tBTC. October.

3 min readOct 31, 2020

Last month, I discussed the potential use of synthetic bitcoin tBTC, using the example of its competitors wBTC and renBTC. In October, you finally have a real opportunity to evaluate the value of tBTC in your portfolio.
Recently, there has been a drop in the number of bitcoins on centralized exchanges. In September-October, there were many negative events related to centralized exchanges: the Arrest of the CEO of Bitmex, the Block of the possibility of withdrawing funds from okex, the hacking of the kucoin exchange, fud on binance. I will not dwell on each event in detail, but in General, I think it is clear to everyone that if it comes to the most famous exchanges in the crypto industry, then people are clearly interested in storing their bitcoin in a more secure form.

Do you see it too? What do you think this means? Given the fact that the price of bitcoin is growing at the same time, this means only one thing — people withdraw bitcoin from centralized exchanges to cold wallets. Do you know what else you can do with your bitcoins? Right! Using the provided bridge by Keep Network, get tBTC in the ethereum network!

Hype DeFi and the ability to hold synthetic bitcoin, such as tBTC, also certainly plays a role.

So, on October 22, curve announced that there is now a pool with tBTC: https://www.curve.fi/tbtc
After this news appeared, I took out some of my usdt and minted 2 tBTC and deposited them to the curve tbtc pool. At the moment, the exact annual percentage of profit is not yet clear, it should take some time, do not focus on the current, after 1 week. I think they will be around 2–4 %. I think this is an ideal opportunity to HODL bitcoin. Because first of all, you get additional income just from transferring it to the pool, and secondly, you will not be tempted to start trading, and this destroys the Deposit of 95% of participants in the market, believe me ;-)
At this point in time, synthetic bitcoin in the ether network is already more than 2 billion dollars! And this figure will continue to grow, because the ability to use bitokin in the ether network is to maintain its principles of bitcoin maximalism and extract additional profit in the world of DeFi, whether it is depositing funds in a pool or lending them or as insurance against collateral. In any case, this is an opportunity to use bitcoin much more widely than originally envisaged, which certainly has a positive impact on the whole world of DeFI and the crypto industry as a whole.

Understand that at this point in time, synthetic bitcoin in DeFi is now locked about 20% of the total amount of locked money, although quite a lot of people still think that it is only ethereum.

I can’t yet judge exactly how much the use of tBTC will bring me, because there are no exact pool data yet. I will conduct a more complete analysis next month, when there is already a certain distance.
Next month I will make a summary of the profit and investment results from my first article and tBTC investments and see how profitable it can be!

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