In keeping with information on August 7, there’s 253,510 bitcoin-pegged or wrapped tokens price greater than $11 billion in worth on the Ethereum blockchain. Out of the seven completely different bitcoin-pegged tasks, the Wrapped Bitcoin protocol has 194,023 bitcoin-pegged ERC20 tokens in circulation.
Over 250K Tokenized Bitcoin In Circulation Break up Between 7 Ethereum Initiatives, Binance Good Chain’s Bitcoin-Peg Reaches 73K 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 by way of 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 during the last 12 months.
As well as, the Ethereum community homes probably the most bitcoin (BTC)-pegged tokens out of all of the blockchain tasks at present. 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 called BEP2) in circulation at present.
Moreover the Wrapped Bitcoin (WBTC) challenge, BTCB does have extra BTC-pegged tokens than the latter six BTC-pegged Ethereum-based tasks mixed. Wrapped Bitcoin (WBTC) is a challenge backed by Bitgo and on Saturday, there’s 194,023 WBTC in circulation price $8.4 billion, in line 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 Symbolize 2.8% of the Tokenized Bitcoin on Ethereum
Different BTC-pegged ERC20 token tasks embody 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 entire quantity of BTCB tokens issued on the BSC community.
Whereas tokenized bitcoin on Ethereum crosses $11 billion notional in the course of the first week of August, dex platforms are permitting customers to collect yields from their BTC through liquidity swimming pools. Quite a few dex platforms permit customers to supply liquidity and acquire yield using tokens like WBTC, SBTC, HBTC, BTCB, and RENBTC tokens. A few of the prime dex purposes permitting tokenized BTC utility like buying and selling and liquidity swimming pools embody Uniswap, Sushiswap, Paraswap, and 0x API.
Tokenized bitcoin on Blockstream’s Liquid sidechain is round 2,939.47 LBTC for the month of August. Information 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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