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pTokens BTC Coin Price & Market Data
pTokens BTC price today is $42,475 with a 24-hour trading volume of $11,451.97. PBTC price is up 4.8% in the last 24 hours. It has a circulating supply of 2.6 Thousand PBTC coins and a total supply of 2.6 Thousand. If you are looking to buy or sell pTokens BTC, Uniswap (v2) is currently the most active exchange.
What is pBTC?
pBTC is a wrapped Bitcoin launched by pNetwork. Unlike wBTC and HBTC, where the BTC backing the tokens are custodied under a centralized entity, the BTC backing pBTC is custodied under a smart contract, making it a more decentralized option.
What is pNetwork?
pNetwork is a Decentralized Autonomous Organization (DAO) that facilitates the movement of different assets across different blockchains. It operates on an open-source system, and a network of validators governs the movement of assets. The task of the validators is to maintain the 1:1 peg of the underlying assets on different blockchain platforms.
pNetwork is managed by Provable Things, which is one of the blockchain projects invested by Poseidon Group. The group has also been involved in another blockchain project - Eidoo, which provides non-custodial wallet services to cryptocurrency holders. The development of pNetwork expands the Eidoo wallet services to other blockchain platforms.
How does pNetwork works?
Let’s look at the minting and burning of pBTC.
- Minting
pTokens are formulated to do the pegging task at a 1:1 ratio. It is automated and powered through smart contracts. Users can send BTC over to the smart contract and receive pBTC in return. Two separate blockchains (Bitcoin and Ethereum) meet within a secure sandbox - Trusted Execution Environment (TEE). The validators verify the number of underlying assets locked and trigger the minting of pTokens.
- Burning
All pTokens are fully-backed by the underlying assets and can be redeemed at any time.
pTokens holders can burn the pBTC to redeem the underlying BTC through smart contracts. Following the same process above, through TEE, validators will verify the pBTC received and release the BTC to the user.
How to obtain pBTC?
You can purchase pBTC from Uniswap.
To mint pBTC, users can transfer BTC to the pNetwork smart contract and receive pBTC in return.
