Tokenized Bitcoin on Ethereum Surpassed $11 Billion Notional

Tokenized Bitcoin on Ethereum Surpassed $11 Billion Notional

Bitcoin (BTC) has become a breakout star in Ethereum decentralized finance (DeFi) moment. The digital asset combines the advantages of both blockchains, bitcoin’s market value, and brand in conjunction with Ethereum’s programmability, into a very demanding token in the form of wrapped or tokenized bitcoin.

It offers liquidity on Ethereum for developing decentralized exchanges (DEX), such as Uniswap. The current market value of Bitcoin is five times more than the second-biggest cryptocurrency, ethereum (ETH).

Tokenized Bitcoin enables investors to give the network and its nascent DEX market enormous sums of value in only a few clicks. There are 253,510 bitcoin-picked or wrapped tokens valued at more than 11 billion dollars on the Ethereum blockchain, according to statistics on August 7. Of seven different bitcoin-packed projects, 194,023 bitcoin-packed ERC20 tokens are in circulation using the protocol Wrapped Bitcoin.

Ethereum (ETH) soared above the $3K value zone on Saturday when the protocol, updated successfully on August 5. ETH’s market worth has acquired considerable control over the $1.78 trillion crypto-economic value, which captures 20 percent of that value on Saturday.

Massive Rise Over the Years

The cryptocurrency has increased more than 700 percent over the past 12 months compared to the US dollar. A great deal of it, ascribed over the past year to decentralized financing (DeFi), non-fungible tokens (NFTs), and much decentralized exchange (dex) systems.

The Ethereum network also contains today’s most bitcoin (BTC) tokens out of all blockchain projects. However, other blockchain projects quickly catch up. As the BTC (BTCB) token issued today by the Binance smart chain is about BTCB 73,111. (or BEP2).

BTCB has more BTC-packaged tokens than its subsequent six BTC-packed Ethereum-based tokens, in addition to the Wrapped Bitcoin (WBTC) project.

Wrapped Bitcoin (WBTC) project is supported by Bitgo. Furthermore, Dune Analytics reports a circulation of 194,023 WBTC worth $8.4 billion on Saturday. This makes up more than 76.3 percent of Ethereum’s entire BTC token supply.

While tokenized bitcoin exceeds $11 trillion on Ethereum during the first week of August. Dex platforms let users raise income from their BTC via liquidity pools.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.