Pillar is joining the end-year BTC party by providing a direct DeFi on-ramp for Bitcoin holders and users.
Through our partnership with Ren Protocol and the integration of the RenVM into Pillar Wallet, you are now able to seamlessly exchange your BTC for WBTC and hold or use this tokenized representation of Bitcoin in your favorite smart wallet and its in-app services.
Why BTC on Ethereum?
While Bitcoin is undoubtedly the king of cryptocurrencies, it also has its disadvantages. By bringing it to Ethereum (in form of the WBTC and soon, renBTC) we provide greater utility for BTC users – making their beloved asset more productive, letting them exchange it in a permissionless way and earn interest on it.
There are several ways to make your BTC work for you using Pillar Wallet. You can:
- Earn interest on it by depositing freshly exchanged WBTC in the Aave service.
- Get paid or pay in realtime through a money streaming service powered by Sablier.
- Use it across hundreds of dapps as you’re WalletConnect’ing to them.
- Buy it in the Pillar Offers Engine and get even more exposure to BTC without the usual hassle of going through centralized exchanges and the KYC verification they require.
Contrary to your old Bitcoin wallet, it will also be possible to recover your WBTC in Pillar’s Web Recovery Portal. All that without compromising the composition of your portfolios and losing the upside of Bitcoin’s price.
It’s the best of both worlds.
How does the WBTC.cafe work
The Cafe is a shining example of DeFi composability and RenVM’s ability to bolster greater utility for all of DeFi. It is a collaborative effort of three DeFi Projects: RenVM, Curve Finance, and WBTC – all offered in an intuitive mobile experience with Pillar Wallet.
1. User sends BTC and RenVM converts the BTC to renBTC.
2. The platform receives renBTC and automatically swaps it for WBTC within a low-slippage liquidity pool.
3. The user receives WBTC and is now able to use it on any supported DeFi platform or protocol.
Ready? It’s time to put your Bitcoin to work!