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Tokenized Bitcoins on DeFi now worth over $1 billion

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The number of tokenized Bitcoins locked up in decentralized finance (DeFi) protocols has surpassed the 100K mark. Interestingly, more than half of these synthetic Bitcoins were garnered over the past 30 days, which shows how much people are willing to interact with DeFi protocols using also the largest cryptocurrency by market capitalization. 

Over 100K tokenized Bitcoins locked in DeFi

Following the information provided by the industry analytics platform, DeFi Pulse, there are currently 100.13k tokenized Bitcoins locked in different protocols. In accordance with the price of the cryptocurrency, the total synthetic Bitcoins locked amounts to a whopping $1.078 billion. At the time of writing, Bitcoin is trading at $10,767 on Coinmarketcap.

Going with the number of tokenized Bitcoins in DeFi over the past month, the information today is quite bullish for Bitcoin. According to DeFi Pulse, there were only 49.346K ($531,308,382) as of September 18. However, the number has more than doubled to the 100K mark which signals more demand for the tokens in decentralized finance.

More Bitcoin tokenization

The rapidly growing demand for the tokens becomes more evident as Cryptopolitan reported on September 8 that the number of these tokens in existence was nearly 70,000 in number. Moving further, the number of tokenized Bitcoins presently will make up nearly 13 percent of the total value locked (TVL) in DeFi protocols, which sits around $8.56 billion during the time of writing.

Wrapped Bitcoin (WBTC) has the most Bitcoins in the decentralized finance sector, about 56.8K WBTCs. Also, it is the largest Bitcoin tokenization platform. WBTC is followed by Curve Finance, RenVM, and Aave as the top four protocols with the most Bitcoin tokens. The demand for Bitcoin in the DeFi is expected to continuously rise with time as the industry gains more adoption and protocol launches.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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