Crypto Trade Okx has recently taken a big step. He has done a wrapped token forming of Bitcoin named XBTC, which can now be used on fast and low-faes blockchain like Solana, SUI and Aptos. This initiative can prove to be a game Changer for those Bitcoin Holders who want to use their BTC in Defi (Decentralized Finance) instead of holding only their BTC. OKX XBTC Forming Declaration The X is officially done.
What is XBTC?
The XBTC is actually a wrapped bitcoin token, which is associated with the actual bitcoin (BTC) in 1: 1 ratio. Meaning if you deposit 1 BTC, Okx gives you 1 XBTC instead of that. Keeps your actual BTC safe in its custody and you get an on-chain version in the form of XBTC.
You can use XBTC in defi apps, such as lending on lending platforms, trading on Dex or putting in a yield farm.
Why is XBTC important?
Bitcoin has long been considered a trusted store of value, but there was a drawback as if it could not be directly used in the Defi Ecosystem. Because Bitcoin The blockchain of the block does not support smart contracts, so there has always been a need for a wrapped model to use BTC in Defi.
XBTC removes this deficiency and gives Bitcoin Holders a chance to use their assets in Defi, they also sell to BTC.
How does XBTC work?
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Users deposit their real BTC in OKX.
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Okx cryptocurrency exchanges mints the same XBTC on a network like Solana, SUI or Aptos.
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When the users want, you can burn the XBTC and withdraw your actual BTC.
The best thing in this process is that there is no extra fee. Only the blockchain on which you are working, just have to pay gas fees.
100% Transparency: Evidence of Reserves
OKX has launched the XBTC with trust-building and transparency. He has also activated the Reside Evidence-of-Reserve System, so that a person can check the live that the more XBTC is in the market, the more BTC is also present in the custody of OKX.
This gives users confident that their BTC is really safe and there is no cheating with Wrapped Token as was seen in some old projects.
Faith and Transparency: Evidence of Reserves Device
In a country like India, where the incidence of fraud in Crypto is the cause of concern, Okx Crypto Trade
Has launched XBTC with full transparency. He has activated Reside Evidence-of-Reserves Device, so no one can see that the more XBTC in the market is, the more BTC is preserved in the custody of OKX. This means 100% transparency and complete protection of your BTC.
Which networks are XBTC?
XBTC is currently available on three fast blockchain:
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Solana: Low fees and high speed are known.
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Sui: A new, scalable and developer-friendly network.
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APTOS: Is designed for high throwing and security.
OKX has a plan to bring XBTC to more blockchain networks in the coming time.
What will be the benefit of this?
According to my analysis and research, the XBTC’s live on these 3 networks will also have some advantages which include:
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Bitcoin Holders New Uses: BTC can now be earned now instead of holding it.
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BTC entry in defi: The liquidity of BTC will now increase in the Defi Ecosystem.
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Strong grip of okx: OKX is giving its users a trusted, transparent and cheap way to connect with Defi.
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Easy for Crypto users: To step into Defi through XBTC has become easier, cheap and faster.
Conclusion
The XBTC of the Crypto Trade Okx opens a new path to bring the virtual Foreign Money Bitcoin in the Defi. Without selling BTC, users can now income from it, use it as collateral or explore in new Dex Protocols. SolanaIts onset on networks like SUI and Aptos suggests that the new role of BTC is starting in the world of Crypto.
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