Wrapped Bitcoin tops $1B after 900% increase in two months
The recent DeFi frenzy has seen $900 million worth of Bitcoin tokenized using Wrapped Bitcoin over the past two months. The recent DeFi bull-cycle has pushed the total value locked (TVL) of popular Bitcoin (BTC) tokenization protocol Wrapped BTC (WBTC) up by 900% to surpass $1 billion.The milestone comes four weeks after the TVL of all Bitcoin tokenized on Ethereum (ETH) surpassed $1 billion for the first time . The current TVL of tokenized Bitcoin is nearly $1.5 billion, of which WBTC currently represents one-third.Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL,....
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Three months ago, there were 441,546 wrapped or synthetic bitcoins on the Ethereum and Binance Smart Chain worth $17.45 billion using exchange rates on April 24, 2022. Since then, that number has dropped by 53,582 synthetic bitcoins and today the number of wrapped or bonded bitcoins is approximately 387,964 worth $8.81 billion in value.
Number of Wrapped or Synthetic Bitcoins Held on Ethereum Declines
In the last few years the use of wrapped, bonded or synthetic bitcoins has increased a great deal and earlier this year there were close to half a million synthetic bitcoins held....
The supply of BitGo’s wrapped bitcoins (WBTC) topped 76,000 after setting an all-time record of nearly 21,000 WBTC minted within one week. Here’s why.
With a market cap now over $1.5 billion, Wrapped Bitcoin (WBTC) makes up 80% of the total BTC held on Ethereum. Wrapped Bitcoin (WBTC) reached all-time highs today in terms of market capitalization and number of tokens.WBTC is the most popular version of Bitcoin tokenized for use on the Ethereum network. According to the official website, there currently is a record total of 116,885 WBTC, backed by an equal number of BTC held by custodians. The market cap of WBTC now tops $1.58 billion.This makes WBTC Ethereum’s sixth-largest token by market cap, after Crypto.com Coin (CRO), USD Coin....
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 […]
wETH is the ERC-20 compatible and tradable version of ETH and can be used to interact with other ERC-20 assets. Traders who use the Ethereum network are familiar with the ERC-20 technical standard and have most likely traded and invested in tokens that utilize it. After all, its practicality, transparency and flexibility have made it the industry norm for Ethereum-based projects.As such, many decentralized applications (DApps), crypto wallets and exchanges natively support ERC-20 tokens. However, there’s one problem: Ether (ETH) and ERC-20 do not exactly follow the same rules, as Ether was....