With the upcoming upgrade of TomoBridge, TRC20 wrapped WBTC will be issued to replace the current TRC21 version of native BTC.
For the current holders of TRC21 wrapped BTC token, there are 2 options:
If you wish to have your native BTC back, you can still unwrap/withdraw your TRC21 wrapped BTC to native BTC token via TomoBridge before 7 AM UTC Tuesday, 08 June 2021.
If you wish to keep your assets on TomoChain, you don’t need to do anything. An equivalent amount of TRC20 wrapped WBTC will be automatically sent to your wallet when the new update goes live. From then, you can choose to convert your TRC20 wrapped WBTC to ERC20 WBTC at any time via TomoBridge.
Together with the next upgrade of TomoBridge:
- WBTC and TRC20 wrapped WBTC will be listed on TomoBridge
- TOMO-WBTC pool will be launched on LuaSwap (TomoChain version).
Further information regarding the launch of TomoBridge Upgrade will be released in a separate announcement.
TRC20 wrapped WBTC token is a wrapped token hosted on the TomoChain blockchain, and backed by an equivalent amount of the ERC20 WBTC token on Ethereum. TRC20 wrapped WBTC token can be converted from/to ERC20 WBTC token at any time via TomoBridge at 1:1 ratio. This is essentially a TRC20 token meaning the token holders would need to pay a tiny amount of native TOMO for the transaction fees.
Several changes will take effect on Tuesday, 08 June 2021:
- Native BTC and TRC21 wrapped BTC will be delisted from TomoBridge.
- All the TRC21 wrapped BTC pairs will be phased out from TomoDEX.
The ERC20 WBTC was initially issued on Ethereum, and since then, it has brought huge amounts of liquidity to Ethereum and boosted the development of DEXs and DeFi in general. TomoChain aims to become a credible alternative to Ethereum and a hub for DeFi. Hence, it’s important to better synchronize with Ethereum by having the mainstream wrapped assets ready for use in the TomoChain blockchain.
Due to the congested network and sky-high gas fees, projects on Ethereum start to seek more sustainable blockchains like TomoChain. Although the TRC21 stands out for its unique character that allows users to pay the fees in the transaction token itself, instead of having to hold any TOMO, the technical requirements for Dapp integration are moderately high.
TRC20 standard - which is the equivalent token standard of ERC20 built on top of the TomoChain blockchain - allows for seamless integration of ERC20 Dapps into the TomoChain blockchain. Moreover, as TRC20 tokens require the token holders to pay the transaction fees in native TOMO, the issuance of TRC20 wrapped WBTC will increase the usability of TOMO by letting more users hold it and use it.