pTokens BTC v1 (PBTCV1) is the first version of a tokenised Bitcoin that enables BTC to be used on other blockchains, such as Ethereum, while maintaining a 1:1 peg with the original asset. It is part of the pTokens system, which was created by the pNetwork to facilitate cross-chain movement of crypto assets. PBTCV1 allows BTC holders to access DeFi applications, provide liquidity, and make cross-chain payments. The system is operated and secured by a network of validators, with governance and incentives supported by the pNetwork Token (PNT).
