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DeFi Decoded - What are Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH)?

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Manage episode 349356531 series 3394171
Content provided by Timothy Somerville, With Alex Tapscott, and Andrew Young. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Timothy Somerville, With Alex Tapscott, and Andrew Young or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://cloudutil.player.fm/legal.

WBTC and WETH have both been in the news recently. Though they have similar sounding names, they are different in both composition and utility. WBTC is an Ethereum-based token (known as ERC-20) issues by BitGo, backed by Bitcoin. It allows users to use Bitcoin on the Ethereum network. Frequent listeners will recall that Mike Belshe, CEO of BitGo, joined us on a previous episode where he told us about BitGo’s custody business. WETH is also an ERC-20 token, but in this case, it is backed by ETH rather than Bitcoin. Also, unlike WBTC, the collateral for wETH is held in a smart contract, not with a company. wETH allows users to use ETH more easily in DeFi and other Web3 applications. On this episode Andrew and Alex discuss the origins, use-cases and risks of these products and what they tell us about where Web3 is today.

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112 episodes

iconShare
 
Manage episode 349356531 series 3394171
Content provided by Timothy Somerville, With Alex Tapscott, and Andrew Young. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Timothy Somerville, With Alex Tapscott, and Andrew Young or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://cloudutil.player.fm/legal.

WBTC and WETH have both been in the news recently. Though they have similar sounding names, they are different in both composition and utility. WBTC is an Ethereum-based token (known as ERC-20) issues by BitGo, backed by Bitcoin. It allows users to use Bitcoin on the Ethereum network. Frequent listeners will recall that Mike Belshe, CEO of BitGo, joined us on a previous episode where he told us about BitGo’s custody business. WETH is also an ERC-20 token, but in this case, it is backed by ETH rather than Bitcoin. Also, unlike WBTC, the collateral for wETH is held in a smart contract, not with a company. wETH allows users to use ETH more easily in DeFi and other Web3 applications. On this episode Andrew and Alex discuss the origins, use-cases and risks of these products and what they tell us about where Web3 is today.

  continue reading

112 episodes

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