Tokenized Bitcoin Reaches $100 Million

wbtc nears 100 million july 2020

There are now $100 million worth of bitcoin running on the ethereum network for the first time ever. Meaning the second biggest network, eth, now holds 10x more bitcoins than bitcoin’s own Lightning Network which has just under $10 million. As can be seen above the vast majority of it is in wBTC, the defi consortium run bitcoin tokenization on ethereum’s network. That has been growing with speed, up $5 million in just one day to now reach $87 million just by itself. Then there’s RenBTC, a decentralized way to tokenize bitcoin on the ethereum network that currently hold 1,428 bitcoins, worth $13 million. This is claiming more than a million bitcoin in total has been received with it unclear how as we don’t see any huge deposit and withdrawal, but other explorers are saying the same thing and there are many transactions daily. In any event Ren may have…

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