Quick Take

• tBTC is a fully backed ERC-20 token pegged to the price of bitcoin. The BTC held on the Bitcoin blockchain is backed by a 150% ETH overcollateralization on the Ethereum chain
• After an initial launch in May 2020, a bug that was discovered pushed the release of the protocol to last month
• There are 632 tBTC minted (~$7.2 million), and tBTC currently makes up 0.43% of the BTC supply on the Ethereum blockchain

This research piece is available to
members of The Block Genesis.
You can continue reading
this Genesis research on The Block.