BTC, that's for sure but not everyone has the privilege to just HODL, we want to HODL but also need funds for paying the bills and we believe our need is probably a need that many other people encounter so we opened what we developed for our needs to other people as well. You can take a deeper look into our app and see it's all about helping people to avoid bad decisions and trying to protect them from getting liquidated.

Much-Pay9295

I am just resent started on crypto and what I have noticed is that there are 3 Bitcoins in the market that are part in value. I have observed since I started in May. And those 3 Bitcoins stay in the same range of value. Sometimes the Bitcoin is down and WBTC is up and the BTC the same right now they are at the same price margin.

lorem_epsom_dollar

Need some help 1. Can I move USDC from ethereum network and buy Bitcoin(lightning?) 2. If I want to primarily invest in Bitcoin, can I buy WBTC on Ethereum? Thanks. I just have some USDC on Ethereum and I need to move it all to BTC

coinfeeds-bot

tldr; Tron founder Justin Sun criticized Coinbase for launching Wrapped Bitcoin (cbBTC) without Proof of Reserves, calling it a "dark day for Bitcoin." Sun, associated with cbBTC's competitor WBTC, emphasized the need for transparency and questioned Coinbase's regulatory approach. He warned that cbBTC could be vulnerable to government subpoenas and compared the situation to the FTX collapse. Sun highlighted the importance of public treasury wallets and expressed concerns about potential centralization in the crypto industry. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Yabutsk

It makes sense and is an inevitable efficiency to bridge the tokens, I'm just not exactly enthused at Justin Sun's involvement in WBTC

coinfeeds-bot

tldr; Crypto investor James Fickle has added $43.7 million to his debt, bringing his total debt to $132 million on the Aave platform. Fickle borrowed over 3,061 WBTC and exchanged it for 56,445 ETH, betting on Ether's price movement against Bitcoin. However, market volatility led to significant losses. Despite these setbacks, Fickle still holds nearly $400 million in crypto assets, with his largest holdings in AETHWSTETH and Ether. The ETH/BTC ratio has fallen due to declining demand for Ether compared to Bitcoin. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

px403

Isn't that where WBTC has always been? Makes sense to me.

ccModBot

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kirtash93

Quite ironic to see WBTC in ETH xD

Junglebook3

Agree. I also think cbBTC is safer than WBTC and all other alternatives.

coinfeeds-bot

tldr; A crypto whale with a $26.47 million position in Wrapped Bitcoin (WBTC) on the DeFi platform Compound narrowly avoided liquidation after Bitcoin's price drop. Lookonchain reported the whale's health rate was as low as 1.07 with a liquidation price of $50,429. This whale had previously been liquidated three times in 2022, losing a total of $32.82 million. Other addresses also sold Bitcoin as prices fell, while 836,000 addresses bought 402,800 BTC worth $21 billion, potentially to sell at breakeven. Galaxy Digital deposited 1,458 BTC into Coinbase Prime, possibly for trading or custody. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

biba8163

Can't short ETH against BTC without holding WBTC which leaves you open to liquidations, hacks and WBTC 3rd party risk. It's not something I want to do or you do for long time horizons. Plus, most of my BTC is timelocked in 0.25 pieces far into the future. I can't withdraw from timelocked addresses, only deposit to them.

coinfeeds-bot

tldr; 21.co, the parent company of 21Shares, has launched a Wrapped Bitcoin product, 21BTC, on the Ethereum blockchain in collaboration with Flow Traders. This product aims to provide a secure alternative to existing wrapped Bitcoin options by storing the underlying Bitcoin in cold storage, thus eliminating the need for a bridge. The launch comes amid challenges faced by WBTC, the most popular Bitcoin wrapper, particularly due to concerns over its management and control. 21BTC seeks to offer stringent asset management practices and institutional-grade security to users exploring decentralized applications on Ethereum. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

persfin311

I'm in the UK and it looks like CGT is likely to increase in the near future. Possibly from 20% to 40%. I'm tempted to sell BTC to realise gains and pay CGT at 20% but would want to buy BTC back after 30 days (any earlier and different tax rules apply). In an ideal world, WBTC would be the best alternative as it's pegged to the BTC price so I'd be guaranteed to get the same amount of BTC back, but I am wary of the risk. Does anyone have any other suggestions or opinions on the risk level of holding WBTC for 30 days?

persfin311

I'm in the UK and it looks like CGT is likely to increase in the near future. Possibly from 20% to 40%. I'm tempted to sell BTC to realise gains and pay CGT at 20% but would want to buy BTC back after 30 days (any aerlier and different tax rules apply). In an ideal world, WBTC would be the best alternative as it's pegged to the BTC price so I'd be guaranteed to get the same amount of BTC back, but I am wary of the risk. Does anyone have any other suggestions or opinions on the risk level of hoding WBTC for 30 days?

coinfeeds-bot

tldr; MacLane Wilkison has proposed a merger between Threshold Network's tBTC and WBTC (Wrapped Bitcoin). This merger would involve Threshold Network becoming the sole 'merchant' on the WBTC network and transferring the management of the bitcoins backing WBTC to tBTC. Concerns were raised about the proposal potentially giving BitGo, a key player in WBTC, more control over the Threshold Network. The proposal suggests minting over $36 million worth of new tokens, which could dilute existing tokens' value. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

EarningsPal

If you’re willing to trust WBTC you can use Defi for loans

dirdirsaliba

Wait untill they hear about WBTC

coinfeeds-bot

tldr; An unidentified whale has rapidly accumulated over $118 million worth of Wrapped Bitcoin (WBTC), purchasing a total of 1,953 WBTC at an average price of $58,853 per token. This significant acquisition, including a notable transaction of 347 WBTC within just 12 hours on August 19, coincides with controversies surrounding the ownership and management of WBTC. Amidst this, BitGo announced plans to transfer WBTC control to a joint venture, sparking debates and leading DeFi protocols like MakerDAO and Aave to consider alternatives and risk mitigation strategies. Additionally, Coinbase hinted at launching its own wrapped Bitcoin token, cbBTC, adding to the market dynamics. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Important_Addition

DeFi is always the answer but seeing the mess that is unfolding with WBTC I don’t think people will be eager to join.

