Wrapped Bitcoin (WBTC) Crosses the $1 Billion Mark on Ethereum; An 89% Increase in Last 30 Days

Wrapped Bitcoin on Ethereum has officially hit $1 billion.

It was around the middle of this year that WBTC started minting bitcoin at a record pace. From just under $10 million, on May 1st, the total value locked (TVL) in WBTC surged a whopping 900%.


Source: DeFiPulse

With the idea to bring the vast liquidity of Bitcoin on the Ethereum network, BitGo is the one that handles the custody of these BTC.

In the month of September, Wrapped Bitcoin minted another record of $616 million worth of tokenized BTC, a jump of 160% from August.

FTX CEO Bankman-Fried’s Almeda Research, which has been minting a record amount of WBTCs, minted $306 million WBTC last month, which has been a spike of over 90% from the previous month.

Recently, OTC desk Grapefruit Trading started minting WBTC through BitGo, representing strong over-the-counter demand for wrapped bitcoin.

Besides WBTC, renBTC, HBTC, sBTC, imBTC, TBTC, and pBTC are also tokenizing Bitcoin, which brings the total BTC locked on Ethereum at 128,804 BTC ($1.36 billion). But WBTC is the one accounting for about 73% of all BTC on Ethereum.

Compared to BTC, 8.2 million ETH are locked in the DeFi ecosystem, down from a peak of 8.9 ETH.

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