The TRON development team has entered into a strategic partnership with crypto custodian BitGo, under whose auspices the Wrapped Bitcoin (WBTC) project is being developed, according to a пресс-релизе.
As part of the collaboration, the bitcoin-backed asset WBTC will be issued on the TRON network as a TRC-20 token. The reserve custody will be held by the American custodian BitGo Trust.
According to TRON founder Justin Sun, the new token will offer alternatives to DeFi users, who face high Ethereum transaction fees.
According to Dune Analytics, the size of the “Bitcoin on Ethereum” market is equivalent to 108,239 BTC. This accounts for just over 5% of the total supply of the first cryptocurrency.
WBTC’s share of the market in the tokenized-Bitcoin segment stands at 72.8%. Data: Dune Analytics.
The average Ethereum transaction fee at the time of writing is $2.35.
The recent surge in the metric coincided with the release of the native token of the largest decentralized exchange Uniswap.
BitGo is considering launching an Ethereum-sidechain for WBTC.
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