We’re happy to announce that Provable will be running a FPR (Fed Price Reserve) for the pBTC token on Kyber Network!

The pBTC token will be accessible through KyberSwap and other DApps and platforms that are powered by Kyber’s on-chain liquidity protocol — the most popular #DeFi protocol in terms of number of users and integrations.

To date, Kyber Network collectively supports over 70 ERC20 tokens. Learn how to buy/sell ERC20 tokens on KyberSwap with our basic guide.

Listing information for pBTC

Listing date: Mon, 9th March, 2020

Listing time: 9 PM (GMT+8)

About pTokens and pBTC

What problem does pTokens solve?

DeFi is a rapidly growing industry, recently surpassing $1 billion in total locked value. Over the past 12 months, the Decentralized Financial ecosystem has experienced impressive growth both in terms of financial products available and interactions with each protocol.

Yet despite its accelerating popularity, current liquidity cannot accommodate the constant flow of new tools and platforms. This creates a huge bottleneck and hinders its growth. With the majority of the industry built upon the Ethereum network, this makes hundreds of DeFi DApps inaccessible to non-Ethereum crypto holders.

pTokens are a new tool to enable DeFi composability for any and every blockchain and token. They make DApps accessible to anyone using cryptocurrencies, without having to sell their Bitcoin, Litecoin, EOS or any other blockchain asset they hold. This aims to unlock the value of the entire $250+ billion cryptocurrency market, letting liquidity flow instantly and fluidly between different blockchains, expanding the world of DeFi.

Eventually, pTokens will connect any crypto asset with any blockchain, not just Ethereum. They will unleash liquidity throughout the entire DeFi ecosystem, a tool for enabling universal blockchain compatibility.

pBTC Token

pBTC is an ERC-20 token representation of bitcoin. pBTC marks the first example of pTokens, making Bitcoin compatible with the Ethereum network. It is pegged 1:1 with real BTC so its value is intrinsically linked to that of Bitcoin’s. This provides instant and frictionless access to Ethereum’s DeFi world for every bitcoin holder, opening up Bitcoin liquidity to DeFi dApps. BTC holders will be able to lock their BTC and instantly mint new pBTC, maintain their stake in bitcoin, while also making their coins completely usable in the Ethereum ecosystem. This invites Bitcoin users to explore the hundreds of Ethereum DApps, platforms and tools available today.

pBTC on Ethereum creates opportunities for a variety of DeFi projects, from decentralized exchanges to lending platforms to derivatives on Ethereum.

pBTC also simplifies digital asset management. There are far more Ethereum wallet providers today than Bitcoin ones. By exchanging BTC into pBTC, users can store and safekeep their bitcoin in any Ethereum wallet of their choice. As every new pToken can be stored, Ethereum wallet will be a unique place for accessing and managing every crypto asset, from pEOS to pBTC.

Find out more details about pTokens and pBTC in this blog post here and in this technical paper.

Check out Coindesk’s coverage of the launch of pTokens and pBTC.

For more information on pTokens

Token information: pBTC

Etherscan: 0x5228a22e72ccc52d415ecfd199f99d0665e7733b

About Provable

Provable is a widely-adopted data-transport-layer connecting blockchain applications to external context, enabling the shift of traditional services such as finance, gambling, and insurance into decentralization.