Tokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Worth Exceeds $21 Billion – Blockchain Bitcoin Information

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

Near a Half Million Tokenized Bitcoin Circulates on A number of Blockchains, Wrapped Bitcoin Dominates by 59%

Towards the tip of 2018, when tokenization actually began heating up within the crypto house, a lot of totally different initiatives launched bitcoin-pegged token protocols. On January 30, 2018, Bitcoin.com Information reported on the Wrapped Bitcoin (WBTC) challenge launching on Ethereum.

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

By the tip of July 2019, WBTC eclipsed the Lightning Community (LN) when it comes to whole worth locked. At present, WBTC is the most important bitcoin (BTC)-pegged token challenge with 259,090 BTC in circulation on the Ethereum community.

Tokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Value Exceeds $21 Billion
The variety of tokenized BTC held on ETH by challenge.

Statistics point out that there are seven BTC-pegged initiatives on Ethereum and altogether, the seven initiatives command 323,264 BTC whole 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 combination BTC-pegged tokens in circulation at the moment.

BTCB Dominates by 24%, Tokenized Bitcoin in Circulation Issued by Blockstream, RSK Characterize 1.35% of At present’s Tokenized Bitcoin Complete

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

Tokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Value Exceeds $21 Billion
The variety of BTCB in circulation on December 28, 2021.

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

Tokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Value Exceeds $21 Billion
The variety of RBTC in circulation on December 28, 2021.

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

Tokenized Bitcoin in Circulation Nears a Half Million BTC, Bitcoin-Pegged Token Value Exceeds $21 Billion
The variety of LBTC in circulation on December 28, 2021.

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 simply 0.77% of the combination tokenized BTC in circulation at the moment throughout ten protocols. RBTC is even decrease as its RBTC belongings characterize solely 0.58% of the 434,265.43 combination. On the present trajectory of all of the tokenized BTC initiatives at the moment, there’ll quickly be roughly half one million tokenized BTC leveraged on a number of different chains.

Tags on this story

/r/btc, Binance Sensible Chain, Bitcoin, Bitcoin (BTC), Bitcoin Pegged Tokens, BSC, DeFi, DEX, Ethereum, Ethereum (ETH), HBTC, imbtc, LBTC, Liquid, Liquidity Swimming pools, pBTC, Renbtc, RSK, SBTC, tbtc, Tokenized Bitcoin, Tokenized BTC, wrapped bitcoin, Yield

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

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising at the moment.

Picture Credit: Shutterstock, Pixabay, Wiki Commons, explorer.rsk.co, Dune Analytics, Liquid.internet, Coinmarketcap.com,

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