Which "Bitcoin on Ethereum" will have the last laugh?

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Block beats BlockBeats (ID: BlockBeats)

The number of cross-chain ERC-20 bitcoins based on Ethereum has ushered in a blowout. Now the total locked volume of Wrapped BTC (WBTC) has exceeded 1 billion US dollars.

1. WBTC - Wrapped Bitcoin 

This data on the huge liquidity flowing from the Bitcoin network into the Ethereum ecosystem is a milestone. It shows that BTC holders are interested in participating in the Ethereum ecosystem, joining the many DeFi dApps that have created huge value in the past few months.

With WBTC reaching the $1 billion level, it's worth talking a bit more about what these ERC-20 versions of BTC are, while also further comparing tBTC and renBTC equivalents.

• WBTC is an ERC-20 version of Bitcoin designed to bring BTC liquidity into the Ethereum ecosystem. It was originally developed by Kyber Network and BitGo announced in October 2018, and officially launched in January 2019.source

• It is the first ERC-20 version of BTC and is fully backed on a 1:1 basis as Proofs of Reserves are on the Bitcoin network and therefore verifiable on the blockchain.Statistics: $1 billion lock-up volume, 95198 bitcoins locked-

• source

• Since January 2018 by

• BitGo Operations

• BitGo is the sole custodian of BTC locked in WBTCThe process takes place through custodians and merchants. The custodian mints WBTC and holds BTC, and the merchant is responsible for communicating with users and custodians to mint WBTC

• Merchants are responsible for AML/KYC checks and then require custodians to mint WBTC

• View the latest encapsulated cross-chain dataProof of assetsAll BTC are held by BitGo, the only custodian

• BTC can use its "wBTC DAO"Verify on-chain

• BitGOuse(Decentralized Autonomous Organization) Management

2. tBTC

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• secondary titlesource

• tBTC is another ERC-20 token that is exchanged 1:1 with BTC. There are no middlemen in tBTC and no KYC/AML procedures are required. While it finally launched in September 2020, it was planned much earlier.

• Stats: $4.5M Locked, 433 Bitcoins Locked-source

• Operating since September 2020

• Users who pledge to obtain tBTC must pledge ETH as a deposit guarantee to act as an anti-spam mechanism-Learn moreA signature group is automatically selected to assign a BTC wallet to the depositor. These signature groups also have some ETH staked, so are incentivized to keep things going

• If a node in the signing group goes offline, everyone in the group loses some of their staked ETH -

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• description of the matter

• If the user wishes to convert from tBTC back to BTC, this signature group is responsible for converting BTC

• No AML/KYC required

• Only 1 BTC can be minted at a time

3. renBTC

Reviewed by ConsenSys, Trail of Bits and Sergei Delgado

• secondary titlesource

• RenBTC is another ERC-20 version of cross-chain BTC. Its virtual machine RenVM can realize cross-chain decentralization and trustless exchange of encrypted currency assets.

• Stats: $305,8M TVL, 25300 BTC locked -

• source

• In operation since May 2020DarknodesCan be minted faster than WBTC and tBTC. Can be done anytime, many times per minute, without a custodian or manager

• The RenVM dApp will create addresses for users to send BTC, and RenVM will mint RenBTC

• RenVM stores BTC in

• in the network

• Even if a third of the Darknodes are offline, the RenVM system can still function

• RenVM can be easily integrated into any existing dAppData is kept private using ECDSA private keys, which prevents any external entity from preventing users from minting or redeeming BTC by burning renBTCRenVM also supports BCH and ZEC cross-chain to become ERC-20 tokens

• full list

in conclusion

Where to trade: Huobi, Uniswap, Mooniswap, Balancer, Curve Finance, 1Inch Exchange, Sushiswap

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On the other hand, some other users may prefer a decentralized version, such as in RenBTC, because they believe that cryptocurrencies should be fully decentralized. In this case, instead of trusting the custodian, the user must trust the smart contract and hope that no hacker attacks it.recentnewsFinally, tBTC is yet to be proven. It is the latest version of "Bitcoin on Ethereum". The most worrisome part of their system is that ETH is used as collateral when minting tBTC, with