Nearly 31k Bitcoin Tokenized On Ethereum - Around 75% Minted By Wrapped Bitcoin.

Nearly 31k Bitcoin Tokenized On Ethereum - Around 75% Minted By Wrapped Bitcoin.

2020-08-16 | Selina Mathew

Nearly 31k Bitcoin Tokenized On Ethereum - Around 75% Minted By Wrapped Bitcoin.

Since last Sunday, over 1,040 bitcoins have been tokenized via Wrapped Bitcoin than they were actually created by BTC miners as the Ethereum-based DeFi boom shows no signs of abating.

Around 900 bitcoins are mined per day, given the present issuance rate of 6.25 bitcoins [BTC] minted per block with respect of the target 10-minute block time.

In line with Dune Analytics, At last check, nearly 31,000 bitcoins are tokenized on Ethereum [ETH], 75% of which were minted by Wrapped Bitcoin [WBTC].

Ethereum’s supply of tokenized bitcoins hovered below 3,000 until mid May when the speed of new tokens shot up.

The rate of bitcoin tokenization signals the surging demand to use BTC within the burgeoning network of Ethereum-based DeFi apps.

While adding further, the co-founder of Three Arrows Capital, Kyle Davies said:

“WBTC continues to exhibit strong growth as demand for bitcoin in DeFi has exploded,”I expect this trend to continue.”

Nearly 31k Bitcoin Tokenized On Ethereum - Around 75% Minted By Wrapped Bitcoin.

Earlier in the month of July, Three Arrows Capital minted its tokenized bitcoins through BitGo, the firm that helped spearhead Wrapped Bitcoin in 2019.

Within a year, WBTC are going to be a “first class asset” in the decentralized finance ecosystem, predicted Three Arrows co-founder Su Zhu, “just as USDC and USDT are now.”

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