Greater than 72,000 Bitcoin tokenized on the Ethereum blockchain

Over $750 million value of Bitcoin has been locked as DeFi drives tokenization of Bitcoin. The quantity of Bitcoin ‘locked up’ to be used on the Ethereum community and within the booming DeFi ecosystem is near 73,000, knowledge exhibits. Particularly, there have been 72,843 bitcoins mapped on Ethereum, value about $750 million of Bitcoin, on,

Over $750 million value of Bitcoin has been locked as DeFi drives tokenization of Bitcoin.

The quantity of Bitcoin ‘locked up’ to be used on the Ethereum community and within the booming DeFi ecosystem is near 73,000, knowledge exhibits.

Particularly, there have been 72,843 bitcoins mapped on Ethereum, value about $750 million of Bitcoin, on the time of publication.

Of the seven cross-chain bridge initiatives out to tokenize Bitcoin, the most important when it comes to market share is wrapped bitcoin (wBTC).

Per knowledge on Dune Analytics, there are 46,421 wBTC on the Ethereum blockchain value about $476,239,516 as of September 8. That places the share of wBTC at 64.5% of the full Bitcoin provide on Ethereum.

Wrapped Bitcoin (wBTC) has the largest share share of bitcoin on Ethereum. Supply: Dune Analytics

The Ren Protocol has the subsequent largest command at 16,671 renBTC, or simply over 23% of the full variety of artificial bitcoins, in circulation.

Different initiatives with tokenized Bitcoin are hBTC with 4,810 bitcoins’, sBTC 2,897 tokens, imBTC  1,353, and pBTC with 45 bitcoins mapped on the Ethereum blockchain respectively.

Chart displaying progress in bitcoin tokenization. Supply: Dune Analytics

On combination, the quantity of artificial bitcoins coming into the DeFi house jumped threefold in August alone. Urge for food for trades and loans denominated in Bitcoin from decentralized finance traders noticed over 26,000, or almost $300 million value of latest tokenized bitcoins, enter the house.

Alameda Analysis, co-founded by FTX trade CEO Sam Bankman-Fried, reportedly amassed 14,654 WBTC in August. That’s almost 70% of all wrapped bitcoin (WBTC) launched final month.

Whereas a rising variety of individuals maintain tokenized bitcoin, the vast majority of provide is presently being utilized in DeFi initiatives. As will be seen under, Compound, Balancer, Aave, and Uniswap, have all seen a spike within the quantity of wBTC.

Wrapped bitcoin (wBTC) on numerous DeFi platforms. Supply: Dune Analytics

As of as we speak, tokenization has put almost 0.4% of the full Bitcoin provide (21 million) on the Ethereum blockchain.

Notably, the expansion within the provide of those artificial bitcoins now means they make up almost 2.0% of the full market capitalization of Ethereum.

The tokenization of Bitcoin includes locking BTC on the Bitcoin community and minting new tokens on Ethereum. The ERC-20 token is then used on the good contracts platform, with the “burning” of the “wrapped” cash ensuing within the unlocking of the actual Bitcoin on the blockchain.

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