Bitcoin capitalization on Ethereum blockchain exceeded $ 1 billion for the first time

CONTENT

  • For the first time, the capitalization of an analogue of Bitcoin in the Ethereum network crossed the $ 1 billion mark

  • Redistribution of WBTC on Cryptocurrency Platforms Signals Continued Interest in DeFi

  • The supply of WBTC tokens in just a month doubled to 93 thousand WBTC

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Bitcoin based on the ERC-20 protocol is becoming more and more popular. Coin capitalization surpasses the $ 1 billion mark

The market capitalization of a clone of Bitcoin on the Ethereum blockchain network, Wrapped Bitcoin (WBTC), has surpassed the $ 1 billion mark. At the time of writing, WBTC capitalization is $ 1,002,028,639.

Source: coinmarketcap.com

Along with the growth of capitalization, the number of tokens kept by the issuer WBTC – the cryptocurrency custodian BitGo is growing..

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Source: messari.io

At the same time, the largest number of tokens, according to the Messari analytical service, is located on the crypto-loan service – Compound. This distribution once again signals an active hype around the decentralized finance market (DeFi) Decentralized finance (DeFi) is a blockchain-based financial services that offers users access to an open, efficient and … More).

The supply of WBTC tokens itself has doubled in just a month to 93 thousand WBTC.

Bitcoin capitalization on Ethereum blockchain exceeded $ 1 billion for the first time

Source: etherscan.io

Recall that Wrapped Bitcoin is an ERC-20 token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More, backed by Bitcoin at a 1: 1 ratio. Collateralized coins are held in the BitGoTrust fund. Despite its dominance in the market, WBTC may still lose its position due to the threat from peers without centralized emission. Another ERC-20 based bitcoin, RenBTC, is still far behind WBTC. Its capitalization barely reached $ 269 million.

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However, it can still change, given that in the near future the developers plan to transfer control over the project to the cryptocurrency community. At the time of this writing, the following bitcoins are already deployed on the Ethereum blockchain: The Tokenized Bitcoin (imBTC), tBTC (tBTC), renBTC (renBTC), pTokens BTC (pBTC), HBTC (HBTC) and Super Bitcoin (sBTC) ).

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Earlier, the editorial staff of BeInCrypto reported that the analogue of bitcoin in the Ethereum blockchain network, Soft Bitcoin (SBTC), fell in price by more than 99% in just a day. The collapse is due to the decision of the development team to stop supporting the project.

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Bitcoin capitalization on Ethereum blockchain exceeded $ 1 billion for the first time
Bitcoin capitalization on Ethereum blockchain exceeded $ 1 billion for the first time
Bitcoin capitalization on Ethereum blockchain exceeded $ 1 billion for the first time
Bitcoin capitalization on Ethereum blockchain exceeded $ 1 billion for the first time

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