Adding WBTC to the Compound Protocol

Robert Leshner
Jul 16, 2019 · 1 min read

On January 29th, 246 Compound community members voted on whether Wrapped Bitcoin (WBTC) should be added to the Compound protocol — the vote was an overwhelming yes.

Two items delayed the token’s addition: Bitcoin was being wrapped very slowly, and our team was hard at work building Compound v2. Almost six months later, it’s time to add WBTC; liquidity for the token is growing on Ethereum, our users have been clamoring for “decentralized Bitcoin interest”.

  • cWBTC has been deployed to the Ethereum address 0xC11b1268C1A384e55C48c2391d8d480264A3A7F4users are now able to earn interest on, and borrow WBTC ✨
  • The cWBTC smart contract has been verified by Certora
  • The collateralFactor for cWBTC will start at 0% (it can’t be used as collateral to borrow against) as a security measure until the asset gains significant liquidity, and on/off ramps to Bitcoin exist
  • The market uses the same interest rate model as ETH, BAT, ZRX, and REP
  • We’ve created a folder for cWBTC design assets

We’re excited to help Bitcoin grow on Ethereum, and to watch new use-cases unfold. If you have any questions, ideas, or issues, join us in Discord — we’d love to hear from you.

From all of us at Compound, 📈.

Compound

Compound is an algorithmic, autonomous interest rate protocol built for developers.

Compound

Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.

Robert Leshner

Written by

Full-stack founder of Compound. Chartered Financial Analyst, previously a finance guy.

Compound

Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.