Wrapped Bitcoin ‘Burns’ Outpaced Minting for the First Time in December

WBTC burns picked up in November, continuing into December.

According to data recorded on December 28, there’s approximately 434,265.43 bitcoin-pegged or wrapped bitcoin tokens worth more than $21.3 billion across several blockchains. Ten different bitcoin-pegged projects exist today and the project Wrapped Bitcoin dominates 59.66% of all the tokenized bitcoin in circulation. Close to a Half Million Tokenized Bitcoin Circulates on Several Blockchains, Wrapped Bitcoin Dominates by 59% Toward the end of 2018, when tokenization really started heating up in the crypto space, a number of different projects launched bitcoin-pegged token....

The XRP network still appears to be innovating despite its regulatory woes. If all goes according to plan, Wrapped XRP (wXRP) will be coming to the Ethereum (ETH) blockchain next month, courtesy of Wrapped.com. The move is meant to enable Ripple (XRP) holders to interact with aspects of decentralized finance, or DeFi, such as executing smart contracts for use in borrowing and lending, swapping for altcoins, via their native tokens. Currently, the network can only handle sending, receiving and holding XRP.Wrapped tokens are digital currencies stored in a digital vault and run on a separate....

Wrapped tokens have become increasingly popular because they allow traders and investors to utilize their crypto-assets on different blockchain networks. For instance, Wrapped Bitcoin, which now accounts for roughly 1% of all Bitcoin in circulation, may be used on the Ethereum (ETH) blockchain to engage in various types of decentralized finance (DeFi) transactions. However, it […]

Wrapped Bitcoin is now even safer with Chainlink oracles checking custody wallets every ten minutes. Wrapped Bitcoin custodian BitGo has adopted Chainlink’s Proof of Reserve mechanism in order to boost the transparency and auditability of the tokenized asset for DeFi protocols.The functionality, which is currently live on testnet, enables Ethereum-based dApps to completely automate the burden of auditing wBTC. The move comes as the amount of Wrapped Bitcoin on Ethereum approaches $1 billion in value, or the equivalent of over 92,500 BTC.The mechanism negates the need to rely on manual....