Wrapped bitcoin

Wrapped Bitcoin (WBTC) is an ERC-20 token on the Ethereum blockchain that is backed 1:1 by Bitcoin. It enables users to utilize Bitcoin within the Ethereum ecosystem, including decentralized finance (DeFi) applications, by combining Bitcoin's value with Ethereum's smart contract functionalities. WBTC primarily benefits cryptocurrency traders and DeFi enthusiasts who seek to leverage Bitcoin's liquidity in the Ethereum network.