[EXAIP-04] Enabling WBTC as collateral
Exactly Protocol is taking a significant step by adding Wrapped Bitcoin (WBTC) to the Optimism (OP) Mainnet market to expand its capabilities and attract a wider user base. Recently approved through the EXAIP-04, this integration represents a substantial move to enhance user experiences and expand possibilities within the Exactly Protocol ecosystem.
Why WBTC?
WBTC is an ERC-20 token on the Ethereum blockchain that is pegged to Bitcoin (BTC). WBTC is backed one-to-one with Bitcoin, and it can be minted or redeemed for BTC by anyone and without intermediaries. WBTC on Optimism is backed 1:1 by WBTC locked on Ethereum in the Optimism bridge protocol.
WBTC offers numerous advantages to users within the Optimism ecosystem. It enhances Bitcoin’s liquidity by making it usable in various DeFi applications and protocols. This allows Bitcoin holders to engage in yield farming, leverage trading, and other activities previously reserved for Ethereum-based assets.
The liquidity of WBTC on OP Mainnet has been steadily increasing, bringing a new level of versatility to the ecosystem. This growing liquidity enhances the ecosystem and attracts a broader user base, fostering a dynamic and thriving DeFi community on OP.
Benefits
Incorporating WBTC into the Exactly protocol offers several advantages and positive outcomes, including:
- Potential for increased trading volumes and activity within the Exactly protocol.
- Diversifying collateral options gives users more options to secure loans and borrow assets.
- Attraction of a broader user base, including Bitcoin enthusiasts seeking DeFi opportunities.
- Enhanced WBTC’s utility makes it a more versatile asset within the Optimism ecosystem.
Implementation details
The wallet address of the WBTC is the following:
https://optimistic.etherscan.io/address/0x68f180fcce6836688e9084f035309e29bf0a2095
We will prioritize security, user experience, and the seamless integration of WBTC markets into the Exactly protocol, ultimately benefiting the Optimism ecosystem and its participants.
