Wrapped Bitcoin noticed its worth enhance by over 900% within the area of two months
Final month, for the primary time, the overall worth locked of all Bitcoin tokenized on the ETH community topped the one billion greenback mark. This was adopted by the most recent milestone achievement for Wrapped Bitcoin — the ERC-20 that’s backed by bitcoins 1:1 and supplies liquidity to Ethereum’s community.
Over the past two months, about $900 million price of Bitcoin has been tokenized utilizing Wrapped Bitcoin (WBTC). This bullish run has resulted within the complete worth locked of Wrapped Bitcoin taking pictures up by 900% to prime the $1 billion mark. Wrapped Bitcoin’s complete worth additionally hit $100 million again in early July.
Whole Worth Locked (USD) in WBTC. Supply: DeFi Pulse
At the moment, the overall worth of tokenized bitcoin is within the vary of $1.5 billion, with Wrapped Bitcoin occupying a couple of third of this determine. By way of complete worth locked, Wrapped Bitcoin has moved to fifth place on the checklist of largest DeFi protocols. It at the moment constitutes nearly 10% of the locked capital within the sector.
The expansion of Wrapped Bitcoin’s complete locked worth between January and July highlights the overwhelming enhance within the demand for DeFi over the previous few months. Within the first six months of the yr, the worth elevated from round $four million to $36 million. Within the third quarter of the yr, nonetheless, the rise in complete worth locked has been meteoric.
Past WBTC, the DeFi hype has additionally impacted different BTC tokenization protocols, together with REN VM. The overall worth locked in Ren’s VM has soared to over $300 million this month from $40 million originally of August.
The overall worth locked of PieDAO has gone down in the identical interval. It hit its highest degree in mid-July nearly attending to $5 million however has since been on a normal downward pattern with a short spike in early August. At the moment, its TVL stands at $1 million transferring away from the beneath $1 million spell between mid-August and early October.