Competitor of Wrapped bitcoin, renBTC, has made massive gains over the past week due to the project token price, and the total amount of Bitcoin tokens through protocol hikes.
Ren is second behind Wrapped Bitcoin, or wBTCwhich is currently the most popular method of Converting Bitcoin to Token for use in DeFi protocols. According to btconethereum.com, there is currently a little more than 29,000 wBTC on EthereumCurrently, renBTC’s stake is around 9.5,000, having exceeded 10,000 on August 17.
As DeFi’s popularity continues to grow, More and more investors want to use their BTC holdings to gain access to income opportunities for agriculture. In total, there is now 44,000 BTC – or more than half a trillion dollars – on the Ethereum network.
In less than a week, the Total Locked Value (TVL) on the RenVM platform, a product of the cross-chain liquidity provider Ren, jumped over 210% and hit a new high of $ 175 million, according to Defipulse.com.
RenVM’s domestic provider Ren also saw prices jump 245% from $ 0.16 in early August to $ 0.55 on August 19.
Samson Mow attacks
There are signs of it Bitcoin maximalists feel increasingly uncomfortable when Ethereans brag about how much Bitcoin is used as a token on the network. In a recent from Peter McCormack and with the co-founder of Ethereum, Vitalik Buterin, the Blockstream CSO, Mowing Samson, said that tokenized Bitcoin only showed that the Ethereans needed Bitcoin:
“The reason Bitcoin is used for Ethereum is because it is stable and reliable. So it seems that the Ethereans prefer to use tokenized Bitcoin over Ether to do their thing with DeFi.”
Samson Mow’s argument was labeled an “blatant lie” in a YouTube response video posted by Bankless. Bankless moderators said that Bitcoin has exactly the same problems with scaling and high transaction rates when demand is high as Ethereum and They claimed that the way Bitcoin currently “scales” is with a token on Ethereum.
Like many ETH fans, they reacted negatively to Mow’s attacks on the project, saying they switched off the podcast in disgust.