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%.
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.