December 9, 2022
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1% of Bitcoin’s supply runs on the Ethereum blockchain

One percent of Bitcoin’s supply in circulation is currently tokenized as Wrapped BTC (WBTC). This means that there is already almost $ 6.2 billion in BTC on the Ethereum blockchain.

There are already 240,620 BTC on Ethereum

The milestone was confirmed by BitGo’s product manager, Kia Mosayeri. Mosayeri posted the message on Twitter on June 7. BitGo is a confidant of the Wrapped Bitcoin protocol, which was launched in January 2019.

According to Etherscan, There are currently 187,610 Bitcoins on the protocol, which equates to a fully diluted market cap of $ 6.18 billion. According to CoinGecko, the current supply of BTC in circulation is almost 18.73 million.

BTConEthereum estimates that there are 240,620 Bitcoins that have been tokenized in various protocols for use on the ETH chain. Their combined capitalization is $ 7.91 billion. Wrapped Bitcoin clearly dominates the sector, representing 78% of all Bitcoins operating on Ethereum.

Other leading Bitcoin tokenization protocols are Huobi BTC with 37,906 BTC and RenBTC with 10,226 tokenized BTC. Then there are Synthetic BTC with 1471 BTC, imBTC with 1169 Bitcoins and TBTC with 916 BTC.

The growing popularity of DeFi

The main driving force behind the sector’s growth was the growing popularity of yield farming and Ethereum-based interest-bearing DeFi protocols supporting tokenized BTC.

At the end of April, the Ethereum-based yield BTC BadgerDAO protocol teamed up with RenVM to establish a bridge between renBTC and its own farms. DeFi Llama estimates that assets worth over $ 540 million are blocked on the BadgerDAO platform.

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