Every_Hunt_160

Didn’t they just come out with this WBTC lending a few days ago?

Tiny_Artichoke_6665

Regulation for me should stop creation of synthetic asset without a 100% of reserve of that asset. Like a Wrapped BTC should be baked by 100% BTC reserve of WBTC emitted. I am referring to the new CBBTC emission.

2LostFlamingos

People deposit WBTC into lending protocols like aave or beefy to earn yield. I’m not saying it’s the best idea, but it’s a thing that exists.

2LostFlamingos

Of course I saw that. You’re talking 2 different things here. I’ve acknowledged the counterparty risk. I’m not saying it’s a great idea. I understand the purpose and the risk with WBTC. You’ll need to explain how cbBTC is the same as fiat though. I can’t see that.

ImSoHungryRightMao

Can someone ELI5 what wrapped BTC is? Is it basically like Tether is to USD as WBTC is to BTC?

2LostFlamingos

To compete with / provide alternative to WBTC

2LostFlamingos

How do you figure this? It competes with WBTC. Backed 1:1 with bitcoin. Used other chains.

2LostFlamingos

It competes and provides an alternative to WBTC. Choices are good things. Allows bitcoin on other chains. Backed 1:1.

2LostFlamingos

It’s WBTC with a different counterparty risk. Choices are good things.

coinfeeds-bot

tldr; Coinbase is teasing the launch of a new tokenized bitcoin product named cbBTC, which is expected to allow for holding bitcoin on Ethereum and Layer 2 chains, enhancing liquidity for users and within Base, the blockchain incubated by Coinbase. This product, backed 1:1 with actual bitcoin, could compete with Bitgo’s wrapped bitcoin (WBTC), the current largest tokenized BTC product. The launch date for cbBTC is hinted to be soon, following Coinbase's announcement and Base lead Jesse Pollak's supportive comments on building a bitcoin economy on Base. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

HSuke

The article explains it pretty well, not no one is reading it. It's to complete against BitGo's WBTC, which is coming under ownership of Justin Sun and likely no longer trustworthy. WBTC is needed for DeFi since naive Bitcoin doesn't support DeFi.

HSuke

Yeah. I feel like a lot of people here don't realize that Wrapped Bitcoin is needed for DeFi on other networks since DeFi doesn't exist on the Bitcoin network. A huge chunk of Bitcoin price comes from WBTC liquidity pools.

HSuke

Uhh. It's just wrapped Bitcoin. Bitcoin network has no DeFi or utility, so you need to wrap it on other networks to do any DeFi. Coinbase is launching it since Bitgo's WBTC is becoming questionable.

Isabela_Grace

Because WBTC gives you options you wouldn’t have with just BTC. Since WBTC is changing hands and can be fraudulent they’re adding an alternative. Research my friend.

biba8163

Start? Bitgo has currently has 150,000 BTC wrapped and issued in Ethereum. This also is bridged across other networks. Bitgo are about to partner with Justin Sun. I think Maker and Aave are going to do away with WBTC. Like it or not, there is a market demand for Bitcoin in other chains. BTC after all is the most desired asset in crypto. I'd rather have Coinbase issuing this than Justin Sun involved.

Logical_Lemming

The context here is just a few days ago, BitGo announced that they'll be transferring control of WBTC to a joint venture partially owned by Justin Sun/Tron ecosystem. Of course a lot of people think this is not so great, so it's a perfect time for Coinbase to launch a competitor.

uni-twit

It’s amazing that the BTC treasury that underlie WBTC are being moved to a company [partially controlled](https://protos.com/justin-sun-has-99-problems-and-wtbc-is-two-of-them/) by Justin Sun.

sweetsimplechode

Yes. BTC is bitcoin. WBTC is a centralized ERC-20 shitcoin. WBTC is created when someone gives BitGo real bitcoin and then BitGo mints the centralized ERC-20 shitcoin on Ethereum. BitGo promises that you can return your WBTC to them and redeem it for real bitcoin.

DearHair4635

So going with 113-139k by 2025. It’s a wide range but if on chain BTC ZKP was actually proved… than… going to see a massive move from ETH—>BTC. It will be interesting to see the WBTC price if its depegs as ETH reduces and liquidity moves from place to place.  BTC is the Boomer Transfer Coin, into crypto. They kept it as simple as they can huh 

noviwu97

Yield on BTC is non existent, but with WBTC you can put in aave, borrow ETH/stable then use those to get yield

coinfeeds-bot

tldr; HTX, advised by Justin Sun, faces scrutiny over its reserves and Sun's control. Despite Sun's denial of controlling HTX, his involvement deepened after its acquisition by About Capital Management. Concerns arise as HTX's proof-of-reserves reveals a significant portion of its USDT reserves replaced with stUSDT, a Sun-connected project. Additionally, HTX's handling of assets like TRX and WBTC, and the opaque governance of Sun-affiliated protocols, raise questions about the exchange's solvency and the safety of user assets. HTX also faces criticism for misleading statements about past security incidents. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

KindDelay

Not native bitcoin, but there are tons of lending protocols on networks that you can wrap your bitcoin by swapping BTC for WBTC on an exchange, then sending it to said network. You then can deposit wbtc on the lending platform to get yield from your BTC. This is the main reason why all the dumb altcoins move when bitcoin moves. Tons of these altcoins are just copy and paste versions of the others and full of defi ponzi schemes. Most of these bitcoiners don't know that, but it also creates tons of fake volume and makes it no different than the USD.

seb7mad

The wording is weird. Then can freeze (prevent from being transferred) USDT tokens from any wallet, and most ERC-20 tokens works this way (USDC, WBTC, etc.) No one can freeze native ETH or other tokens of they don’t control the contract

DreamingTooLong

Someone gets paid in USDT. They have the choice of switching it to Lightning Bitcoin, or WBTC or BTC All 3 share the same market value. Each different transactions speed and different levels of privacy and different levels of being secure. There isn’t a one shoe size fits all. People are free to transact bitcoin however they choose. Some people purchase right through Fidelity because that’s where they store all their money. That’s not really bitcoin though, it’s just an easy way to invest in it.

