1) Technical Implementation

For the last three months after the launch, we have completed our technical validation, ensuring that the WBTC tokens operate smoothly on different platforms and exchanges. A DAO has been implemented as a governance model to facilitate decision-making within the community. Various merchants have also successfully minted and burnt WBTC without hassle.

There are a number of improvements that can be made, however, the important thing to do as a community at this point will be to firstly grow the utility and adoption of the token first.

2) Growing Utility

Our focus in this phase is to bring about utility by onboarding more projects to become either merchants or simply to support WBTC. As more projects adopt WBTC, we will see WBTC being utilized in a wider variety of applications.

Whether it’s using Bitcoin for lending/borrowing, payment for goods and services, non-fungible tokens (NFTs), and decentralized trading, we’re excited to see more innovation emerge for WBTC by combining Ethereum’s Smart Contracts and DApps with Bitcoin as a store of value.

We seek to involve the wider Ethereum ecosystem in our efforts to build an inclusive, robust community working together to bring the value of other tokens to the Ethereum ecosystem.

3) Driving Adoption

As we invite more projects to join our movement and work together towards an innovative, interoperable ecosystem that presents genuine utility, we believe adoption will follow. As the community grows, their users will inadvertently become users of WBTC. More importantly, by adopting WBTC, the projects will also be able to expand their user base to BTC holders.

4) Growing Liquidity

As adoption grows, so will the demand for WBTC. Once we have reached this inflection point, liquidity becomes a critical factor to support WBTC’s trajectory. We are consistently inviting projects and exchanges that can provide WBTC to BTC token swaps seamlessly.

Merchants will play a critical role in the generation of liquidity to the market as they are empowered to mint any amount of WBTC they respectively require to facilitate the transactions performed by their users.

In the event that WBTC experiences challenges in the future, such as a sudden increase in demand and volume and thus more immediate minting is required, then we can make technical improvements to address this need if necessary.

5) Summary Of Approach

Our path of growth follows an iterative cycle of improvement where we first validate our technical competencies followed by creating utility, which will lead to driving adoption and ultimately generating liquidity. The cycle then repeats itself where we constantly strive to improve our offerings in order to bring greater value to the ecosystem.

Community And Governance Update

If you want to go fast, go alone; If you want to go far, go together

It is worth reiterating the importance of the community in our approach as a transparent, open, and community-led initiative. WBTC does not belong to any single entity and our success will only be realized through a concerted effort as a collective to bring its value to the wider ecosystem.

We seek to involve the Ethereum community in our efforts to build an inclusive, robust group that works together to bring the value of other tokens to the Ethereum network.