One percent of the Bitcoin supply is blocked on the WBTC protocol

One percent of the Bitcoin supply in circulation is currently tokenized as Wrapped BTC (WBTC). which equates to a BTC value of nearly $ 6.2 billion

Kia Mosayeri, the product manager at cryptocurrency custody company BitGo, recognized this milestone: he tweeted the news on June 7th. BitGo is the administrator of the Wrapped Bitcoin protocol, which launched its Bitcoin-backed ERC-20 token on Ethereum in January 2019.

According to Etherscan, There are currently 187,610 bitcoins tied into the protocol, which translates to a fully diluted market cap of $ 6.18 billion. The current supply of BTC in circulation is nearly 18.73 million, according to CoinGecko, confirming the 1% milestone.

One percent of the Bitcoin supply is blocked on the WBTC protocol
One percent of the Bitcoin supply is blocked on the WBTC protocol

BTConEthereum appreciates that 240,620 bitcoins have been tokenized through various protocols for use on Ethereum, making a combined capitalization of $ 7.910 million. Wrapped Bitcoin exercises a clear dominance over the sector and represents 78% of all Bitcoin tokenized in Ethereum.

Other leading Bitcoin tokenization protocols are Huobi BTC in second place with 37,906 BTC or 15.7% of the supply of Bitcoin and RenBTC. third with 10,226 tokenized BTC. Synthetic BTC also has 1,471 BTC, followed by imBTC with 1,169 Bitcoin and TBTC with 916 BTC.

The recent proliferation of Ethereum-based yield farms and DeFi protocols that support tokenized BTC has been the main force behind the growth of the sector.

End of April, The Ethereum-based BTC income protocol BadgerDAO has partnered with RenVM to create a bridge between renBTC and its own income farms. DeFi Llama estimates that more than $ 540 million in assets are locked on the BadgerDAO platform.

Don’t stop reading:

Similar Posts