DreamingTooLong

BTC provides a pegged price for people that trade WBTC and USDT back and forth. Also, lightning network transactions are considerably private if you are running your own node. Strike, CashApp, Kraken, and Bitrefill are 4 locations that I know of that are using lightning.

snek_oil_

I made a $100 buy of every coin in the top 25 except WBTC and STETH. Let's see which will perform best. I plan to sell once BTC reach >$70k.

CoysNizl3

Since nobody is giving you a straight answer to your question here... You will want to bride your BTC to ETH for some WBTC and the use one of the many lending platforms there. I would recommend and older and established name like AAVE. Good luck.

GoodSamoSamo

In the past week alone: - SOL ETF application mania started with applications from VanEck, ARK + 21 Shares - Worldcoin expands to Solana - $60M Fund to Accelerate Solana Startups - SOL Stablecoin Supply increasing - Pantera Capital calls Solana the Mac OS of Blockchains - Accelerating crypto distribution through Blinks - Sanctum Profiles to allow anyone to launch LSTs - Jupiter ships V3 and is openly suggesting token supply cuts - Perp DEX Volumes reaching new highs - WBTC live on Solana through Wormhole - Pumpdotfun flipped SOL in 24h revenue - ZK compression on Solana, meaning onchain state to get 10,000x scale improvements and Solana is 1 step closer to building The Financial Computer On top of that, Solana DEX volume continues to flip Ethereum in virtually every metric... TPS, # of transactions, DEX volume, NFT volume, etc. Second validator client coming in September by Jump Crypto, that'll put to rest "outage" FUD and also catapult TPS to potentially consistently 10s of thousands of transactions per second (currently does 800 - 900 non-vote TPS). Ppl going to keep capitulating to Solana and haters will regret not having an open mind.

CointestMod

#Chainlink Con-Arguments Below is a Chainlink con-argument written by etj103007. > **What is Chainlink?** > > *Disclaimer: I have interacted with smart contracts using Chainlink, though I don’t hold any of the token itself.* > > Chainlink is an oracle network, allowing smart contracts to receive (and send) external information. In short, it allows the blockchain to interact with the outside world. > > It is supported on many different blockchains, including the Ethereum Mainnet, its L2s, and sidechains such as Polygon. > > However, the Chainlink network itself is not a blockchain. Instead, it calls itself “blockchain-agnostic” meaning it can theoretically be used on any chain that wants to support it. > > Say you want send 10$ of a coin or token to a certain address every day. Well, if it was a stablecoin, it’d be pretty easy. But maybe it’s Ethereum, or WBTC, or some other token that fluctuates in price. As such, the amount of said token/coin worth 10$ always changes. Using Chainlink, you can avail the price of that token/coin, and be able to calculate the exact amount to send so that it equals 10$. There are many other situations just like this that the Chainlink network is used for. > > The Chainlink token serves a niche; it is used to pay the node operators for the data they deliver. Recently, LINK staking has launched with the advent of Chainlink Staking v0.1. This allows operators and users to stake their LINK to secure the network. > > Chainlink is used as an oracle by various DeFi protocols like AAVE, dYdX, Synthetix, by various NFT projects such as those created by the NBA, even decentralized insurance (Etherisc) and more. ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)) > > # Pros of Chainlink (LINK) > > **1. Chainlink is secure, scalable, and reliable.** > > The nature of being a Chainlink node operator maintains these 3 qualities. Node operators are required to follow a set of guidelines for their nodes to ensure security. For example, nodes have to have backups for the nodes connecting to their data sources, snapshots of the chain for syncing, Ethereum to pay for gas, and more. > > Being decentralized and relying on the blockchain to secure the data feed transactions pretty much guarantees its security as well. > > Node operators also do their best to optimize the performance of their nodes and have also released multiple developments to increase scalability, such as the Off-Chain Reporting upgrade which has reduced operating costs by 90% ([https://blog.chain.link/off-chain-reporting-live-on-mainnet/](https://blog.chain.link/off-chain-reporting-live-on-mainnet/)) > > As said before, Chainlink (being based on smart contracts) can theoretically be used on any blockchain that wishes to adopt it. And with the use cases mentioned above ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)), the only thing it needs is developers willing to adopt it into their respective blockchains. > > The Chainlink network also prides itself on its reliability. Being serviced by independent and reputable node operators such as Infura, Swisscom (telecom company), Huobi, Binance, and others, it relies on this network of operators to source the data needed onchain. As node operators need to stake their tokens as collateral, it also challenges them to offer good performance. > > For example, Chainlink held an “oracle Olympics” challenging operators to keep their uptime at 100% while undergoing several challenges. While 100% is impossible, the winners guaranteed 99.99%, ensuring that their nodes would be available for that amount of time while still surviving thru challenges. > > **2. Chainlink’s recently launched Chainlink Staking v.0.1 allows users to stake their tokens while securing the networks' nodes.** > > While currently only supporting the ETH/USD data feed on mainnet Ethereum, other data feeds will soon be supported. Meanwhile, Staking 0.2 is planned in 9-12 months and is expected to bring updates and developments to staking, and also allow withdrawals of currently staked LINK. > > Just like traditional staking, this version allows users to secure the network; unlike POS blockchains, Chainlink doesn’t run on a blockchain so stakers secure by raising alerts (if the oracle doesn’t report an update in 3 hours, for example). If the alerts are valid, they can earn LINK, improving the security of the network by penalizing unresponsive nodes. > > Reputation systems for nodes have also been developed, ensuring that nodes maintain their good performance and continue providing correct oracle prices. > > These two systems combined ensure every node performs well and allow users in the ecosystem to earn rewards while securing the network. > > **In conclusion:** > > Chainlink Network and its token will continue its developments in the next years as the demand for oracles increases across the crypto space. Its' progress in its tokenomics with the start of staking while simultaneously ensuring the performance of its nodes will be welcomed by users of the network. And as more and more chains support Chainlink, it won't be long until it'll be found everywhere in DeFi and other sectors. > > TLDR: LINK and its network is used in many sectors of crypto, is secure, scalable, and reliable, while its' tokenomics continue to progress. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find submissions for other topics.

