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An initiative led by the community that aims to bring Bitcoin (BTC)and potentially other cryptocurrencies, al Ethereum (ETH) the network has updated the public on its progress for the first time since it was announced.
For those unaware, the initiative, dubbed Wrapped Bitcoin (WBTC), was inaugurated at the end of October by its three founding projects – Kyber Network (KNC), BitGo is Protocol of the Republic (REN).
The idea arises from the need to solve a sore point in the Ethereum network, ie a general lack of liquidity; a problem that has had a negative impact on the user experience on various decentralized exchanges based on Ethereum and lending platforms.
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It was evident by reading today's announcement, written by Anton Buenavista (developer, Kyber network), that the ecosystem has actually gathered behind the WBTC project; pointing to how pressing the need for Ethereum is to liquidity injection.
At the time of its inauguration almost two months ago, the WBTC had already attracted a number of launch partners: sixteen to be precise. These included some of the most important projects in the Ethereum ecosystem like MakerDAO (MKR), Gnosis (GNO) is Dharma.
Today's announcement revealed that the interest in WBTC – which is expected to go live in mid-January – has only strengthened since then, with the following six teams now on board as launch partners: OmiseGO (OMG), dydx, Loopring (LRC), GOPAX, BZX is L & # 39; ocean.
Loopring is pleased to be part of the WBTC (wrapped Bitcoin) initiative. A strong group of launch partners to help bring Bitcoin to Ethereum. https://t.co/lIAT65R9e4
– LOOPRING (@loopringorg) December 20, 2018
Get ready, the WBTC announcements are coming
With WBTC running in a matter of weeks, we look forward to seeing a flash of announcements from projects powered by Ethereum. As per today's announcement on the Kyber Network blog, each of DDEX, IDEX, RadarRelay is AirSwap (AST) they are committed to supporting WBTC trading pairs from the launch date.
Also, fellow launch partners Dharma is Composed will have support for WBTC integrated on the respective financial dApps at its launch. Another member of the nascent DeFi movement, Set protocol, has also agreed to support WBTC, when it will be launched on mainnet in some phases of the next quarter.
Kyber Network used the ad to reveal it's hers KyberSwap the product will list WBTC once started. In addition, "they have developed the implementation of a new trading algorithm to support WBTC in the Kyber reserve", is just one of several initiatives that the developers of Kyber Network have completed to help stimulate the adoption of the WBTC ecosystem.
Hello everyone! We would like to share an update on the technical progress, the ecosystem and the WBTC (Wrapped Bitcoin) governance. Read the first WBTC coined and burned token, other launch partners and much more!
Read here: https://t.co/rQED9BHHdq
– Kyber Network (@KyberNetwork) December 20, 2018
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