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WBTC Joins Bitcoin Summer
Recorded: July 10, 2025 Duration: 0:26:12Space Recording
Short Summary
In a recent discussion, the Wrapped Bitcoin (WBTC) team outlined their pivotal role in the upcoming Bitcoin Summer campaign, emphasizing the token's significant market presence with over $13 billion in Total Locked Value. The conversation highlighted the integration of Bitcoin into DeFi, showcasing growth trends and yield opportunities for users.
Full Transcription
Thank you. Thank you. Thank you. Hello everybody.
All right, we'll try not to do that again for the rest of the spaces here.
Little infinite echo of action.
My voice tends to have that effect.
Sometimes you hear it and it just repeats itself in your subconscious.
Good evening, good afternoon, good morning, everybody, depending on where you are in the
world. We are speaking with friends from all over the world tonight, and we're going to be talking about
Wrapped Bitcoin and the Wrapped Bitcoin, how we're going to utilize that in Bitcoin summer.
And we've got the Wrapped Bitcoin team here. If you don't know about Wrapped Bitcoin,
they are the OGs of the ERC 20 version of Bitcoin.
It's a pretty big deal. So we're excited to talk to them and maybe we could just do like a very quick intro here.
And then I'm going to let integrated Dyno, aka Fluffy, take it away and talk a little bit about Bitcoin summer.
And then we'll get into some questions.
Do we have wrap Bitcoin? Hi, can you hear me? Yes. Oh, wow. Wonderful. Okay. Hi, I'm YC. I'm from WBTC. So I'm in the marketing and ops team. So yes, today we're going to talk about WBTC from
history to its utility and blah, blah, blah. So I'm happy to be here.
Excellent. Thank you so much for being here. And I'm going to pass it off to Integrated Dino. He's going to give an intro on Bitcoin Summer and what that's all about. And then we'll dive into our questions.
Hey guys, Integrated Dino here. Thanks everyone for coming this week on our next episode of Bitcoin Summer series. So welcome RepBTC and team.
So welcome, RappBTC and team.
First, yeah, I just wanted to give a little bit of an overview of what Bitcoin Summer is and why we've invited RappBTC to come on stage and tell us a bit about their product.
So really, the concept of Bitcoin Summer as a campaign is to bootstrap an ecosystem of Bitcoin, of BTC5 opportunities. And Neutron is really like turning
Bitcoin into a productive asset on-chain
capable of offering real yields,
real rewards beyond just price appreciation.
And to do this,
we'll use Bitcoin Summer Vaults
to bootstrap this liquidity.
And so part of these vaults,
some of these vaults will be accepting various
Bitcoin tokens from our partner programs,
such as RAPBTC. And then these will be sent to Neutron and will be lent and deployed in various LPs on the network.
And so this sets the foundation for when MaxBTC is launched.
MaxBTC is a tokenized yield-bearing Bitcoin.
And when it's launched, then this will unlock the DeFi opportunities like leverage looping, basis trading.
And so these DeFi strategies for Bitcoin will be powered by the unique applications on Neutron,
like Mars, Duality, SuperVaults, which are very capital efficient and profitable.
And so this is the concept of Bitcoin Summer and how we're going to bring different partners on board.
different partners on board, because part of these vaults will be launching, and people can deposit assets like wrapped Bitcoin into them, and they can pick either they'll go for only lending, for LPing, and then eventually when MaxPTC is launched, there's going to be a series of demand for wrappedAP Bitcoin as a sink.
And yeah, that'll drive the DeFi ecosystem.
Excellent, excellent.
Yeah, I think maybe we can take it back
to the beginning here and kind of get a brief history lesson
on what exactly is RAP BTC and how it came
to be and just talk a little bit about that because you know where we're at right now
and why we're so excited about this announcement is you know RAP BTC accounts for over 13 billion
in TDL and so that means they've got quite a pedigree to be able to promote here.
So I would love to hear a little bit about the history of
RepBTC. Yeah, hi. So RepBTC is launched in 2019. So back then we couldn't do anything with Bitcoin
in DeFi. So that was how RepBitcoin was born Because RedBitcoin will then wrap the Bitcoin and send it to DeFi.