CointestMod

#Chainlink Con-Arguments Below is a Chainlink con-argument written by etj103007. > **What is Chainlink?** > > *Disclaimer: I have interacted with smart contracts using Chainlink, though I don’t hold any of the token itself.* > > Chainlink is an oracle network, allowing smart contracts to receive (and send) external information. In short, it allows the blockchain to interact with the outside world. > > It is supported on many different blockchains, including the Ethereum Mainnet, its L2s, and sidechains such as Polygon. > > However, the Chainlink network itself is not a blockchain. Instead, it calls itself “blockchain-agnostic” meaning it can theoretically be used on any chain that wants to support it. > > Say you want send 10$ of a coin or token to a certain address every day. Well, if it was a stablecoin, it’d be pretty easy. But maybe it’s Ethereum, or WBTC, or some other token that fluctuates in price. As such, the amount of said token/coin worth 10$ always changes. Using Chainlink, you can avail the price of that token/coin, and be able to calculate the exact amount to send so that it equals 10$. There are many other situations just like this that the Chainlink network is used for. > > The Chainlink token serves a niche; it is used to pay the node operators for the data they deliver. Recently, LINK staking has launched with the advent of Chainlink Staking v0.1. This allows operators and users to stake their LINK to secure the network. > > Chainlink is used as an oracle by various DeFi protocols like AAVE, dYdX, Synthetix, by various NFT projects such as those created by the NBA, even decentralized insurance (Etherisc) and more. ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)) > > # Pros of Chainlink (LINK) > > **1. Chainlink is secure, scalable, and reliable.** > > The nature of being a Chainlink node operator maintains these 3 qualities. Node operators are required to follow a set of guidelines for their nodes to ensure security. For example, nodes have to have backups for the nodes connecting to their data sources, snapshots of the chain for syncing, Ethereum to pay for gas, and more. > > Being decentralized and relying on the blockchain to secure the data feed transactions pretty much guarantees its security as well. > > Node operators also do their best to optimize the performance of their nodes and have also released multiple developments to increase scalability, such as the Off-Chain Reporting upgrade which has reduced operating costs by 90% ([https://blog.chain.link/off-chain-reporting-live-on-mainnet/](https://blog.chain.link/off-chain-reporting-live-on-mainnet/)) > > As said before, Chainlink (being based on smart contracts) can theoretically be used on any blockchain that wishes to adopt it. And with the use cases mentioned above ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)), the only thing it needs is developers willing to adopt it into their respective blockchains. > > The Chainlink network also prides itself on its reliability. Being serviced by independent and reputable node operators such as Infura, Swisscom (telecom company), Huobi, Binance, and others, it relies on this network of operators to source the data needed onchain. As node operators need to stake their tokens as collateral, it also challenges them to offer good performance. > > For example, Chainlink held an “oracle Olympics” challenging operators to keep their uptime at 100% while undergoing several challenges. While 100% is impossible, the winners guaranteed 99.99%, ensuring that their nodes would be available for that amount of time while still surviving thru challenges. > > **2. Chainlink’s recently launched Chainlink Staking v.0.1 allows users to stake their tokens while securing the networks' nodes.** > > While currently only supporting the ETH/USD data feed on mainnet Ethereum, other data feeds will soon be supported. Meanwhile, Staking 0.2 is planned in 9-12 months and is expected to bring updates and developments to staking, and also allow withdrawals of currently staked LINK. > > Just like traditional staking, this version allows users to secure the network; unlike POS blockchains, Chainlink doesn’t run on a blockchain so stakers secure by raising alerts (if the oracle doesn’t report an update in 3 hours, for example). If the alerts are valid, they can earn LINK, improving the security of the network by penalizing unresponsive nodes. > > Reputation systems for nodes have also been developed, ensuring that nodes maintain their good performance and continue providing correct oracle prices. > > These two systems combined ensure every node performs well and allow users in the ecosystem to earn rewards while securing the network. > > **In conclusion:** > > Chainlink Network and its token will continue its developments in the next years as the demand for oracles increases across the crypto space. Its' progress in its tokenomics with the start of staking while simultaneously ensuring the performance of its nodes will be welcomed by users of the network. And as more and more chains support Chainlink, it won't be long until it'll be found everywhere in DeFi and other sectors. > > TLDR: LINK and its network is used in many sectors of crypto, is secure, scalable, and reliable, while its' tokenomics continue to progress. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find submissions for other topics.

