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Wrapped Bitcoin (WBTC) is an ERC-20 token that represents Bitcoin on the Ethereum blockchain, allowing Bitcoin holders to access Ethereum-based decentralized finance (DeFi) applications and smart contracts. Each WBTC is backed 1:1 by real Bitcoin held in custody, maintaining a fixed exchange rate while enabling faster transactions and lower fees compared to native Bitcoin. Its unique value lies in bridging two major blockchain ecosystems, giving Bitcoin holders exposure to the extensive DeFi ecosystem on Ethereum without having to sell their Bitcoin.