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Binance, one of the world’s most popular cryptocurrency exchanges, today announced the introduction of BTokens, Binance’s offering of Ethereum-wrapped tokens. With BTokens, users can convert existing crypto assets to Ethereum, while also exploring a new ecosystem of decentralized apps and projects.
This is a significant development, especially as this is proof that Binance has perceived the popularity of such asset classes in the DeFi ecosystem. In fact, the WBTC itself has $ 1.8 billion in ETH so far, a huge figure for such a nascent ecosystem. The development in question was initiated via an existing Binance project, with the cryptocurrency exchange’s blog claiming,
“We wanted to bring our interpretation of the tokens packaged with Project Token Canal.”
Project Token Canal was an initiative introduced by Binance in September, very similar to many “wrapped coins” that exist in the crypto community. It facilitated the issuance and association of multiple asset tokens on Binance Chain and Binance Smart Chain and ensured conversion to and from the original tokens.
Initially, Project Token Canal supported deposits and withdrawals of BTC, BTC BEP2, and BTC BEP20, allowing users to move tokens between Binance Chain and Binance Smart Chain. Currently, over 30 tokens are supported.
The introduction of BTokens expands this vision. The first batch of BToken includes BBTC, BDOT, BFIL and BWRX, all of which are ERC20 versions of the underlying assets (BTC, DOT, FIL and WRX).
These tokens are also a 1: 1 peg with native assets, so these tokens retain their value when moved from one blockchain to another and are covered by the SAFU fund.
With the aim of giving users more freedom over their crypto assets, the interoperability between blockchains enabled by this project was an important step towards linking the CeFi and DeFi ecosystems.
BTokens have reportedly gained momentum around the world after being listed on the Cream Ethereum and ForTube platform. In fact, $ 350 million worth of BTokens is already on Binance Smart Chain.
