What is Wrapped Bitcoin, and why should you be interested?

Wrapped Bitcoin (WBTC) is an ERC-20 token representing Bitcoin that can be swapped with BTC on a 1:1 basis. The digital asset was created to allow Ethereum developers to use Bitcoin in the blockchain (Ethereum). By doing so, it combines the best of both networks, the liquidity of BTC, and the decentralised application support of Ethereum.
Wrapped Bitcoin launched in 2019 as a joint project of major blockchains, including MakerDAO and Compound. The forked blockchain works by fixing the original t