renBTC

RENBTC is a wrapped Bitcoin token, which represents Bitcoin (BTC) on the Ethereum blockchain. It is an ERC-20 token that allows users to access the benefits of Bitcoin while utilizing the Ethereum ecosystem and its DeFi capabilities. RENBTC tokens are created by locking real Bitcoin, which is held in a custodial manner by Ren protocol, and issuing an equivalent amount of RENBTC tokens on the Ethereum blockchain. These tokens can be used within the Ethereum ecosystem for various purposes, such as lending, borrowing, and trading on decentralized exchanges. Furthermore, RENBTC provides increased fungibility and interoperability between the Bitcoin and Ethereum ecosystems. It allows Bitcoin users to access the benefits of DeFi protocols and benefit from the Ethereum ecosystem's innovation. In summary, RENBTC serves as a bridge between the Bitcoin and Ethereum ecosystems, enabling users to access DeFi capabilities using their Bitcoin holdings."