WBTC, or Wrapped Bitcoin, is a cryptocurrency that is pegged to the value of Bitcoin. It is an ERC-20 token that is backed by actual Bitcoin, which is held in reserve by a group of custodians. This means that for every WBTC token that is issued, there is an equivalent amount of Bitcoin that is held in reserve. This ensures that the value of WBTC remains stable and is always equal to the value of Bitcoin. WBTC is used primarily on the Ethereum blockchain, where it can be used in decentralized applications and smart contracts. It allows users to access the benefits of Bitcoin, such as its security and liquidity, while also being able to use it in the Ethereum ecosystem.

WBTC has become increasingly popular in the decentralized finance (DeFi) space, where it is used as collateral for loans, as well as for trading and liquidity provision. It has also been integrated into various DeFi protocols, such as Uniswap and Compound, which has helped to increase its adoption and usage. WBTC has also been listed on various cryptocurrency exchanges, which has made it more accessible to users who want to trade it for other cryptocurrencies or fiat currencies. Overall, WBTC has become an important part of the cryptocurrency ecosystem, as it allows users to access the benefits of Bitcoin while also being able to use it in the Ethereum ecosystem.