CointestMod

#Chainlink Pro-Arguments Below is a Chainlink pro-argument written by etj103007. > **What is Chainlink?** > > *Disclaimer: I have interacted with smart contracts using Chainlink, though I don’t hold any of the token itself.* > > Chainlink is an oracle network, allowing smart contracts to receive (and send) external information. In short, it allows the blockchain to interact with the outside world. > > It is supported on many different blockchains, including the Ethereum Mainnet, its L2s, and sidechains such as Polygon. > > However, the Chainlink network itself is not a blockchain. Instead, it calls itself “blockchain-agnostic” meaning it can theoretically be used on any chain that wants to support it. > > Say you want send 10$ of a coin or token to a certain address every day. Well, if it was a stablecoin, it’d be pretty easy. But maybe it’s Ethereum, or WBTC, or some other token that fluctuates in price. As such, the amount of said token/coin worth 10$ always changes. Using Chainlink, you can avail the price of that token/coin, and be able to calculate the exact amount to send so that it equals 10$. There are many other situations just like this that the Chainlink network is used for. > > The Chainlink token serves a niche; it is used to pay the node operators for the data they deliver. Recently, LINK staking has launched with the advent of Chainlink Staking v0.1. This allows operators and users to stake their LINK to secure the network. > > Chainlink is used as an oracle by various DeFi protocols like AAVE, dYdX, Synthetix, by various NFT projects such as those created by the NBA, even decentralized insurance (Etherisc) and more. ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)) > > # Pros of Chainlink (LINK) > > **1. Chainlink is secure, scalable, and reliable.** > > The nature of being a Chainlink node operator maintains these 3 qualities. Node operators are required to follow a set of guidelines for their nodes to ensure security. For example, nodes have to have backups for the nodes connecting to their data sources, snapshots of the chain for syncing, Ethereum to pay for gas, and more. > > Being decentralized and relying on the blockchain to secure the data feed transactions pretty much guarantees its security as well. > > Node operators also do their best to optimize the performance of their nodes and have also released multiple developments to increase scalability, such as the Off-Chain Reporting upgrade which has reduced operating costs by 90% ([https://blog.chain.link/off-chain-reporting-live-on-mainnet/](https://blog.chain.link/off-chain-reporting-live-on-mainnet/)) > > As said before, Chainlink (being based on smart contracts) can theoretically be used on any blockchain that wishes to adopt it. And with the use cases mentioned above ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)), the only thing it needs is developers willing to adopt it into their respective blockchains. > > The Chainlink network also prides itself on its reliability. Being serviced by independent and reputable node operators such as Infura, Swisscom (telecom company), Huobi, Binance, and others, it relies on this network of operators to source the data needed onchain. As node operators need to stake their tokens as collateral, it also challenges them to offer good performance. > > For example, Chainlink held an “oracle Olympics” challenging operators to keep their uptime at 100% while undergoing several challenges. While 100% is impossible, the winners guaranteed 99.99%, ensuring that their nodes would be available for that amount of time while still surviving thru challenges. > > **2. Chainlink’s recently launched Chainlink Staking v.0.1 allows users to stake their tokens while securing the networks' nodes.** > > While currently only supporting the ETH/USD data feed on mainnet Ethereum, other data feeds will soon be supported. Meanwhile, Staking 0.2 is planned in 9-12 months and is expected to bring updates and developments to staking, and also allow withdrawals of currently staked LINK. > > Just like traditional staking, this version allows users to secure the network; unlike POS blockchains, Chainlink doesn’t run on a blockchain so stakers secure by raising alerts (if the oracle doesn’t report an update in 3 hours, for example). If the alerts are valid, they can earn LINK, improving the security of the network by penalizing unresponsive nodes. > > Reputation systems for nodes have also been developed, ensuring that nodes maintain their good performance and continue providing correct oracle prices. > > These two systems combined ensure every node performs well and allow users in the ecosystem to earn rewards while securing the network. > > **In conclusion:** > > Chainlink Network and its token will continue its developments in the next years as the demand for oracles increases across the crypto space. Its' progress in its tokenomics with the start of staking while simultaneously ensuring the performance of its nodes will be welcomed by users of the network. And as more and more chains support Chainlink, it won't be long until it'll be found everywhere in DeFi and other sectors. > > TLDR: LINK and its network is used in many sectors of crypto, is secure, scalable, and reliable, while its' tokenomics continue to progress. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find submissions for other topics.

