Onchain analytics shows the number of bitcoin (BTC) held on the Ethereum blockchain has multiplied since the end of May at a very fast rate. As of Sunday, August 16, there is approximately 38,021 BTC stored on Ethereum or roughly $ 449 million in synthetic bitcoin protocols such as Wbtc, Renbtc, Sbtc, and more.
In the last two months, news.Bitcoin.com has written a few comprehensive articles explaining how the Ethereum blockchain has become the Bitcoin of the BTC (BTC).
Despite years of efforts by Blockstream Liquid fans and the Lightning Network (LN) enthusiasts, Ethereum stores and moves more BTC than both networks combined. The amount of bitcoin (BTC) held on Ethereum is 1,448% greater than the current aggregate capacity on the LN and Liquid branches.
At press time, Liquid has $ 29.4 million at current exchange rates as 2,490 L-btc. Blockstream’s Liquid Total Value Closed (TVL) is higher than Lightning Network’s TVL, which is only $ 12 million as of August 16, 2020. These two networks combined have only $ 41 million worth of BTC locked into the systems.
The amount of BTC on Ethereum eclipses Blockstream and the efforts of the Lightning Network through a long shot and a number of ETH supporters are happy with this milestone.
“Bitcoin is now an undisputed part of [decentralized finance] defi, with $ 420M USD from BTC on Ethereum, in one form or another, ”the CTO at Ren Protocol told his 2,778 Twitter followers on Saturday. “In the last 24 hours, more than $ 24 million has been transferred by Ren Protocol to be used for farm proceeds. Anyone who does not generate APY with their BTC right now is sleeping. ”
Statistics from Dune Analytics indicate that there is approximately 38,021 BTC ($ 449 million using current exchange rates) on Ethereum. There are 5,700+ crypto-market capitals today, and the collage of synthetic bitcoins held on Ethereum has a greater market appreciation than 5,665 coin markets.
The Wrapped Bitcoin (Wbtc) project has the most BTC trapped in the system with 26,161 coins ($ 310M) in the frame.
Wbtc is by far the most popular synthetic bitcoin (BTC) today. This is followed by Renbtc (7,721), Sbtc (1,793), Hbtc (1,310), Imbtc (988), Pbtc (48), and Tbtc (0).
The Wbtc project seemed to be excited about the expansion, as Wbtc still holds the most synthetic BTC on Ethereum to date.
On Saturday is the official Wbtc Twitter account tweeted that “More BTC was packed this week than BTC was mined.”
The project used data shared by analyst Zack Voell, who showed that there were 5,738 BTC mines during the week. Meanwhile, 6,785 BTC were packaged on the Wbtc protocol.
The Ren Protocol CTO was also enthusiastic about the trend that a number of traders are discussing in its Twitter thread. “In one transaction, someone transferred more than $ 5 million USD BTC to Ethereum using the Ren Protocol,” he said. sei.
“And just for that, someone transferred more than $ 3M USD. In the last 24 hours, Ren Protocol has processed and moved more than $ 1M USD worth of bitcoin per hour. In the last week, it has averaged more than $ 7M USD per day. In the last month, more than $ 4M USD per day, ”the CTO added.
Three Arrows Capital founder, Su Zhu, said he predicted Wbtc would continue in this way.
“Mint our first packed BTC (Wbtc) today with Bitgo. I predict that WBTC will become a first class asset in defi, just as USDC and USDT are now, ”Su Zhu tweeted.
What do you think about all the bitcoin (BTC) value held on the Ethereum blockchain? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Dune Analytics, Liquid Explorer, Defi Pulse,
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