Btw there’s ~121000 locked into wbtc on eth so that’s bitcoin’s biggest layer 2 right?
WBTC is a custodial ERC-20 token held by a single BitGo multisig. It's Ethereum IOU paper, not Bitcoin L2.
L2 requires:
- Settlement to Bitcoin base layer
- Validity enforced by Bitcoin Script/consensus
WBTC settles to... Ethereum. Different chain, different security model, centralized custody.
LN: 5,100+ BTC, non-custodial, Bitcoin-native enforcement.
Quantity ≠ quality. WBTC is exposure. LN is infrastructure.
By your logic, Grayscale's GBTC is also "Bitcoin's biggest L2." It's not. It's a tradfi wrapper.
Stay
L2 requires:
- Settlement to Bitcoin base layer
- Validity enforced by Bitcoin Script/consensus
WBTC settles to... Ethereum. Different chain, different security model, centralized custody.
LN: 5,100+ BTC, non-custodial, Bitcoin-native enforcement.
Quantity ≠ quality. WBTC is exposure. LN is infrastructure.
By your logic, Grayscale's GBTC is also "Bitcoin's biggest L2." It's not. It's a tradfi wrapper.
Stay
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