thecoinrepublic.com
- On the Ethereum blockchain, there are 253,510 bitcoin-pegged or wrapped tokens worth more than $11 billion, according to statistics from Aug 7, 2021
- Over the last year, decentralized finance (defi), non-fungible tokens (NFTs), and a slew of decentralized exchange (dex) platforms have been credited for most of this
- HBTC (39,906), RENBTC (13,559), SBTC (3,039), PBTC (1,766), IMBTC (1,146), and TBTC are some of the other BTC-pegged ERC20 token initiatives (872)
On the Ethereum blockchain, there are 253,510 bitcoin-pegged or wrapped tokens worth more than $11 billion, according to statistics from August 7. Wrapped Bitcoin protocol has 194,023 bitcoin-pegged ERC20 tokens in circulation, out of the seven different bitcoin-pegged projects. On Saturday, the value of Ethereum (ETH) surpassed $3000 after the protocol was successfully updated on August 5. The market capitalization of ETH has increased significantly in the $1.78 trillion crypto-economy, grabbing 20% of its value on Saturday.
In the previous 12 months, the crypto asset has risen more than 700 percent versus the US dollar. Over the last year, decentralized finance (defi), non-fungible tokens (NFTs), and a slew of decentralized exchange (dex) platforms have been credited for most of this.
Furthermore, of all the blockchain projects now in use, the Ethereum network has the most bitcoin (BTC)-pegged tokens. Other blockchain projects are following up quickly, with roughly 73,111 BTCB (also known as BEP2) in circulation today on the Binance Smart Chain’s BTC-pegged token (BTCB). BTCB has more BTC-pegged tokens than the last six BTC-pegged Ethereum-based projects combined, except the Wrapped Bitcoin (WBTC) project. Wrapped Bitcoin (WBTC) is a Bitgo-backed initiative, and according to Dune Analytics, there were 194,023 WBTC in circulation on Saturday, valued at $8.4 billion. On Ethereum, more than 76.3 percent of the total BTC-pegged token supply is stored.
HBTC (39,906), RENBTC (13,559), SBTC (3,039), PBTC (1,766), IMBTC (1,146), and TBTC are some of the other BTC-pegged ERC20 token initiatives (872). For instance, HBTC accounts for around 54% of all BTCB tokens created on the BSC network. During the first week of August, tokenized bitcoin on Ethereum crossed the $11 billion notional mark, and dex platforms are letting users collect returns from their BTC via liquidity pools. WBTC, SBTC, HBTC, BTCB, and RENBTC tokens can be used to offer liquidity and gain yield on a variety of different platforms.
Uniswap, Sushiswap, Paraswap, and 0x API are among the top dex apps that offer tokenized BTC functionality like trading and liquidity pools. For the month of August, tokenized bitcoin on Blockstream’s Liquid sidechain is about 2,939.47 LBTC. At the time of writing, the RSK sidechain showed about 2,020 RBTC. On August 7, there was also 2,300 BTC worth of wealth moving on the Lightning Network.