Step Bridged WBTC (Step Network)Price

(WBTC)

To move your WBTC from other blockchain networks, such as Ethereum or Avalanche, to the Step Network, you will typically use the official Step Network Bridge. This process allows your WBTC to become compatible with the Step App ecosystem. A crucial requirement for any transaction involving WBTC once it's on the Step Network is having FITFI. FITFI serves as the native gas token for the Step Network, meaning a small amount is necessary to cover transaction fees for bridging and any subsequent operations.

To ensure your Step Bridged WBTC is visible within your compatible Web3 wallet after a successful transfer to the Step Network, you will need to manually add the token's specific contract address. This is a common step, as the token may not appear automatically. Obtaining the correct contract address for Step Bridged WBTC on the Step Network is essential to avoid the perception of "missing" tokens and to manage your assets effectively within your wallet interface.

To connect your compatible Web3 wallet to the Step Network, which is an EVM-compatible blockchain, you will need to manually add its network details. These settings are not typically pre-loaded into wallets and must be entered to interact with the Step Network ecosystem. The required RPC settings are as follows: the Network Name should be "Step Network", the New RPC URL is `https://rpc.step.network`, the Chain ID is `1234`, and the Currency Symbol for the native gas token is `FITFI`.

Within the Step Network, Step Bridged WBTC offers several key utilities, primarily focused on decentralized finance activities. A major application is providing liquidity on the network's decentralized exchange. Users can contribute WBTC to liquidity pools, such as WBTC/USDC or WBTC/FITFI, to earn trading fees or partake in farming rewards. While direct in-app purchases for items like "Sneakers" (SNEAK NFTs) typically require FITFI or KCAL, WBTC can be easily swapped for these tokens on the decentralized exchange to facilitate such transactions.

When considering the safety of Step Bridged WBTC, it's important to understand its nature as a "bridged" asset. Unlike native Bitcoin or WBTC on its original chain, Step Bridged WBTC's security is fundamentally dependent on the integrity and robustness of the smart contracts governing the cross-chain bridge. A primary risk involves the potential for the bridge's smart contracts to be compromised. In such an event, the peg that links the value of the bridged token to native Bitcoin could be jeopardized, potentially causing its value to diverge from the underlying asset.

While Step Bridged WBTC is designed to maintain a 1:1 value representation with native Bitcoin, actual market prices on the Step Network's decentralized exchange may occasionally show slight discrepancies. This phenomenon is primarily attributable to variations in liquidity within the trading pools. Compared to major centralized exchanges, the decentralized exchange on the Step Network might have lower liquidity. Consequently, when executing larger swap transactions involving WBTC, users may encounter slippage, which can result in a temporary deviation from the exact 1:1 peg, reflecting the available depth of the order book.