Wrapped Bitcoin (WBTC) on Ethereum surpasses $1 billion


It’s no longer news that the demand for Bitcoin-on-Ethereum tokens has been surging steadily, particularly because of the decentralized finance (DeFi) industry. Today, the largest tokenization protocol for the top cryptocurrency, Wrapped Bitcoin (WBTC), has surpassed a total valuation of $1 billion. This is in accordance with the information provided by the industry analytics platform, DeFi Pulse

Wrapped Bitcoin on Ethereum nails $1B

There are currently more than 94,000 Bitcoins locked on the WBTC protocol, according to DeFi Pulse. This probably equals the number of Wrapped Bitcoin available, and they represent the same value of the regular cryptocurrency in a roughly 1:1 ratio. Thus, the total value of assets locked on the protocol to $1.0001 billion following the price of the Bitcoin at $10,622.

The record today is a milestone and represents a huge growth in demand for Wrapped Bitcoin. This is evident, as there were only 56.8K Wrapped Bitcoin in existence on September 15, as Cryptopolitan reported. More than 2,000 Bitcoins have been locked on the tokenization protocol since the start of this month, signaling strong demand for WBTC, and perhaps, Bitcoin tokens in general. 

Growth in Bitcoin Tokens

As of September 15, the number of Bitcoin locked on Ethereum spiked to over 100.13k, which shot up the assets valuation to over $1 billion. At the time, the Wrapped Bitcoin protocol dominated with its 56.8K WBTC. Other DeFi protocols with the highest Bitcoin at the time included Aave, Curve Finance, and RenVM.

However, there are currently more than 139,000 Bitcoins locked in DeFi protocols. Following the price of Bitcoin at the time of writing, the assets will be worth around $1.4 billion. The WBTC protocol holds the lion share, followed by Curve Finance (38.3K BTC), RenVM (25.3K BTC), Uniswap (23.2K BTC), Aave (16.8K BTC), and Maker (13.4K BTC).

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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