multiBTC
multiBTC is a bridged version of BTC issued through Multichain on Ethereum and other EVM networks
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- Asset Type: ERC-20
- Fully Diluted Valluation: $634.1K
- Ranking inside Exponential (excluding stables): #221
- Total Supply: 229
- Total Supply: 229
- Volume (24H): $656.4
- ATH: $31,485.00 (06/23/2023)
- ATL: $1,335.82 (07/12/2023)
multiBTC is a low-cap undercollateralized asset. This asset is exposed to the underlying risks of Multichain, a protocol rated as Watch out.
multiBTC has a fixed supply.
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.