WBTC performance 2023
In this dashboard, I have reviewed the performance of wbtc since the beginning of the new year. Wrapped crypto or wrapped tokens are digital assets that; represent the exact value of an original cryptocurrency from a different blockchain or follow a different token standard to the chain its on. WBTC and WETH are good examples of the former and latter respectively.
📌Why Measure Fear and Greed?
The crypto market behaviour is very emotional. People tend to get greedy when the market is rising which results in FOMO (Fear of missing out). Also, people often sell their coins in irrational reaction of seeing red numbers. With our Fear and Greed Index, we try to save you from your own emotional overreactions. There are two simple assumptions:
Extreme fear can be a sign that investors are too worried. That could be a buying opportunity. When Investors are getting too greedy, that means the market is due for a correction. Therefore, we analyze the current sentiment of the Bitcoin market and crunch the numbers into a simple meter from 0 to 100. Zero means "Extreme Fear", while 100 means "Extreme Greed". See below for further information on our data sources.
📌What Is Wrapped Crypto?
Wrapped crypto or wrapped tokens are digital assets that; represent the exact value of an original cryptocurrency from a different blockchain or follow a different token standard to the chain its on. WBTC and WETH are good examples of the former and latter respectively.
Wrapping original tokens to mint new tokens compliant with another blockchain allows users to use assets from one chain on another chain entirely.
For instance, Bitcoin (BTC) by design can originally only function inside the Bitcoin ecosystem. But what if you want to use the world’s largest cryptocurrency on the world’s largest dApp blockchain Ethereum?
In short, you can go to the Wrapped Bitcoin Network and deposit your BTC from your Bitcoin wallet and receive WBTC — an ERC-20 token — in your Ethereum wallet.
The WBTC you receive will be a wrapped token that represents the original value of the BTC that you deposited. This will let you use the wrapped token across any Ethereum-based decentralized application that supports WBTC transactions.
As mentioned, “wrapping” is a just figurative term used to describe the minting or creation of a new token that derives its value from an underlying digital asset.
📌What is Wrapped bitcoin (WBTC)
What is Wrapped bitcoin (WBTC) is a token that represents bitcoin on the Ethereum network. WBTC provides a way of using bitcoin in smart contracts and makes the world’s largest cryptocurrency more accessible on decentralized exchanges (DEX). The wrapped bitcoin price tracks that of bitcoin because the two are locked in a 1:1 ratio. In essence, the protocol allows bitcoin holders to exchange their bitcoin for an equivalent number of WBTC tokens, which can be put to work on Ethereum and used to access decentralized finance (DeFi) platforms.
📌Introduction
in this dashboard,I will review the following
In the first stage, a brief introduction to What is layer Bitcoin & WBTC & Why Measure Fear and Greed?
Fear & Greed BTC & price BTC & eth
Total mint & Total suplly WBTC
Holder state
Swap state
Transfer state
Bridge State
Analyze each chart
General conclusion about the dashboard
🖋️ Methodology
IUsed ethereum.core.fact_hourly_token_pricesand
etethereum.core.ez_current_balances and
ethereum.core.ez_token_transfers and ethereum.core.ez_dex_swaps
and ethereum.core.dim_labels tables in getting the :
label_type='layer2'
SYMBOL= WBTC
Fear & Greed BTC & price BTC & eth
Total mint & Total suplly WBTC
Holder state
Swap state
Transfer state
Bridge State
Date >= ‘2023-01-01
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