Folks at Ultra Stellar have released four new cryptocurrency Stellar assets which allow users to enjoy and use tokenized versions of Bitcoin and Ethereum on Stellar platform. This includes BTC, ETH, yBTC and yETH.
So what are the advantages of having tokenized versions on Stellar network? These anchored/tokenized BTC and ETH enjoy all the benefits of Stellar assets that includes near-zero fees and much faster transactions.
All issued assets are backed by 1:1 reserves. So when you hold wrapped Bitcoin and Ethereum on Stellar network, both also carry same value as their non-tokenized versions.
It is possible to convert your regular BTC and ETH into wrapped assets / tokenized asset. All you have to do is fire up stellarterm.com and deposit bitcoin/ethereum using deposit button. Make sure the home domain is ultrastellar.com which is issuer of these assets.
This process is similar to depositing and withdrawing yXLM which is also issued by ultra stellar.
Supported websites and wallets for depositing and withdrawing these assets are lobstr, Stellarterm, StellarX and Solar wallet.
It is also possible to buy these tokenized assets directly from aforementioned exchanges and wallets. Keep in mind that liquidity is bit low but that is expected to increase around beginning of November 2021 when Automated Market Makers will roll out.
Here’s the Medium article with a summary of today’s launches. https://t.co/f8Ou0wpIqP
Read to learn more about wrapped BTC & ETH on Stellar and our y-assets.
P.S. Take a look at the AMM section, we think that 👨🌾 might find that interesting.
— Ultra Stellar (@ultrastellarhq) October 22, 2021
Ultra Stellar suggests using BTC / USDC and ETH / USDC to get best rates.