Crypto Excination OKX has recently taken a big step. It has launched a bitcoin wrapped symbol, which can now be used on fasting and low -sized scent like Solana, SUI and Aptos. This initiative can prove that it is a game change for Bitcoin owners who want to use BTC ($ 110,821.00) in Defi (decentralized financing) instead of keeping only. OKX XBTC launch ad for X is officially done.
What is XBTC?
XBTC is actually a bitcoin symbol cabbage, and it is connected to the real bitcoin (BTC) in 1: 1. Maintains the real BTC safe in reservation and will get a copy of the chain in the shape of XBTC.
You can use XBTC in Defi applications, such as lending on lending platforms, Dex trading or putting the return farm.
Why XBTC is important?
Bitcoin has long been a trusted store, but there was a defect as if it could not be used directly in the Defi ecosystem. because Bitcoin Blockchain does not support smart contracts, so there is always a need for a wrapped version to use BTC in Defi.
XBTC removes this deficiency and gives Bitcoin owners an opportunity to use their assets in Defi, and they sell to BTC.
How does XBTC work?
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Users deposit the real BTC in OKX.
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OKX Cryptocurrency exchanges the same XBTC on a network like Solana, SUI or APTOS.
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When users want, you can burn XBTC and pull the real BTC.
The best thing in this process is that there is no additional fee. Only the Blockchain you are working on, only you should pay gas fees.
100 % transparency: evidence of reserves
OKX XBTC launched with confidence and transparency building. It also activated the system of proof of direct buildings, so that anyone can check Live that the more XBTC in the market, the more BTC in the OKX reservation.
This gives users confident that BTC is really safe and there is no cheating with a cabbage symbol as shown in some old projects.
Full confidence and transparency: evidence of the reserve system
In a country like India, where coding fraud is a cause of anxiety, the exchange of OKX Crypto
XBTC was launched with full transparency. It has activated the system of proof of direct buildings so that anyone can see that the more XBTC in the market, the more BTC is preserved in the OKX custody. This means 100 % transparency and full protection of your BTC.
What are xBTC networks?
XBTC is currently available on three Blockchain fast:
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Solana: It is known for low fees and high speed.
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but: A new and developed and friendly network.
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Aptos: It is designed for high throwing and security.
OKX has a plan to bring XBTC to more Blockchain networks next time.
What will be the benefit of this?
According to my analysis and research, XBTC Live on these three networks will also have some advantages that include:
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Bitcoin holders new uses: BTC can now be obtained instead of keeping it.
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BTC in Defi: BTC’s liquidity will now increase in the Defi ecosystem.
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Strong grip from OKX: OKX gives its users a reliable, transparent and cheap method to communicate with Defi.
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Easy for encryption users: DEFI through XBTC has become easier, cheap and faster.
conclusion
XBTC of the Crypto Excination OKX opens a new path through which Bitcoin can bring the digital currency in the active use of Defi. Without selling BTC, users can now income from it, use it as a guarantee or exploration in the new DeX protocols. SolanaIts appearance on networks such as SUI and Aptos indicate that the new role of BTC begins in the world of encryption.