And so that you can use it for like lending, borrowing and staking.
And so you can see the BTC like a receipt.
It kind of tell you, yes, there is a BTC reserved in the pool.
Yeah. And so the receipt itself, which is the WRAP BTC,
they are usable, tradable, and of course, it's DeFi compatible.
And since then, we have always been the market leader for WRAP Bitcoin assets.
In October 2024, BitGlober assumed custody from BitGo.
And until now, we still owns about 70% of the market share in Ethereum.
And if on, because WBTC is multi-chained.
So in overall, we own about 55% market share among all the RAP Bitcoin assets.
Yeah, so in other words, you're not getting a whole lot of Bitcoin DeFi done
without RAP BTC to kick it all off for you.
So we appreciate that.
And could you tell us a little bit more in detail
about the RAP BTC minting and and redemption process so how does it work if you
go from native bitcoin uh into the crc20 version of bitcoin okay so it's um you can imagine like a
nike shoe sorry can i mention brands i said spot shoes like they have the factory and they have the middle person and
then they have the retail stores so for rap btc minting and redemption happens like when a user
a retail user they send btc to a merchant okay merchant refers to like um platforms uh that are
registered as merchants with ours and then merchants request minting from the cost student.
So the cost student here refers to BitGo and BitGlober.
They have joint custody.
So the cost student receives the BTC from the merchant,
which originally belongs to the user.
So, okay, the cost student verify that and they mint WBTC and the custodian will then have your BTC in custody.
So WBTC is then sent to the user's wallet on chain.
Yeah, and so you can always verify the transaction online, whether on Explorer or on our website.
And it's one is to one pack. So one BTC equals to one WBTC.
Excellent.
And, you know, I think like,
especially maybe in the last six months,
perhaps even a little bit longer,
there's been like this explosion of Bitcoin finance.
And, you know, I like, I RAP Bitcoin from from basically whenever it first came
came around. But there's a lot of new Bitcoin bridges or two solutions that are trying to
create sort of like a DeFi ecosystem around Bitcoin.
Can you tell us, like, what are the core differences between RAP Bitcoin and some of these
Like what are the core differences between RedBitcoin and some of these newer solutions?
newer solutions?
Yeah, I'm really excited to see so many new participants.
And I'm always very excited to see new solutions.
But of course, for us to differentiate WBTC, there are a few points.
So WBTC is fully collateralized with 1s2.1 BTC backing.
And we have the deepest liquidity, just like what you just mentioned during the opening.
And of course, we have long-term DeFi integrations, right?
And of course, WDVTC, I think we have the broadest multi-chain availability.
And we are trusted by top protocols and exchanges.
So for some examples, you can borrow stablecoins using WBTC
but most BTC L2 don't have deep lending markets for stablecoin SS yet.
I don't know about the future.
And second example is you can LP WBTC in real DeFi pools
on Ethereum, Solana and more with real volume. So BTC L2,
maybe because they're still new, so they often lack DEX liquidity. So and the third example is you can
trade WBTC across chain through aggregators like Jupyter or OneInch. L2s, they're usually isolated.
And the last example is there are already many dApps already supporting WBTC, whether lending, trading, or bridges.
So they're all already integrated.
And then again, because BTC L2 is very new, they need time to build this ecosystem.
So at least for now, I still see that WBTC has an age over them.
Yeah, and it seems like there'll definitely be
some integration for a lot of these new players as well
with RapidBitcoin.
So maybe it's not even necessarily reasonable
or appropriate to draw a contrast between what you guys do and what some of these new
Bitcoin 5, BTC5 players are doing, but rather it's a collaboration of the two, like it is with
Neutron and what we're going to do with Rep Bitcoin. I was actually at a Bitcoin like maxi party, I want to say like three years ago.
And they handed out these stickers when I walked into the party and it said, wrap your willy, not your Bitcoin.
And, you know, kind of made me chuckle.
like this, this sort of nervous paranoia amongst some of the Bitcoiners about, you know, the
centralization that's inherent to WrapBitcoin's design.
