THELOGICALINDIAN - There are now added than 187610 WBTC on Ethereum apery over 1 of Bitcoins circulating supply
The absolute cardinal of captivated Bitcoin on Ethereum has exceeded 1% of the absolute circulating Bitcoin supply, the aggregation announced. This is actuality advised a above anniversary for the tokenized Bitcoin project.
Ethereum Becoming a Home For BTC
WBTC was launched in Jan. 2019 as a accord amid BitGo, Ren, and Kyber. It was one of the aboriginal projects to affair ERC-20 tokens that are 1:1 called to Bitcoin.
There are currently added than 187,610 WBTC on Ethereum account added than $6 billion, according to Etherscan. That’s about 1% of Bitcoin’s circulating accumulation of 18,729,837 tokens, the WBTC aggregation announced.
The statistics announce that the asset has begin the best absorption of all tokenized versions of BTC. Since tokenizing Bitcoin enables the asset to action as an ERC-20 token, it can be acclimated beyond assorted Ethereum-based DeFi protocols.
Despite the advantages this brings to holders, WBTC does not appear after perils. WBTC is not absolutely non-custodial. For every WBTC that exists on Ethereum, there is a Bitcoin that is captivated by a custodian, which is Bitgo. It is to be acclaimed that WBTC can alone be minted back holders accept completed a KYC procedure.
Tokenizing bitcoin through careful methods exposes users to counterparty accident and assurance issues.
Furthermore, acute affairs that are acclimated to excellent new WBTC are anchored by multisig wallets that absolutely depend on the acceptable acceptance of the signatories. Even admitting it is a actual baby possibility, in theory, those who can assurance the wallets could coact and accroach the assets captivated in the contract.
Despite the risks, WBTC continues to accretion momentum. WBTC is a accepted way to arrange Bitcoin as accessory for demography loans on Aave and can be allocated to a clamminess basin on automatic bazaar makers like Uniswap.
Besides WBTC, two others projects accept begin cogent acceptance by tokenizing Bitcoin. One of them is Huobi BTC, which has 37,906 tokens account $1.2 billion. The added is RenBTC, with 10,247 tokens admired account $337 million.
Oher tokenized Bitcoin projects that accept a abate apportionment on Ethereum accommodate sBTC (Synthetix), imBTC (imToken), tBTC (Keep Network), oBTC (BoringDAO), pBTC (pNetwork), and vBTC (Strudel Finance).
