- BitGo will launch DeFi token WBTC on the TRON blockchain as a TRC-20 token.
- Crypto users can enjoy all the benefits of TRON’s DeFi ecosystem without the high gas fees on Ethereum.
- Wrapped BTC is backed by Bitcoin on a 1:1 ratio.
Tron Inks Strategic Partnership With BitGo, Brings Wrapped Bitcoin (wBTC) and Wrapped Ether to Tron Ecosystem https://t.co/mL4OdfXSNt
— TRON Foundation (@Tronfoundation) September 24, 2020
Similar to the tokenized BTC built on Ethereum’s ERC20 token standard, the WBTC team will utilize the TRC-20 token standard from TRON’s network. Furthermore, a newly-created Wrapped Ether token from BitGo will also be added to the TRON network.
The addition of WBTC and Wrapped Ethers will assist to fuel the DeFi ecosystem on the TRON network. Moreover, users are able to tokenize their BTC on TRON’s decentralized applications (DApps) while transacting at a lower cost and faster speed.
TRON project founder and CEO of BitTorrent Justin Sun said:
Everyone may now use their BTC/ETH to enjoy all the benefits of the TRON DeFi ecosystem without the high gas fees on Ethereum.
To add on, having integral cross-chain solutions such as Wrapped Bitcoins and Ethers on Tron will help sidestep surging transaction fees on the Ethereum blockchain. Importantly, all BTC deposited is backed by the Bitgo Trust.
Crypto community on Twitter has expressed their enthusiasm in this recent collaboration. As for TRON supporters, this can make the platform “enormous”.
— Wolf of My Street (@WLFOFMYST) September 25, 2020
Apart from the addition of the abovementioned DeFi tokens on the TRON blockchain, Sun also mentioned the creation of JustSwap, a decentralized exchange, on top of TRON’s infrastructure. Since its launch a month ago, JustSwap has achieved $100 million 24-hour volumes.
Bitgo is the custodian of the WBTC project, the most popular tokenized BTC platform to-date. On the other hand, Tron was launched in 2017 by Sun who is a former Ripple devotee.