CointestMod

#Chainlink Con-Arguments Below is a Chainlink con-argument written by etj103007. > **What is Chainlink?** > > *Disclaimer: I have interacted with smart contracts using Chainlink, though I don’t hold any of the token itself.* > > Chainlink is an oracle network, allowing smart contracts to receive (and send) external information. In short, it allows the blockchain to interact with the outside world. > > It is supported on many different blockchains, including the Ethereum Mainnet, its L2s, and sidechains such as Polygon. > > However, the Chainlink network itself is not a blockchain. Instead, it calls itself “blockchain-agnostic” meaning it can theoretically be used on any chain that wants to support it. > > Say you want send 10$ of a coin or token to a certain address every day. Well, if it was a stablecoin, it’d be pretty easy. But maybe it’s Ethereum, or WBTC, or some other token that fluctuates in price. As such, the amount of said token/coin worth 10$ always changes. Using Chainlink, you can avail the price of that token/coin, and be able to calculate the exact amount to send so that it equals 10$. There are many other situations just like this that the Chainlink network is used for. > > The Chainlink token serves a niche; it is used to pay the node operators for the data they deliver. Recently, LINK staking has launched with the advent of Chainlink Staking v0.1. This allows operators and users to stake their LINK to secure the network. > > Chainlink is used as an oracle by various DeFi protocols like AAVE, dYdX, Synthetix, by various NFT projects such as those created by the NBA, even decentralized insurance (Etherisc) and more. ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)) > > # Pros of Chainlink (LINK) > > **1. Chainlink is secure, scalable, and reliable.** > > The nature of being a Chainlink node operator maintains these 3 qualities. Node operators are required to follow a set of guidelines for their nodes to ensure security. For example, nodes have to have backups for the nodes connecting to their data sources, snapshots of the chain for syncing, Ethereum to pay for gas, and more. > > Being decentralized and relying on the blockchain to secure the data feed transactions pretty much guarantees its security as well. > > Node operators also do their best to optimize the performance of their nodes and have also released multiple developments to increase scalability, such as the Off-Chain Reporting upgrade which has reduced operating costs by 90% ([https://blog.chain.link/off-chain-reporting-live-on-mainnet/](https://blog.chain.link/off-chain-reporting-live-on-mainnet/)) > > As said before, Chainlink (being based on smart contracts) can theoretically be used on any blockchain that wishes to adopt it. And with the use cases mentioned above ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)), the only thing it needs is developers willing to adopt it into their respective blockchains. > > The Chainlink network also prides itself on its reliability. Being serviced by independent and reputable node operators such as Infura, Swisscom (telecom company), Huobi, Binance, and others, it relies on this network of operators to source the data needed onchain. As node operators need to stake their tokens as collateral, it also challenges them to offer good performance. > > For example, Chainlink held an “oracle Olympics” challenging operators to keep their uptime at 100% while undergoing several challenges. While 100% is impossible, the winners guaranteed 99.99%, ensuring that their nodes would be available for that amount of time while still surviving thru challenges. > > **2. Chainlink’s recently launched Chainlink Staking v.0.1 allows users to stake their tokens while securing the networks' nodes.** > > While currently only supporting the ETH/USD data feed on mainnet Ethereum, other data feeds will soon be supported. Meanwhile, Staking 0.2 is planned in 9-12 months and is expected to bring updates and developments to staking, and also allow withdrawals of currently staked LINK. > > Just like traditional staking, this version allows users to secure the network; unlike POS blockchains, Chainlink doesn’t run on a blockchain so stakers secure by raising alerts (if the oracle doesn’t report an update in 3 hours, for example). If the alerts are valid, they can earn LINK, improving the security of the network by penalizing unresponsive nodes. > > Reputation systems for nodes have also been developed, ensuring that nodes maintain their good performance and continue providing correct oracle prices. > > These two systems combined ensure every node performs well and allow users in the ecosystem to earn rewards while securing the network. > > **In conclusion:** > > Chainlink Network and its token will continue its developments in the next years as the demand for oracles increases across the crypto space. Its' progress in its tokenomics with the start of staking while simultaneously ensuring the performance of its nodes will be welcomed by users of the network. And as more and more chains support Chainlink, it won't be long until it'll be found everywhere in DeFi and other sectors. > > TLDR: LINK and its network is used in many sectors of crypto, is secure, scalable, and reliable, while its' tokenomics continue to progress. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find submissions for other topics.

CointestMod

#Chainlink Pro-Arguments Below is a Chainlink pro-argument written by etj103007. > **What is Chainlink?** > > *Disclaimer: I have interacted with smart contracts using Chainlink, though I don’t hold any of the token itself.* > > Chainlink is an oracle network, allowing smart contracts to receive (and send) external information. In short, it allows the blockchain to interact with the outside world. > > It is supported on many different blockchains, including the Ethereum Mainnet, its L2s, and sidechains such as Polygon. > > However, the Chainlink network itself is not a blockchain. Instead, it calls itself “blockchain-agnostic” meaning it can theoretically be used on any chain that wants to support it. > > Say you want send 10$ of a coin or token to a certain address every day. Well, if it was a stablecoin, it’d be pretty easy. But maybe it’s Ethereum, or WBTC, or some other token that fluctuates in price. As such, the amount of said token/coin worth 10$ always changes. Using Chainlink, you can avail the price of that token/coin, and be able to calculate the exact amount to send so that it equals 10$. There are many other situations just like this that the Chainlink network is used for. > > The Chainlink token serves a niche; it is used to pay the node operators for the data they deliver. Recently, LINK staking has launched with the advent of Chainlink Staking v0.1. This allows operators and users to stake their LINK to secure the network. > > Chainlink is used as an oracle by various DeFi protocols like AAVE, dYdX, Synthetix, by various NFT projects such as those created by the NBA, even decentralized insurance (Etherisc) and more. ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)) > > # Pros of Chainlink (LINK) > > **1. Chainlink is secure, scalable, and reliable.** > > The nature of being a Chainlink node operator maintains these 3 qualities. Node operators are required to follow a set of guidelines for their nodes to ensure security. For example, nodes have to have backups for the nodes connecting to their data sources, snapshots of the chain for syncing, Ethereum to pay for gas, and more. > > Being decentralized and relying on the blockchain to secure the data feed transactions pretty much guarantees its security as well. > > Node operators also do their best to optimize the performance of their nodes and have also released multiple developments to increase scalability, such as the Off-Chain Reporting upgrade which has reduced operating costs by 90% ([https://blog.chain.link/off-chain-reporting-live-on-mainnet/](https://blog.chain.link/off-chain-reporting-live-on-mainnet/)) > > As said before, Chainlink (being based on smart contracts) can theoretically be used on any blockchain that wishes to adopt it. And with the use cases mentioned above ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)), the only thing it needs is developers willing to adopt it into their respective blockchains. > > The Chainlink network also prides itself on its reliability. Being serviced by independent and reputable node operators such as Infura, Swisscom (telecom company), Huobi, Binance, and others, it relies on this network of operators to source the data needed onchain. As node operators need to stake their tokens as collateral, it also challenges them to offer good performance. > > For example, Chainlink held an “oracle Olympics” challenging operators to keep their uptime at 100% while undergoing several challenges. While 100% is impossible, the winners guaranteed 99.99%, ensuring that their nodes would be available for that amount of time while still surviving thru challenges. > > **2. Chainlink’s recently launched Chainlink Staking v.0.1 allows users to stake their tokens while securing the networks' nodes.** > > While currently only supporting the ETH/USD data feed on mainnet Ethereum, other data feeds will soon be supported. Meanwhile, Staking 0.2 is planned in 9-12 months and is expected to bring updates and developments to staking, and also allow withdrawals of currently staked LINK. > > Just like traditional staking, this version allows users to secure the network; unlike POS blockchains, Chainlink doesn’t run on a blockchain so stakers secure by raising alerts (if the oracle doesn’t report an update in 3 hours, for example). If the alerts are valid, they can earn LINK, improving the security of the network by penalizing unresponsive nodes. > > Reputation systems for nodes have also been developed, ensuring that nodes maintain their good performance and continue providing correct oracle prices. > > These two systems combined ensure every node performs well and allow users in the ecosystem to earn rewards while securing the network. > > **In conclusion:** > > Chainlink Network and its token will continue its developments in the next years as the demand for oracles increases across the crypto space. Its' progress in its tokenomics with the start of staking while simultaneously ensuring the performance of its nodes will be welcomed by users of the network. And as more and more chains support Chainlink, it won't be long until it'll be found everywhere in DeFi and other sectors. > > TLDR: LINK and its network is used in many sectors of crypto, is secure, scalable, and reliable, while its' tokenomics continue to progress. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find submissions for other topics.

