Cryptocurrency News

A percentage of the supply of bitcoin is locked into the WBTC protocol.

One percent of bitcoin’s circulating supply is currently denoted as Wrapped BTC (WBTC), which is roughly equivalent to $6.2 billion worth of BTC.

The milestone was acknowledged by Kia Mosayari, Product Manager at crypto custody firm BitGo, who tweeted the news on June 7. January 2019.

According to etherscan, there are currently 187,610 bitcoins wrapped on the protocol, which equates to a fully diluted market capitalization of $6.18 billion. According to CoinGecko, the current circulating supply of BTC is approximately 18.73 million, confirming the 1% milestone.

BTConEthereum an estimate There are 240,620 bitcoins that have been tokenized in various protocols for use on Ethereum, representing a combined capitalization of $7.91 billion. Wrapped Bitcoin has a clear dominance over the sector, accounting for 78% of all bitcoins tokenized on Ethereum.

Other major bitcoin tokenization protocols include Huobi BTC with 37,906 BTC, or 15.7% of the bitcoin supply, and third-ranked RainBTC with 10,226 tokenized BTC. Synthetic BTC has 1,471 BTC, followed by IMBTC with 1,169 BTC and TBTC with 916 BTC.

Yield farms backing tokenized BTC and the recent proliferation of interest-bearing Ethereum-based DeFi protocols are the primary forces driving the growth of this sector.

At the end of April, the Ethereum-based BTC yield protocol BadgerDAO RenVM. together with To start a bridge between renBTC and your own produce farms. DeFi Lama is estimated to have more than $540 million in assets locked on the BadgerDAO platform.