Based on information on August 7, there’s 253,510 bitcoin-pegged or wrapped tokens value greater than $11 billion in worth on the Ethereum blockchain. Out of the seven totally different bitcoin-pegged tasks, the Wrapped Bitcoin protocol has 194,023 bitcoin-pegged ERC20 tokens in circulation.
Over 250Ok Tokenized Bitcoin In Circulation Break up Between 7 Ethereum Initiatives, Binance Good Chain’s Bitcoin-Peg Reaches 73Ok Issued
Ethereum (ETH) jumped over the $3K zone in worth on Saturday, because the protocol successfully upgraded on August 5. ETH’s market valuation has gained a big 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% towards the U.S. greenback over the last 12 months. A lot of this has been attributed to decentralized finance (defi), non-fungible tokens (NFTs), and a myriad of decentralized exchange (dex) platforms over the past yr.
As well as, the Ethereum community homes probably the most bitcoin (BTC)-pegged tokens out of all of the blockchain tasks right this moment. Nevertheless, different blockchain tasks are catching up quick because the BTC-pegged token (BTCB) issued on the Binance Good Chain is round 73,111 BTCB (in any other case often known as BEP2) in circulation right this moment.
In addition to the Wrapped Bitcoin (WBTC) venture, BTCB does have extra BTC-pegged tokens than the latter six BTC-pegged Ethereum-based tasks mixed. Wrapped Bitcoin (WBTC) is a venture backed by Bitgo and on Saturday, there’s 194,023 WBTC in circulation value $8.four billion, in accordance 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 Characterize 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 overall quantity of BTCB tokens issued on the BSC community.
Whereas tokenized bitcoin on Ethereum crosses $11 billion notional throughout the first week of August, dex platforms are permitting customers to collect yields from their BTC by way of liquidity swimming pools. Quite a lot of dex platforms permit customers to supply liquidity and achieve yield using tokens like WBTC, SBTC, HBTC, BTCB, and RENBTC tokens. A number of the high dex functions 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 reveals 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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