multiBTC

multiBTC

multiBTC is a bridged version of BTC issued through Multichain on Ethereum and other EVM networks

Risk Rating
Average
$2,769.16
Summary
What we like
Provides a simple way to convert your BTC into an ERC-20-compatible version that is backed 1:1 by underlying reserves.
What we like less
multiBTC is backed by underlying BTC reserves that are locked by Multichain on the Bitcoin network. Users are still susceptible to losses if external validators collude.
What it means for you
multiBTC provides you price exposure to BTC and can also be used in the Ethereum DeFi ecosystem to generate yield.
Information
Blockchain
  • Ethereum
Info
Key Metrics
  • Fully Diluted Valluation: $634.1K
  • Total Supply: 229
  • Total Supply: 229
  • Volume (24H): $656.4
  • ATH: $31,485.00 (06/23/2023)
  • ATL: $1,335.82 (07/12/2023)
Risk Assessment
Average
Asset Strength

multiBTC is a low-cap undercollateralized asset. This asset is exposed to the underlying risks of Multichain, a protocol rated as Watch out.

Asset Tokenomics

multiBTC has a fixed supply.

Dependencies

Multichain

Things to know about multiBTC

Who invented multiBTC?

multiBTC is a tokenized version of BTC issued and custodied by Multichain on Ethereum and backed by underlying BTC collateral.

How does multiBTC work?

multiBTC is an ERC-20 token issued by Multichain on Ethereum. It is pegged 1:1 to the value of Bitcoin, which means 1 multiBTC should always equal 1 BTC. multiBTC allows users to take advantage of their idle BTC by deploying it into the Ethereum DeFi ecosystem to generate yield.

How secure is multiBTC?

The peg between multiBTC and BTC is maintained with smart contracts on Ethereum and HTLC (Hashed Time Locked Contract) on the Bitcoin network. Users are still susceptible to exploits as Multichain relies on a trusted set of external validators.