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Facet-Chaining $Three Billion in Worth: There’s Extra Than 141,000 Tokenized Bitcoins Issued on Ethereum

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According to onchain statistics, there is a huge amount of Bitcoin at the time of writing, roughly 141,231 bitcoins, or $ 3.3 billion, included in Ethereum-based tokens. There are roughly seven different packaged or synthetic Bitcoin tokens, but the Wrapped Bitcoin Project has the lion’s share of the coins in custody with 115,411.

At the time of writing, a large number of Bitcoin (BTC) are blocked on the Ethereum (ETH) network for projects that have issued packaged or synthetic BTC tokens. Currently, 141,231 BTC are being used on Ethereum between seven different projects. The biggest of them all is the Wrapped Bitcoin Project (WBTC), which is an ERC20 token but the BTC is held by the Bitgo company. As of press time, the WBTC project has a whopping 115,411 BTC, which is worth $ 2.6 billion at today’s exchange rates.

$ 3 billion side-chaining value: More than 141,000 token bitcoins are issued on Ethereum

The six projects under BTC together hold 28,151 BTC ($ 677.7 million) at the time of publication, according to Dune Analytics data. This includes projects like renbtc (17,122), hbtc (6,010), tbtc (1,906), sbtc (1,903), imbtc (1,035) and pbtc (175). Moving a packaged or synthetic bitcoin would be far cheaper as the current average transfer cost for the Ethereum chain is now $ 0.54 per transaction. The next block fee for the BTC network is $ 7.68 per transaction, and the current average fee for BTC is $ 3.71 today.

$ 3 billion side-chaining value: More than 141,000 token bitcoins are issued on Ethereum

Many packaged or synthetic Bitcoin tokens on Ethereum are used on decentralized exchanges (Dex) and credit platforms that generate high interest rates. In the past seven days, ETH-based DEX applications like Uniswap and 0x have made swaps of $ 5.5 billion and trades of $ 579 million in the past 24 hours.

WBTC is the sixth largest token in terms of proportion of credits for the ten largest ERC20 assets. In terms of outstanding loans per asset, today there are approximately $ 45 million worth of WBTC loans on loan.

It didn’t take long for the Ethereum network to amass a lot more Bitcoin, as the BTC assets held at ETH had exceeded a nominal value of $ 1 billion by the end of September. Of course, the price of Bitcoin (BTC), which has increased 129% in the past three months, has added to the value it held.

Despite the critics, Ethereum is clearly Bitcoin’s most important sidechain, as its competitors don’t even use anywhere near 141,231 BTC on the ETH chain.

For example, Blockstream’s Liquid network has only issued 2,599 lbtc and the RSK sidechain has a circulating supply of 541 rbtc. According to defipulse.com statistics, WBTC is the second largest decentralized financial project (defi). Due to the current value of BTC, WBTC’s market is now also the 16th largest by market cap.

What do you think of the $ 3.4 billion worth of Bitcoin held on the Ethereum network today? Let us know what you think on this matter in the comments section below.

Tags in this story

/ r / btc, 3.4 billion USD, Altcoins, BitGo, DeFi, DEX, Dex-Swaps, ETH, Ethereum, Ethereum (ETH), Ethereum Sidechain, IMTTC, LBTC, liquid, loans, market capitalization, pBTC, Renbtc, RSK, SBTC, synthetic bitcoins, synthetic BTC, tbtc, WBTC, wrapped bitcoin

Photo credit: Shutterstock, Pixabay, Wiki Commons

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