What are the different types of wrapped Bitcoin?

Wrapped Bitcoin refers to tokenized versions of Bitcoin (BTC) that exist on other blockchains. These tokens are pegged to the value of Bitcoin and/or backed 1:1 by Bitcoin, allowing users to access and utilize Bitcoin's value within different blockchain ecosystems, primarily for DeFi applications. This article explores the various types of wrapped Bitcoin, their underlying mechanisms, and their significance in bridging the gap between Bitcoin and other blockchain networks.

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