Adding WBTC to the Compound Protocol

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 0xC11b1268C1A384e55C48c2391d8d480264A3A7F4 — users 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, 📈.