Important to note that we do not confused wrapped BTC with wrapped ETH.
26 Nov 2022, 05:19
Important to note that we do not confused wrapped BTC with wrapped ETH. Wrapped BTC by definition involved a centralized custodian. Wrapped ETH is entirely through smart contracts within Ethereum.
#0xBitcoin, like WETH, exists exclusively within immutable smart contracts.
Fun fact: WETH cannot ever go insolvent. Your WETH will always be swappable 1:1 with ETH.
The code and logic is quite simple. In fact, it only takes 60 lines of code to implement.
Here's a simple primer on how WETH works 🧵: