It has been four years since Bitgo introduced the well-received bitcoin wrapped in an ERC20 token (WBTC). Every WBTC is backed by one bitcoin (BTC) in a 1:1 ratio. Simply put, WBTC is a wrapped version of bitcoin developed with the ERC20 standard on top of Ethereum.
According to statistics, there are currently 245,479 WBTC in circulation, which, at the present exchange rate, is equivalent to $5.09 billion.
Recently, Bitgo disclosed that it had developed a similar programme for the well-known dogecoin (DOGE) — the Wrapped Dogecoin (WDOGE).
WDOGE is backed by a 1:1 ratio with DOGE. The official website provides details on the project’s benefits such as using WDOGE with decentralized finance.
According to a blog post by Bitgo, the business will also offer two different kinds of custodial services and hot wallets for WDOGE. The WDOGE news came after the recent market crash for dogecoin that occurred when Elon Musk formally secured Twitter.
The blog writes that by “using the wDoge bridge, Dogecoin holders will be able to interact with decentralized applications on the Ethereum blockchain. Possibilities include lending, liquidity mining, voting on governance proposals, and more.”
In terms of market capitalization, Dogecoin has risen to the eighth-largest position. A signup form for the wrapped dogecoin (WDOGE) project is presently available on Bitgo.
