Say Hello to wanBTC & Friends, the Newest Cross-chain ERC-20 BTC
Wanchain 5.0’s Storeman Node based cross-chain bridges bring decentralized, permissionless, and trustless BTC, EOS, and WAN to Ethereum
In my recent articles on Medium and discussions with our community members on Twitter and Telegram I have analyzed several different crosschain BTC solutions/projects such as REN (renBTC), Keep (tBTC), and others.
With the upcoming launch of wanTokens on Ethereum (Wanchain 5.0’s Storeman Node Bridge powered cross-chain assets), you may be wondering why and how we are bringing wanTokens to Ethereum, and how they fit into the current landscape of cross-chain assets.
We have all been witness to the recent DeFi explosion, however that rapid growth has begun to hit some speed bumps. There are many reasons behind this decline, but one very important one is a lack of high quality assets on Ethereum itself. On Compound.Finance, there are only seven supported assets: BAT, DAI, ETH, USDC, USDT, wBTC and 0X. Among them, three of them are stable coins, and one is from another blockchain. This is despite the fact that there are over 10,000 other ERC20 tokens on Ethereum.
This clearly illustrates the problem that Ethereum assets alone cannot sustain the DeFi ecosystem. Here at Wanchain we have anticipated this issue, and it is why we have spent the last 3 years developing a decentralized crosschain mechanism which enables native tokens on other public chains to swim into Ethereum DeFi in the form of wanTokens. The first wanTokens to launch on Ethereum will be wanBTC and wanEOS, and will soon be followed by wanXRP, wanDOT, and many more.
Given the demand for more high quality assets from other chains on Ethereum, we expect that quite a few DeFi protocols will beeager to include wanTokens into their system. We envision wanBTC and wanEOS being used as collateral on protocols such as Compound or Cream for lending and borrowing, and in asset pools on Curve or Swerve and many others. The inclusion of a diverse array of high quality assets from other chains would give any DeFi protocol a big competitive advantage.
‘A journey of a thousand miles begins with a single step’.
The launch of wanTokens with Wanchain 5.0 is the result of years of hard work, research, programming, and analysis, and we will soon introduce the fruits of our labor to the world.
First we launch Wanchain 5.0 in a closed Beta on the testnet, followed by an open Beta testing phase which the whole community can participate in. In this phase, testers can help by taking part as Storeman node operators, delegators, or even regular users. We will publish more about our testing procedure as well as a thorough code audit before launching the mainnet around end of October.
Wanchain ecosystem partners:
Wanchain’s ecosystem partner FinNexus will be using wanBTC as one of its collaterals in its MASP liquidity pool for their BTC option DeFi product. wanBTC will not only be the underlying asset in FinNexus but also wanBTC holders will be distributed the yield mining rewards in FinNexus’ token, FNX. We will continue to reach out to more DeFi projects and encourage them to integrate wanTokens.
Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.