Bitcoin

The Ethereum blockchain has flowed …

Navigation

Can Flow Become the Leader of Gaming and NFTs? Ethereum of NFT Space? Token Metrics AMA

The Ethereum blockchain has flowed ...

More than $ 101 million of bitcoins flowed into the Ethereum blockchain
CONTENT

  • The total value of all bitcoins tokenized on the Ethereum network has exceeded $ 100 million.

  • The total number of WBTC tokens in the last month has grown more than 6 times.

  • RenBTC, launched in May, settled in 2nd place after WBTC.

International consortium of news organizations developing transparency standards.

Boom in the DeFi segmentDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More applications has resulted in a massive influx of tokenized bitcoins into the Ethereum blockchain lately.

The Ethereum blockchain has flowed ...

The boom in the decentralized finance (DeFi) segment, taking place on the Ethereum blockchain, has led to an active growth in the number and value of tokenized bitcoins in this ecosystem, in fact, competing with BTC. Since about mid-May, this indicator has shown a sharp increase, and now the value of bitcoins stored on the Ethereum blockchain in the form of tokens such as Wrapped Bitcoin (WBTC), renBTC, HBTC, imBTC, sBTC and others has already exceeded $ 101 million.

Bitcoins on the Ethereum network

WBTC (WrappedBitcoin) and other similar ERC20 tokens are stablecoins created on the Ethereum blockchain, backed by Bitcoin and pegged to its rate at a 1: 1 ratio. To do this, a certain amount of BTC is blocked by users on the Bitcoin blockchain using special custody services or smart contracts, and then the corresponding number of tokens is created on the Ethereum network..

The lion’s share of all such tokenized bitcoins is traditionally accounted for by WBTC – they now form about 8200 out of 11+ thousand BTC, which is equivalent to about $ 74.9 million. It is noteworthy that this figure has grown sharply over the past month and a half. As recently as mid-May, there were only about 1300 such WBTCs on the Ethereum network. Accordingly, in such a short period of time, the figure has grown more than six times.

The Ethereum blockchain has flowed ...

In second place is the RenBTC coin, launched in mid-May. However, it lags far behind WBTC with a current indicator of 1+ thousand tokens or about $ 9.9 million (according to Etherscan).

Further in descending order are HBTC, imBTC and sBTC with indicators of 710 ($ 6.45 million), 608 ($ 5.53 million) and 512 ($ 4.65 million), respectively.

Faintly imagine what “boom DeFi“That everyone is talking about? Join the discussion¬†in our Telegram channel¬†– and you will find out everything!

DeFi boom beckons bitcoin owners

The general excitement around the DeFi segment has become a key driver of increased interest in tokenized bitcoins. As the BeInCrypto editors have already said, it was largely due to the launch of two new DeFi coins, including the sensational Compound.

Since the Bitcoin network does not have DeFi infrastructure inherent by default, this gives the Ethereum blockchain a tangible competitive advantage and attracts even Bitcoin holders who tokenize their BTC to take advantage of the rapidly growing DeFi market..

The Ethereum blockchain has flowed ...

However, as skeptics warn, such an explosive growth in the DeFi segment is unlikely to be sustainable and stable..

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

  • Bitcoin added to the Ethereum blockchain…

    Bitcoin was added to the Ethereum blockchain without the involvement of custodians CONTENTS Developers have come up with a new way to support BTC on the Ethereum blockchain. More…

  • The volume of bitcoins on the Ethereum blockchain is approaching $ 1 billion

    The volume of bitcoins in the Ethereum blockchain is approaching $ 1 billion CONTENT Almost 80,000 bitcoins have accumulated in the Ethereum blockchain Wrapped Bitcoin and renBTC…

  • Ethereum prepares to launch a new bull market?

    Ethereum gearing up to launch a new bull market? CONTENTS Many fundamentals hold bullish prospects for the Ethereum network. Number of active addresses…

  • Shocking predictions for DeFi and Ethereum for 2021

    Shocking DeFi and Ethereum Predictions for 2021 CONTENTS Ethereum Will Set New Records in 2021 DeFi’s Total Locked Cost To Be Over…

  • Bitcoin vs. Ethereum: who is more popular on Twitter

    Bitcoin vs. Ethereum: who is more popular on Twitter CONTENT The number of mentions of Bitcoin on Twitter has grown significantly lately. This may be…

Similar articles

  • Bitcoin added to the Ethereum blockchain…

    Bitcoin was added to the Ethereum blockchain without the involvement of custodians CONTENTS Developers have come up with a new way to support BTC on the Ethereum blockchain. More…

  • Shocking predictions for DeFi and Ethereum for 2021

    Shocking DeFi and Ethereum Predictions for 2021 CONTENTS Ethereum Will Set New Records in 2021 DeFi’s Total Locked Cost To Be Over…

  • Ethereum prepares to launch a new bull market?

    Ethereum gearing up to launch a new bull market? CONTENTS Many fundamentals hold bullish prospects for the Ethereum network. Number of active addresses…

  • Bitcoin vs. Ethereum: who is more popular on Twitter

    Bitcoin vs. Ethereum: who is more popular on Twitter CONTENT The number of mentions of Bitcoin on Twitter has grown significantly lately. This may be…

  • The volume of bitcoins on the Ethereum blockchain is approaching $ 1 billion

    The volume of bitcoins in the Ethereum blockchain is approaching $ 1 billion CONTENT Almost 80,000 bitcoins have accumulated in the Ethereum blockchain Wrapped Bitcoin and renBTC…