Nearly 1% of Bitcoin’s Circulating Supply Now Tokenized on Ethereum
Bitcoin on Ethereum continues to grow at a fast speed. Over the last weekend, a record 175.4k BTC has been locked on the Ethereum network through DeFi protocols.
This figure is currently around 170k, representing nearly 1% of Bitcoin's circulating supply being tokenized and locked in the decentralized finance (DeFi) space.
Here, Wrapped Bitcoin (WBTC) leads the way with over 124k BTC worth about $2.2 billion. WBTC represents 20.23% of the total market cap of DeFi tokens in Ethereum, and 73% of all the BTC locked on Ethereum.
Following WBTC, Compound has 24.8k BTC locked in it then Curve Finance (24k BTC), Harvest Finance (22k BTC), RenBTC (just over 17k BTC), Maker (15k BTC), Aave (12.6k BTC), and Uniswap (6.7k BTC), as per DeFi Pulse.
Compared to just over 170k BTC locked in DeFi, the sector has a total of 7.7 million ETH deposited, which has declined 13.5% this week and still nearly 20% away from its 9.2 million high in late October.