And we're curious, like, what do you do to evaluate and mitigate some of those risks
around that centralization and around the design of Wrap Bitcoin so that we can, in fact, wrap both our willies and our Bitcoins in the future.
Okay. But before I answer that question, I want to talk about the don't wrap Bitcoin.
I think that's such a selfish concept because let me tell you why.
Satoshi invented Bitcoin
was because he wants to improve traditional finance.
So with Bitcoin, we were at a new era for finance.
And so we're looking to move forward.
But not allowing it to be wrapped and be used in DeFi,
while there is no possibility of upgrading,
then that is very selfish
because if we haven't wrapped Bitcoin,
then Bitcoin would be like just there
in your fridge doing nothing.
And so there won't be movement.
There won't be progress.
We will not move forward.
So I think, yeah, to that,
to that whoever says that, I think it's so selfish.
I agree with you 100%.
I agree with you.
And it's interesting think it's so savage i agree with you 100 i agree with you and it's it's
interesting how it's like you know in in the the off-chain bitcoin world with like the etfs and
the new treasury companies you know it's turned into um you know it's static bitcoin that's just
sitting there and then people are like leverage looping their own equity um and issuing ious as
part of their you know like like a company like GameStop, right?
Like what even is their business at this point?
And I often wonder, you know, if Satoshi's still out there, like, or Satoshi came back, what would they think of the current state of things?
And to your point, you know, I agree.
To your point, I agree.
It's unfair to think that moving your Bitcoin over into the Ethereum world to be able to actually use it is not part of the original Satoshi's vision to turn Bitcoin into this instrument of finance and not just like digital gold that's just meant to be hoarded under your bed, under your mattress, right?
Yeah, absolutely.
I don't know if Satoshi is inside this space.
But of course, yeah, so do more with your Bitcoin is what we believe.
And that's why there is WBTC and there is Max BTC here, right?
Okay, so back to your question, how do we mitigate the risk of
centralization? So see, a lot of people are saying that, hey, WBTC is centralized. No, not really.
That's one. I don't want to argue that. But second, I want to ask questions. We are talking about
billions of dollars here. Are you guys okay that there is nobody to
account for? I don't know if that is okay. But anyway, WBTC is not wholly centralized. We are
not because that's a tri-party here. We have the DAO and the DAO needs to vote for any strategic decision. And then we have a team
that are doing the execution. And then we have the custodian that takes care of the assets.
So it's three different teams. They have no interference. They probably don't even know
who is who. So to mitigate the risk, we also ensure transparency through on-chain proof of reserves, and we use multi-seq custody models across different jurisdictions.
So, I mean, it's on our website. Everything is on-chain proof of reserves. They can just look at it. I'm curious because just I guess from my own knowledge, does the WBTC DAO, the people
that are voting, do they stake their ramp Bitcoin in order to have voting power in the
DAO?
No, and I can tell you most of them do not own WBTC because that will be a conflict of interest.
Gotcha.
Very interesting.
Very interesting.
Yes.
So for somebody that's like new to DeFi and they want to acquire some
wrapped Bitcoin, they want to start using it.
What would be the best plan of action for them?
What would be the best plan of action for them?
How can they go about doing that safely?
You know, I can't guarantee you safely
because they may be like external platforms or protocols,
but the usual way, the easiest way for a new DeFi user to start
is you can buy WDVTC on a trusted CEX or DEX.
And then you can acquire them and then you use Fiat. It is like
CEX or crypto. I'm sorry, just one minute. Yeah, no worries. How are you doing, integrated Dino?
I'm good. I was just thinking about what was mentioned before how it really does make sense that you know if right now traditional bitcoin
that's unwrapped appreciates you know it's a good way to appreciate value but you can't use it in
defy and really the only way to take advantage of your bitcoin that's on the Bitcoin network is to sell it. Whereas if you want to,
if you're, if you're like, allow yourself to use wrap Bitcoin and DeFi, then you can take event,
like you can still profit on your Bitcoin without selling it. And doing so through earning yield,
using different various DeFi strategies, exactly like what we're talking about with Bitcoin Summer.
