The Bitlayer WBTC page of Bitcoin Layers is under development.

We have not yet implemented our proof-of-reserves and therefore cannot assure you that wrappers are fully backed, 1:1, with BTC. Please use caution interacting with these wrapped BTC assets. Additionally, there may be incomplete or outdated research.

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Bitlayer WBTC

Overview

Status

Mainnet

Type

Reserve

BTC Supply

₿0

Bitlayer wBTC is the gas token for the Bitlayer sidechain. It is backed by BTC stored in a MPC protocol.

Assessment

Asset Custody

Users trust a federation of signers with the custody of BTC backing wBTC

Bitlayer's current BTC bridge is a federated two-way peg with institutional signers. Bitlayer is working with multiple MPC custody platforms.

Users do not custody bitcoin assets backing tokens on Bitlayer.

Users trust Bitlayer's claims in their documentation are being executed in practice.

Source

Further sections to be reviewed

Aspects related to minting & burning, key management, transaction signing, and proof-of-reserves have not been reviewed. We are currently reviewing these sections.