ambitionlless

WBTC is custodial

coinfeeds-bot

tldr; UwU Lend, a DeFi protocol co-founded by Michael “Sifu” Patryn, experienced a $19.3 million exploit. A single wallet extracted various tokens, including WETH and WBTC, and traded them on Uniswap. The method of the exploit is currently unknown. UwU Lend, which offers lending, borrowing, and asset management, had prioritized security with code forked from AAVE V2 and underwent audits. The protocol has not yet issued an official statement regarding the incident. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Somebody__Online

You can participate in a Liquidity Pool For example supply WBTC and USDC to uniswap between $60k and 75k If the price falls below 60k your lp is 100% in WBTC. When it is above 75k your 100% in USDC. The Lp automatically trades back and forth within the range as the price moves with every single trade that goes through the pool at uniswap. You earn fees payed to the Lp as well as farm incentives if you know where to look. Hint: check on Merkel to see uniswap Lp incentive campaigns.

genuin3

An idiot that calls Metamask a "bitcoin wallet" and then claims he bought WBTC to save his sorry ass - is not that sophisticated unfortunately

genuin3

You guys realize blockchain is fully transparent and this 4 million WBTC wallet would be visible for anyone to see. Just check the top holders for WBTC around 4 mill of value [here](https://etherscan.io/token/0x2260fac5e5542a773aa44fbcfedf7c193bc2c599#balances). There are only a handful! Spoiler: OP is obviously a liar. Accommodating for price fluctuations of +-10% -》no (new) wallet with a recent transfer of 3.6-4.4 mill in WBTC exists (OR recent wallets with just that amount in WBTC - and no other assets - for that matter).

Ruzhyo04

The point stands that Bitcoin is extremely traceable. It’s also expensive to transfer, so if the buyer accepts something else you t want to try that. Monero and Zcash are more private. Arbitrum, Solana, and other networks are much cheaper to use and also support USDT, WBTC, or anything else the buyer wants.

anarcap

The ones above are both bitcoin. There are also others that are not bitcoin, but tokens that represent bitcoin (WBTC, BBTC, etc). Your question is great. The answer is not simply. It is a good idea to spend some time learning about it, so you won't get scammed.

EmpyYoutube

Axion, has a 15 year stake option. You earn WBTC on your staked coins.

alterise

loads. dexes, lending markets... Ethereum and its L2s make up almost 3/4 of all DeFi tvl. https://defillama.com/chains In fact, lots of bitcoin are wrapped on ethereum as WBTC to be used as collateral in DeFi (currently about 10.6b mc).

DreamingTooLong

Spot Ethereum ETF is good for WBTC Anything good for WBTC is good for Bitcoin. LTC back in May 2017 was the third coin to get listed on Coinbase and they will probably be the third coin to make spot ETF.

