pTokens BTC

Halal Rating :
Comfortable
Last Price $2,052 Last updated:
Rank 10679
1D Change 9.67 %
Market Cap $29201.0
Circulating supply 14
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • DeFi
  • Ethereum Ecosystem
  • EOS Ecosystem
  • Algorand Ecosystem
  • Polygon Ecosystem
  • BNB Chain Ecosystem
  • Bitcoin Ecosystem
  • Rehypothecated Crypto
  • Gnosis Chain Ecosystem
  • Telos Ecosystem

Overview

pTokens BTC (pBTC) is a tokenized version of Bitcoin designed to enable Bitcoin holders to use their BTC on other blockchain networks. It's created by the pTokens project, which aims to enable cross-chain interoperability.

Purpose and Utility

The primary purpose of pBTC is to serve as a bridge between Bitcoin and other blockchain networks, allowing Bitcoin holders to participate in DeFi ecosystems on other chains while maintaining exposure to Bitcoin's value. Users can mint pBTC by depositing BTC, and redeem their BTC by burning pBTC.

Business Model and Operations

The system operates through a network of validators who secure the cross-chain transfers. The process is transparent and auditable on-chain. The project generates revenue through minimal fees on cross-chain transfers, which is used to maintain the infrastructure.

Real-World Adoption

pBTC has seen limited adoption compared to other Bitcoin wrapping solutions. The token maintains practical utility in enabling cross-chain transfers, though usage metrics indicate moderate activity levels.

Development Activity

The project maintains active development, with regular updates to the protocol and security features. The team continues to work on expanding compatibility with additional blockchain networks.

Token Distribution

pBTC tokens are created (minted) and destroyed (burned) based on user deposits and withdrawals of actual Bitcoin. There is no pre-mine or token allocation to founders, as tokens are only created when backed 1:1 by real Bitcoin.

Crypto Impact

To assign a comfort level investing in pTokens BTC from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to pTokens BTC.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

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