Wrapped Bitcoin (WBTC) is an Ethereum-based token that represents Bitcoin (BTC) on the Ethereum blockchain. It is created by locking up Bitcoin in a smart contract, which then generates an equivalent amount of WBTC tokens on the Ethereum network. WBTC allows users to interact with Bitcoin in a decentralized manner on the Ethereum network, enabling various DeFi applications and services that require Bitcoin to be used as collateral or traded within the Ethereum ecosystem.
