When Will WBTC Deposits Be Enabled?65

WBTC (Wrapped Bitcoin) is an ERC-20 token that is backed 1:1 by Bitcoin. This means that each WBTC token represents one Bitcoin that is held in a custodial wallet. WBTC is used on the Ethereum blockchain and can be traded, transferred, and used in decentralized applications (dApps) just like any other ERC-20 token.

WBTC is a very popular token and is used by many decentralized exchanges (DEXs) and other dApps. However, WBTC deposits have been disabled on Binance since June 18, 2022 due to maintenance on the WBTC bridge.

Binance has not yet announced when WBTC deposits will be re-enabled, but they have said that they will provide updates as soon as they are available. In the meantime, users can still withdraw WBTC from Binance and use it on other exchanges or dApps.

What is the WBTC bridge?

The WBTC bridge is a decentralized application that allows users to wrap and unwrap Bitcoin. This means that users can convert their Bitcoin into WBTC tokens and vice versa. The WBTC bridge is maintained by a consortium of companies including BitGo, Kyber Network, and Ren.

The WBTC bridge is necessary because Bitcoin is not a native token on the Ethereum blockchain. This means that Bitcoin cannot be traded, transferred, or used in dApps on the Ethereum blockchain without first being wrapped into an ERC-20 token.

Why are WBTC deposits disabled?

WBTC deposits are disabled on Binance due to maintenance on the WBTC bridge. The WBTC bridge is undergoing a scheduled upgrade that is expected to be completed soon.

Once the upgrade is complete, WBTC deposits will be re-enabled on Binance. Binance has not yet announced a specific date for when this will happen, but they have said that they will provide updates as soon as they are available.

How can I still get WBTC?

There are a few ways to get WBTC even though deposits are disabled on Binance. One way is to buy WBTC on a decentralized exchange (DEX). DEXs are peer-to-peer marketplaces where users can trade cryptocurrencies directly with each other.

Another way to get WBTC is to wrap your own Bitcoin. You can do this by using the WBTC bridge. However, you will need to have a compatible wallet that supports the WBTC bridge, such as MetaMask or Coinbase Wallet.

Conclusion

WBTC is a very popular token and is used by many decentralized exchanges (DEXs) and other dApps. However, WBTC deposits have been disabled on Binance since June 18, 2022 due to maintenance on the WBTC bridge.

Binance has not yet announced when WBTC deposits will be re-enabled, but they have said that they will provide updates as soon as they are available. In the meantime, users can still withdraw WBTC from Binance and use it on other exchanges or dApps.

2024-11-24

Previous：Bitcoin Futures: A Comprehensive Guide

Next：Ethereum‘s Genesis Block: Marking the Dawn of a Decentralized Revolution