WBTC
Best for audited protocol with published methodology
How it rates
- Audit report linked from a public dataset
- Accounting methodology published
- $7,439m recorded independently
- Single-chain deployment
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- MetIndependent audit report linked publicly
Audit report linked from the public protocol dataset.
wbtc.network/dashboard/audit - Met
- MetTracked by an independent analytics platform
Listed with published value and history.
defillama.com/protocol/wbtc - Met
- PartialApplication reachable at a public address
Published at a documented URL; automated retrieval blocked at this check.
wbtc.network/
- PartialApplication reachable without an account
Published at a documented URL; automated retrieval blocked at this check.
wbtc.network/ - MetProtocol economics published independently
Value and change history published.
defillama.com/protocol/wbtc - Met
- Not met
- PartialNo account required to reach the application
Published at a documented URL; automated retrieval blocked at this check.
wbtc.network/
- Met
- Met
- Met
- Not met
- Partial
- Met
- Met
- Met
- Met
- Met
- PartialApplication reachable
Published at a documented URL; automated retrieval blocked at this check.
wbtc.network/ - Met
- Met
- Met
- Met
The largest wrapped Bitcoin representation, with $7.44bn of Bitcoin held in custody and issued as an Ethereum token.
Our assessment
WBTC represents $7.44bn of Bitcoin held in custody and issued as an ERC-20 token. It made Bitcoin usable in Ethereum DeFi and remains the largest such representation, with two audits and reports linked.
This is custody, not a bridge
WBTC is not a trustless bridge. Real bitcoin sits with a custodian, and the token is a claim on it. Proof of reserves lets anyone verify the bitcoin exists on-chain; nothing verifies that the custodian will always honour redemption. That is a different risk from a smart contract failure, and arguably a more familiar one.
The 2024 custodian change
A change in the custody arrangement, involving a new jurisdiction and partner, prompted significant concern across DeFi — several protocols reduced their exposure and competing wrapped Bitcoin products gained share. Nothing went wrong, and the episode showed exactly how sensitive a custodial asset is to who holds the underlying.
Its position is entrenched
WBTC is integrated across nearly every major Ethereum protocol as accepted collateral, which took years to build and cannot be replicated quickly. That entrenchment is why it retains a large share despite viable alternatives — and it means a problem here would propagate through the lending markets that accept it.
Who it suits
WBTC fits users bringing Bitcoin into Ethereum DeFi who accept custodial risk and have a view on the current custodian. Users unwilling to accept custody should use Bitcoin natively or through arrangements that keep it self-custodial.
How rivals compare
| Service | Score | Best for | |
|---|---|---|---|
| Portal | 9.6 | audited protocol with published methodology | Read → |
Frequently asked
Does this score mean WBTC is safe?
No. It measures what an outsider can verify: linked audits, published methodology and independently recorded data. Contract and custody risk are not tested by us.
Where do these figures come from?
A public analytics dataset queried at the verification date, plus the audit reports it links. Anyone can re-run the query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public record. It records what a user can reach, not a claim that no audit exists.