{"id":8191,"date":"2022-09-27T08:46:28","date_gmt":"2022-09-27T08:46:28","guid":{"rendered":"https:\/\/mdr.foobrdigital.com\/?p=8191"},"modified":"2022-09-27T08:46:28","modified_gmt":"2022-09-27T08:46:28","slug":"ethereum-blockchain-bridges","status":"publish","type":"post","link":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/2022\/09\/27\/ethereum-blockchain-bridges\/","title":{"rendered":"Ethereum Blockchain Bridges"},"content":{"rendered":"\n<p><br>Ethereum is the dominant blockchain for supporting decentralised applications, particularly in the sector known as DEFI &#8211; decentralised finance. DEFI includes a whole range of financial services for crypto users, such as lending\/borrowing and swapping. Given the problem of blockchain interoperability a significant proportion of the value within the crypto system is locked out of Ethereum-based DEFI applications.<\/p>\n\n\n\n<p>For that reason Ethereum bridges are crucial to growing DEFI, and naturally, one of the first to emerge was with Bitcoin through what is known as wrapped Bitcoin.<\/p>\n\n\n\n<p>One of the most popular Ethereum-Bitcoin bridges is Bitgo, which uses the centralised bridge approach. It acts as a single trusted Custodian bridging Bitcoin and Ethereum through a lock-mint\/burn-release approach.&nbsp;<\/p>\n\n\n\n<ul><li>You send your BTC to Bitgo<\/li><li>BitGo locks up your BTC &amp; mints a \u2018wrapped version\u2019 of Bitcoin called wBTC<\/li><li>You receive wBTC in an Ethereum supported wallet<\/li><li>To redeem your BTC send the wBTC back to Bitgo<\/li><li>Bitgo burns the wBTC &amp; unlocks the original amount of BTC<\/li><li>You pay a fee to both wrap &amp; unwrap<\/li><\/ul>\n\n\n\n<p>wBTC complies with the ERC-20 token standard used by Ethereum, so it can be used across its ecosystem.&nbsp;<\/p>\n\n\n\n<ul><li>See our separate article on\u00a0wrapped tokens<\/li><\/ul>\n\n\n\n<p>At the time of writing, there is almost 270,000 wBTC in circulation, mainly used in DEFI applications.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is the dominant blockchain for supporting decentralised applications, particularly in the sector known as DEFI &#8211; decentralised finance. DEFI includes a whole range of financial services for crypto users, such as lending\/borrowing and swapping. Given the problem of blockchain interoperability a significant proportion of the value within the crypto system is locked out of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[576],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8191"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=8191"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/8191\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=8191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=8191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=8191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}