CointestMod

#Chainlink Pro-Arguments Below is a Chainlink pro-argument written by etj103007. > **What is Chainlink?** > > *Disclaimer: I have interacted with smart contracts using Chainlink, though I don’t hold any of the token itself.* > > Chainlink is an oracle network, allowing smart contracts to receive (and send) external information. In short, it allows the blockchain to interact with the outside world. > > It is supported on many different blockchains, including the Ethereum Mainnet, its L2s, and sidechains such as Polygon. > > However, the Chainlink network itself is not a blockchain. Instead, it calls itself “blockchain-agnostic” meaning it can theoretically be used on any chain that wants to support it. > > Say you want send 10$ of a coin or token to a certain address every day. Well, if it was a stablecoin, it’d be pretty easy. But maybe it’s Ethereum, or WBTC, or some other token that fluctuates in price. As such, the amount of said token/coin worth 10$ always changes. Using Chainlink, you can avail the price of that token/coin, and be able to calculate the exact amount to send so that it equals 10$. There are many other situations just like this that the Chainlink network is used for. > > The Chainlink token serves a niche; it is used to pay the node operators for the data they deliver. Recently, LINK staking has launched with the advent of Chainlink Staking v0.1. This allows operators and users to stake their LINK to secure the network. > > Chainlink is used as an oracle by various DeFi protocols like AAVE, dYdX, Synthetix, by various NFT projects such as those created by the NBA, even decentralized insurance (Etherisc) and more. ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)) > > # Pros of Chainlink (LINK) > > **1. Chainlink is secure, scalable, and reliable.** > > The nature of being a Chainlink node operator maintains these 3 qualities. Node operators are required to follow a set of guidelines for their nodes to ensure security. For example, nodes have to have backups for the nodes connecting to their data sources, snapshots of the chain for syncing, Ethereum to pay for gas, and more. > > Being decentralized and relying on the blockchain to secure the data feed transactions pretty much guarantees its security as well. > > Node operators also do their best to optimize the performance of their nodes and have also released multiple developments to increase scalability, such as the Off-Chain Reporting upgrade which has reduced operating costs by 90% ([https://blog.chain.link/off-chain-reporting-live-on-mainnet/](https://blog.chain.link/off-chain-reporting-live-on-mainnet/)) > > As said before, Chainlink (being based on smart contracts) can theoretically be used on any blockchain that wishes to adopt it. And with the use cases mentioned above ([https://blog.chain.link/smart-contract-use-cases/](https://blog.chain.link/smart-contract-use-cases/)), the only thing it needs is developers willing to adopt it into their respective blockchains. > > The Chainlink network also prides itself on its reliability. Being serviced by independent and reputable node operators such as Infura, Swisscom (telecom company), Huobi, Binance, and others, it relies on this network of operators to source the data needed onchain. As node operators need to stake their tokens as collateral, it also challenges them to offer good performance. > > For example, Chainlink held an “oracle Olympics” challenging operators to keep their uptime at 100% while undergoing several challenges. While 100% is impossible, the winners guaranteed 99.99%, ensuring that their nodes would be available for that amount of time while still surviving thru challenges. > > **2. Chainlink’s recently launched Chainlink Staking v.0.1 allows users to stake their tokens while securing the networks' nodes.** > > While currently only supporting the ETH/USD data feed on mainnet Ethereum, other data feeds will soon be supported. Meanwhile, Staking 0.2 is planned in 9-12 months and is expected to bring updates and developments to staking, and also allow withdrawals of currently staked LINK. > > Just like traditional staking, this version allows users to secure the network; unlike POS blockchains, Chainlink doesn’t run on a blockchain so stakers secure by raising alerts (if the oracle doesn’t report an update in 3 hours, for example). If the alerts are valid, they can earn LINK, improving the security of the network by penalizing unresponsive nodes. > > Reputation systems for nodes have also been developed, ensuring that nodes maintain their good performance and continue providing correct oracle prices. > > These two systems combined ensure every node performs well and allow users in the ecosystem to earn rewards while securing the network. > > **In conclusion:** > > Chainlink Network and its token will continue its developments in the next years as the demand for oracles increases across the crypto space. Its' progress in its tokenomics with the start of staking while simultaneously ensuring the performance of its nodes will be welcomed by users of the network. And as more and more chains support Chainlink, it won't be long until it'll be found everywhere in DeFi and other sectors. > > TLDR: LINK and its network is used in many sectors of crypto, is secure, scalable, and reliable, while its' tokenomics continue to progress. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find submissions for other topics.

SunliMin

It feels like context is needed here, both in that article, the title and comments. There are not "over 2.4m crypto projects". There are over 2.4m ERC20, ERC721 and ERC1155 contracts deployed. When a new ABC token comes out and someone makes a liquidity pool of it and WETH, that pool that was deployed is a new token being tracked, same with the ABC:WBTC, ABC:DAI, etc, each new pool gives you a token that is effectively your receipt to track how much you own of the backed assets for the withdraw, and that receipt is a contract per pool per defi app. This is also true with any form of staking. Defi apps use other tokens as receipts, but it does not make each of those token its own "project". Theres also the case that not every contract that exists is even built to be used. These numbers include Polygon and other sidechains. As a dev in this space, I have deployed probably... 30 or 40 NFT contracts to that blockchain. These aren't monkey NFTs to be traded, they are underlying infrastructure of our core products. In fact, at my current job, our NFTs are built to fail to transfer if it detects its being transferred by a 3rd party contract, because we explicitly do NOT want it to get picked up by defi apps, because our use case is not the average token use case, and it would go against our goals. All that is to say, this 2.4m number is wrong. If by "projects" they meant "dapp", the number is inflated at least 10:1, but probably closer to 50:1. For example, Uniswap V3 on mainnet Ethereum has 958 markets, so the 3rd version of Uniswap on one network accounts for nearly 1,000 of these "projects". Now imagine this for every version of Uniswap, across every chain, including every fork. Now imagine that same logic, but applied to Compound Finance, AAVE, every single Defi app on every chain and every fork. Easily hundreds of thousands are just from those big defi apps and clones alone.

trizest

I have been holding a fairly sizable position using AAVE. It’s like 1.5X leverage for WBTC. The reason I use aave is because of the relatively low cost of around 10% per year. I’ve found a lot of exchanges are above 30%. Which is quite a lot really. As to whether it’s a good idea? Probably not for most people. I do one big trade every few years with lots of thought going into this. Understand fully the risks and would be ok with a full liquidation.

Abby1994_21

Few things to consider 1. When you wrap your bitcoin you are giving away custody of your bitcoin for a WBTC. 2. It would be good to know why you are wrapping is it because you want to perform some actions on ETH layer or is it just to hold WBTC, If its just holding wbtc then i would say just hold the real asset which is wbtc. I have no experience in weth so cannot say anything about it.

ross_st

The address poisoning phisher airdropped the fake ERC-20 token to thousands of addresses. Committing attempted fraud against thousands of targets is a lot of effort for someone to go to if they're only pretending to be scammed. And the reason the victim reused the address is that he was setting up a Uniswap liquidity pool. The first transaction was him depositing some DAI for one side of the pair. The second transaction was meant to be WBTC for the other side. He had to reuse the address by the very nature of what he was doing.