Binance-Peg BTCB Token

BTCB

BTCB is a synthetic version of BTC compatible with BNB Chain. It is backed by BTC reserves custodied by Binance.

Risk Rating
Best
$63,739.00
-1.82%
Summary
What we like
Enables users to earn yield on their idle BTC holdings across various DeFi apps on the BNB Chain. Provides access to BTC’s deep liquidity and large volume.
What we like less
Greater centralization as Binance custodies the deposited BTC and controls the minting and redemption of BTCB. Open to manipulation as wrapping BTC cannot be automated via a smart contract.
What it means for you
BTCB is a great way to gain exposure to BTC directly on the BNB Chain and also an easy way to put your BTC to work for you in DeFi.

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Information
Blockchain
  • BNB Chain
Key Metrics
  • Fully Diluted Valluation: $3.9B
  • Total Supply: 60,501
  • Volume (24H): $52.2M
  • ATH: $74,348.00 (03/13/2024)
  • ATL: $15,543.42 (11/21/2022)
Risk Assessment
Best
Asset Strength

BTCB is a low-cap, fully collateralized asset. This asset depends on a centralized entity for custody services.

Asset Tokenomics

BTCB has a fixed supply. BTCB is a DeFi-compatible version of Bitcoin on the BNB chain. It is backed 1:1 by BTC reserves held with a licensed custodian (Paxos).

Asset Volatility

BTCB is highly correlated to the overall market.

Dependencies

Binance-Peg BTCB Token has no dependencies.

Things to know about BTCB

Who invented BTCB?

BTCB launched on the BNB Chain in April 2019 backed by the Binance exchange. Binance published the reserve address to demonstrate the transparency of the project so that anyone can publically verify the amount of BTCB tokens issued match the number of BTC deposited.

How does BTCB work?

BTCB is created and maintained by a centralized exchange, Binance. In addition, Binance created a trading pair on its centralized exchange for BTCB-BTC to provide an easy way for anyone to convert from the pegged token back into native BTC on Binance exchange. When a buy order is filled, a new order will be placed while an equal amount of funds will be deposited from the reserve address into Binance exchange. The sum of the buy order and funds on the published reserve address is always bigger than the total supply of BTCB to ensure it is always fully backed.

How secure is BTCB?

BTCB will never have the same level of decentralization or security as BTC since it relies on trusting people and organizations to manage the system instead of automated smart contracts. Nonetheless, BTCB publishes the reserve address for anyone to audit. Users can always independently verify if the amount of BTC reserved in the BTC address on the Bitcoin blockchain matches the amount of BTCB tokens minted on the BNB chain.

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BTCB Pools
Venus BTC Lending
0%
Yield
$580M
TVL
Risk
C
Protocol
Venus
Chain
BNB Chain
PancakeSwap BTC-ETH Market Making
0.6%
Yield
$768K
TVL
Risk
C
Protocol
PancakeSwap
Chain
BNB Chain
PancakeSwap BTC-USD Market Making
1.7%
Yield
$278K
TVL
Risk
C
Protocol
PancakeSwap
Chain
BNB Chain

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