Exactly like what we're talking about with Bitcoin Summer.
Yeah, I'm back.
So shall I continue?
Okay, okay.
So first of all, you can acquire WBTC on a centralized exchange like Binance, Kraken, using Fiat or crypto.
And then alternatively, if you already hold crypto, example, like you already have Ethereum or Solana, you can swap for WBTC directly on a decentralized exchange, such as Uniswap for Ethereum or Jupiter for Solana.
You just connect your wallet and execute the trade.
And then whether you buy from a CX or DX, it's best to hold your WBTC in a self-custody wallet
like Metamask or Phantom.
This puts you in full control of your funds
and is an important part of DeFi best practices.
And then you can like, once it's in your wallet,
WBTC can be used across DeFi protocols,
whether for lending, providing liquidity or trading.
You can start with well-known audited platforms and you always double-check the links to avoid phishing risks. And then if you want to
use WBTC on another chain, like from Ethereum to somewhere else, you can use an official secure
bridge. And then you always follow guidance from verified sources
when bridging assets.
The above is just one of my experience.
It doesn't guarantee that everybody
thinks that this is the best way.
So yeah, this is just a suggestion.
Now, if somebody wants to find those bridges, like the official secured bridges, where would
they go in order to find those if they're interested in ecosystems outside of Ethereum?
We work closely with Layer 0.
So yeah, if you want to, you can actually live there.
Excellent. Yeah, if you want to, you can actually live there.
Excellent.
Well, YC, if there's anything else you wanted to mention while we're still on those spaces,
anything that we didn't cover, please feel free to speak.
No, I don't have anything to say more.
Thank you for having me.
And of course, we are really excited about this whole MaxBTC
because we heard the whole plan and the whole strategy is just very exciting. So we hope that
you guys can support this whole thing, this whole campaign. I think it's good and we really love it.
Well, that warms our hearts hearts it's great to know that um
that we've got the support of of the you know one of the ogs in the bitcoin
defy space and um i do want to just mention before we wrap up here um the the bitcoin summer vaults
on our end are not live yet but that will be the way that you can participate in bitcoin summer
when they do go live and that will be the way that you can participate in Bitcoin Summer when they do go live. And that will be the way that you will be able to get into Max BTC once that's live as well.
Won't be the only way, but it will be the initial way to do it.
If you are interested in any of this Bitcoin finance that we're talking about, you can join the Bitcoin Summer Telegram announcements channel.
That is t.me forward slash Bitcoin underscore summer.
Or you can sign up for email notifications at the type form,
which we've linked in the blog articles from the official neutron.org account.
Fluffy, if you don't have anything else,
in fact, I'll let you take us out tonight because I feel like
I'm losing my voice. Yeah, sure. I just wanted to give a chance to the audience to ask any questions
of us in case they have any burning questions that we haven't talked about or answered yet so far.
And just while you guys are thinking about questions, I did just want to go back and
kind of talk about the Bitcoin Summer Vaults again. And once they go live, you'll see all the different options for deposits that there are.
And you'll notice that many of the vaults have RAP BTC as kind of the base liquidity pair.
And like we were talking about earlier, I mean, there is many, many billions of dollars of liquidity for RAP BTC.
And that's kind of the precedent that RappBitcoin has made as having the most liquidity
and that's why it makes sense to use that
as kind of the base pair in a lot of these vaults
that you'll see.
And so if you are a holder of RappBitcoin,
there'll be lots of different vaults for you to enter
and pick from.
So if there are any questions from the audience,
we'll maybe give another minute for you guys to think,
and then we can close it out.
It's all love on all sides.
We appreciate it.
We appreciate everybody for joining us this evening
and or this morning if you are in Asia.
And stay in touch with us on our Twitter.
We'll be doing more of these spaces
with more of our partners for Bitcoin Summer.
And if you want to stay in touch with WrappedBTC,
their handle is at WrappedBTC.
And I think that's going to be it for tonight thank you everybody
for joining thank you for listening and uh that's it i don't have a sign off uh little thing to say
but appreciate it good night good evening thank you so much bye
bye guys have a good night. Thank you.
