Tokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Value Exceeds $21 Billion

Tokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Value Exceeds $21 Billion

Tokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Value Exceeds $21 Billion

According to information recorded on December 28, there’s roughly 434,265.43 bitcoin-pegged or wrapped bitcoin tokens price greater than $21.3 billion throughout a number of blockchains. Ten totally different bitcoin-pegged tasks exist at the moment and the undertaking Wrapped Bitcoin dominates 59.66% of all of the tokenized bitcoin in circulation.

Close to a Half Million Tokenized Bitcoin Circulates on Several Blockchains, Wrapped Bitcoin Dominates by 59%

Toward the tip of 2018, when tokenization actually began heating up within the crypto house, numerous totally different tasks launched bitcoin-pegged token protocols. On January 30, 2018, News reported on the Wrapped Bitcoin (WBTC) undertaking launching on Ethereum.

By the tip of July 2019, WBTC eclipsed the Lightning Network (LN) when it comes to complete worth locked. Today, WBTC is the biggest bitcoin (BTC)-pegged token undertaking with 259,090 BTC in circulation on the Ethereum community.

Statistics point out that there are seven BTC-pegged tasks on Ethereum and altogether, the seven tasks command 323,264 BTC complete worth locked (TVL). The second-largest tokenized BTC protocol on Ethereum is HBTC with 39,884 BTC.

HBTC is adopted by RENBTC (17,054), SBTC (4,203), IMBTC (1,317), PBTC (888), and TBTC (828), respectively. Accordingly, the 323,264 BTC TVL held in Ethereum is 74.43% of the mixture BTC-pegged tokens in circulation at the moment.

BTCB Dominates by 24%, Tokenized Bitcoin in Circulation Issued by Blockstream, RSK Represent 1.35% of Today’s Tokenized Bitcoin Total

There’s one other tokenized BTC protocol that leverages the Binance Smart Chain (BSC) referred to as BTCB that’s slightly below WBTC when it comes to TVL. At the time of writing, there’s round 105,115.44 BTCB in circulation on December 28.

BTCB has a completely diluted market capitalization of round $5.52 billion and $43.6 million in international commerce quantity. The most energetic exchanges swapping BTCB at the moment embody Hitbtc, Pancakeswap v2, Thorchain, and Pancakeswap v1.

There are additionally two different tokenized BTC tasks operated by Blockstream and RSK. Today, RSK has 2,522 RBTC in circulation, which can be backed by 95 exahash per second (EH/s) of BTC hashpower.

Blockstream’s federated sidechain, Liquid, has round 3,363.99 LBTC in circulation on the time of writing. RSK has round $124 million in tokenized bitcoin in circulation whereas Liquid’s LBTC worth is $165.4 million.

Liquid’s LBTC is just 0.77% of the mixture tokenized BTC in circulation at the moment throughout ten protocols. RBTC is even decrease as its RBTC belongings symbolize solely 0.58% of the 434,265.43 combination. At the present trajectory of all of the tokenized BTC tasks at the moment, there’ll quickly be roughly half 1,000,000 tokenized BTC leveraged on a number of different chains.

What do you consider the 434K tokenized bitcoin in circulation at the moment? Let us know what you consider this topic within the feedback part under.

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