1% of Bitcoin’s Circulating Supply is Now Wrapped on Ethereum
A total of 187.61k BTC are now being wrapped on the second largest network, Ethereum.
As of writing, 18,729,837 Bitcoin are in circulation, which means, now more than 1% of Bitcoin’s supply is locked in Ethereum.
During this wrapping, custodial platform BitGo holds all the BTC that are supplied to mint WBTC, which are then put to use in the growing decentralized finance (DeFi) sector.
Here, each ERC20 WBTC token is backed by 1:1 with Bitcoin.
With WBTC, Bitcoin’s liquidity is brought to the decentralized exchanges (DEXs), and BTC is used for token trade.
— WBTC (@WrappedBTC) June 7, 2021
At the beginning of this year, 112.95k BTC was wrapped on Ethereum as WBTC, and a year back, it was a mere 3.97k BTC.
In total, 239.85k BTC is currently locked on Ethereum, thanks to HBTC, renBTC, imBTC, sBTC, and tBTC, which represents just about 1.28% of Bitcoin’s circulating supply.