EasyFi Lists WBTC as Collateral Market
Now Supply and Borrow Wrapped Bitcoin (WBTC) on EasyFi Lending Protocol on Polygon
We are very happy to announce the listing of WBTC (Wrapped Bitcoin) as a collateral on our EasyFi lending protocol built on Polygon Network. This will be done with effect from today the 26/March at 2100H IST / 1530H UTC.
Users will now be able to lend their WBTC Tokens and earn an interest on their deposited Bitcoin.
Here are a few important insights on this listing:
- Collateral: $WBTC (https://coinmarketcap.com/currencies/wrapped-bitcoin/)
- App link: https://app.easyfi.network/#/lending/dashboard
- Collateralization Ratio: 50%
WBTC Lend & Borrow
- Supply WBTC — Borrow other assets: If you are supplying WBTC, you can borrow other assets e.g. USDC, DAI or USDT, ETH and MATIC from our borrow markets.
- Supply Other Assets — Borrow WBTC: If you are supplying any of the stablecoins (USDC, DAI, USDT) and/or other tokens (ETH and MATIC ) from our V1 supply markets, you can borrow WBTC from our borrowing market.
What is the Collateralization Ratio?
Collateralization is the use of a valuable asset to secure a loan. Collateralization Ratio (CR) is the ratio which defines how much of a valuable asset a user needs to deposit as collateral to secure a loan. In the crypto asset markets, the CR is calculated based on the asset in question and the relative price and volatility of the asset. On an average the collateralization ratios in the EasyFi Volatile Asset Markets range from 150% to 200% depending on the asset. This means in order to take a loan of $100, the user has to deposit between $150 to $200 worth of another asset.
About $WBTC
Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain. WBTC is compliant with ERC-20. It has a circulating supply of 138,004 WBTC coins and the max. supply is not available.
About Wrapped Bitcoin
Wrapped Bitcoin is a tokenized version of Bitcoin (BTC) that runs on the Ethereum (ETH) blockchain. WBTC is compliant with ERC-20 — the basic compatibility standard of the Ethereum blockchain — allowing it to be fully integrated into the latter’s ecosystem of decentralized exchanges, crypto lending services, prediction markets and other ERC-20-enabled decentralized finance (DeFi) applications. WBTC is also backed by Bitcoin at a 1:1 ratio via a network of automatically monitored merchants and custodians, ensuring that its price is pegged to Bitcoin at all times and allows users to transfer liquidity between the BTC and the ETH networks in a decentralized and autonomous manner. (Source: CoinMarketCap)
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