What is sBTC?
sBTC (ERC-20) is a synthetic asset that anchors the price of BTC generated by the Synthetix protocol on Ethereum.
sBTC What's the use?
sBTC will track the price of its corresponding real BTC asset. sBTC can be traded (P2C) through contracts with other synthetic assets (Synths) in the Synthetix protocol. This novel trading mechanism makes transactions free from traditional slippage or liquidity restrictions.
Is sBTC safe?
At present, the total circulation of sBTC on Ethereum exceeds 160 sBTC.
The latest audit report is provided by Sigma Prime[1] and Iosiro[2].
summary
Kain Warwick (the founder of Synthetix) aims to be BitMEX in the DeFi world. In addition to sBTC, Synthetix also supports sETH, sBNB and other synthetic assets that track the price of mainstream tokens.
References
[1] Sigma Prime: https://github.com/sigp/public-audits/blob/master/synthetix/multicurrency/review.pdf
[2] Iosiro: https://www.iosiro.com/audits/synthetix-phase-1-smart-contract-audit
Hello dear @thomasromeo i hope you will be fine and good. Your post is very good and informative as i have learned about a new thing which is sBTC . I try to read all the posts in CryptoDog to get something new and specially your posts as you provide always new things here.
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