More than $6 billion worth of Bitcoins are now encrypted on Ethereum under the name WBTC.
1% of Bitcoin’s circulating supply is now tokenized as Wrapped BTC (WBTC), which equates to nearly $6.2 billion worth of BTC.
This milestone was acknowledged by the product manager of crypto custody company BitGo, Kia Mosayeri, who tweeted the news on June 7. BitGo, the custodian for the Wrapped Bitcoin protocol, launched the Bitcoin WBTC-backed ERC-20 token on Ethereum in January 2019.
According to Etherscan, there are currently 187,610 Bitcoins wrapped on the protocol, which equates to a market cap of $6.18 billion. BTC’s current circulating supply is near 18.73 million, according to CoinGecko, confirming the 1% milestone.
BTConEthereum estimates there are 240,620 Bitcoins that have been tokenized across various protocols for use on Ethereum, representing a total capitalization of $7.91 billion. Wrapped Bitcoin shows a clear dominance in this area, accounting for 78% of all Bitcoins encrypted on Ethereum.
Other top Bitcoin cryptographic protocols include Huobi BTC ranked second with 37,906 BTC or 15.7% of Bitcoin supply and RenBTC ranked third with 10,226 BTC tokenized. BTC synthetic also holds 1,471 BTC, followed by imBTC with 1,169 Bitcoin and TBTC with 916 BTC.
The recent proliferation of yield farms and interest-based Ethereum-based DeFi protocols that support tokenized BTC have been a major driver of the industry’s growth.
In late April, Ethereum-based BTC profit protocol BadgerDAO partnered with RenVM to launch a bridge between the yuan and its own yield farms. DeFi Llama estimates that over $540 million worth of assets are locked on the BadgerDAO platform.
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