Celo network users can now access Wrapped Bitcoin (cBTC) on Ubeswap
Today the blockchain network Celo team announced that Bitcoin transactions are Live now On Ubeswap, the stock code is cBTC. Ubeswap is a decentralized exchange and automated market maker protocol for Celo assets. Users can use Ledger, Valora or MetaMask to trade on Ubeswap.
All cBTC use qualified custodians and BTC 1:1 support
Bitcoin users on the Celo network can now take advantage of the fast, low-cost, mobile-first experience provided by Celo while trading fully supported Bitcoin.
In addition to obtaining pro-rata transaction fees similar to other DEXs, Ubeswap has also included Bitcoin transactions in its liquidity mining plan. This means that the potential rate of return is as high as 50% or higher, without the need to lock in to provide liquidity for cBTC/mcUSD.
mcUSD is the rate-of-return version of cUSD implemented by Moola; a non-custodial money market protocol built on the Celo blockchain. The price of cBTC/mcUSD is designed to follow the price of BTC/USD.The current production can be found on Ubeswap’s farm page.
Those interested in becoming a liquidity provider (LP) can also Register right now.