Wrapped Bitcoin on Ethereum Enters Top 20 Tokens

wrapped bitcoin on ethereum oct 2020

Tokenized bitcoins on ethereum have now become a top 20 cryptocurrency by market cap. They’ve risen from just $120 million during July of this year, to $1.4 billion within just three months. The primary reason is decentralized finance (defi) where wBTC can be used as collateral for lending and borrowing as well as to earn interest especially during new token launches. The usefulness of tokenized bitcoin can be shown by the fact only bitcoin out of major cryptos is in considerable green above. You can therefore have both the store of value qualities of bitcoin, while also being able to tap into the defi space. The latter has propelled DAI to an all time high in market cap as well, close to $1.4 billion for that too. Tokenized bitcoin can be used as collateral to receive dollar pegged DAI which in effect amounts to unlocking value provided price goes up.…

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