14 Jun 2021
Wrapped BTC now hold more than 1% of the circulating bitcoin supply
Wrapped Bitcoin now holds more than 1% of the circulating BTC supply as BTC at work on Ethereum marches on.
Now, 189,000 BTC has been locked into Wrapped BTC, equalling 1% of the total circulating bitcoin supply.In total, 240,000 BTC has now been tokenized into Ethereum protocols.The motivation of tokenizing bitcoin on Ethereum is to enable functionality that is not natively supported on the Bitcoin blockchain, such as compatibility with the Ethereum DeFi ecosystem.WBTC remains the most popular option for tokenized BTC and accounts for 80% of all the BTC at work in Ethereum.As tokenized bitcoin continues to see growing adoption, and the Lightning Network seems to follow suit, bitcoin’s scaling is improving.