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Tokenized Bitcoin on Ethereum Crosses $11 Billion Notional, WBTC Instructions 76% of Circulating Provide

08/08/2021
Tokenized Bitcoin on Ethereum Crosses $11 Billion Notional, WBTC Commands 76% of Circulating Supply

Based on information on August 7, there’s 253,510 bitcoin-pegged or wrapped tokens price greater than $11 billion in worth on the Ethereum blockchain. Out of the seven completely different bitcoin-pegged tasks, the Wrapped Bitcoin protocol has 194,023 bitcoin-pegged ERC20 tokens in circulation.

Over 250K Tokenized Bitcoin In Circulation Cut up Between 7 Ethereum Tasks, Binance Sensible Chain’s Bitcoin-Peg Reaches 73K Issued

Ethereum (ETH) jumped over the $3K zone in worth on Saturday, because the protocol efficiently upgraded on August 5. ETH’s market valuation has gained a major quantity of dominance when it comes to the $1.78 trillion crypto-economy capturing 20% of that worth on Saturday.

The crypto asset has additionally gained greater than 700% in opposition to the U.S. greenback over the past 12 months. A lot of this has been attributed to decentralized finance (defi), non-fungible tokens (NFTs), and a myriad of decentralized change (dex) platforms over the past 12 months.

Tokenized Bitcoin on Ethereum Crosses $11 Billion Notional, WBTC Commands 76% of Circulating Supply
The variety of tokenized bitcoin on Ethereum on August 7, 2021.

As well as, the Ethereum community homes essentially the most bitcoin (BTC)-pegged tokens out of all of the blockchain tasks at present. Nonetheless, different blockchain tasks are catching up quick because the BTC-pegged token (BTCB) issued on the Binance Sensible Chain is round 73,111 BTCB (in any other case often known as BEP2) in circulation at present.

Tokenized Bitcoin on Ethereum Crosses $11 Billion Notional, WBTC Commands 76% of Circulating Supply
BTCB or BEP2 worth on August 7, 2021, at 3:00 p.m. (EDT).

Apart from the Wrapped Bitcoin (WBTC) challenge, BTCB does have extra BTC-pegged tokens than the latter six BTC-pegged Ethereum-based tasks mixed. Wrapped Bitcoin (WBTC) is a challenge backed by Bitgo and on Saturday, there’s 194,023 WBTC in circulation price $8.4 billion, in line with Dune Analytics statistics. That’s greater than 76.3% of your entire BTC-pegged token provide housed on Ethereum.

HBTC Nears 54% of BTCB Issued Lightning, Liquid and RSK Signify 2.8% of the Tokenized Bitcoin on Ethereum

Different BTC-pegged ERC20 token tasks embrace HBTC (39,906), RENBTC (13,559), SBTC (3,039), PBTC (1,766), IMBTC (1,146), and TBTC (872). For comparability, HBTC is round 54% of the entire quantity of BTCB tokens issued on the BSC community.

Whereas tokenized bitcoin on Ethereum crosses $11 billion notional in the course of the first week of August, dex platforms are permitting customers to assemble yields from their BTC by way of liquidity swimming pools. A variety of dex platforms enable customers to supply liquidity and achieve yield using tokens like WBTC, SBTC, HBTC, BTCB, and RENBTC tokens. Among the prime dex purposes permitting tokenized BTC utility like buying and selling and liquidity swimming pools embrace Uniswap, Sushiswap, Paraswap, and 0x API.

Tokenized bitcoin on Blockstream’s Liquid sidechain is round 2,939.47 LBTC for the month of August. Knowledge from the RSK sidechain exhibits roughly 2,020 RBTC on the time of writing. In the meantime, there’s additionally 2,300 BTC in worth transferring on the Lightning Community on August 7.

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