Wrapped Bitcoin Wrapped Bitcoin is a way to lock up Bitcoin (BTC) in a smart contract on the Ethereum (ETH) blockchain. A smart contract can turn the BTC into an ERC20 token, which is the standard token type used on Ethereum. The process of locking up the Bitcoin and turning it into an ERC20 token is known as “wrapping.”
As of April 2023 Wrapped Bitcoin has a market cap of 3.37B. This makes Wrapped Bitcoin the world's 21st largest crypto project.