- Total Bitcoin tokenized on the Ethereum blockchain is over 4 times than that of Bitcoin’s Lightning Network.
- There are 3,850 WBTC tokens on the Ethereum network, each representing 1 Bitcoin.
There is now more Bitcoin on the Ethereum blockchain than on Bitcoin’s own Lightning Network. Wrapped Bitcoin (WBTC), is an ERC-20 token on the Ethereum blockchain. Each WBTC token represents one Bitcoin. Wrapped Bitcoin takes advantage of the Ethereum blockchain’s scalability and dApp compatibility allowing developers to utilize Bitcoin within their dApps.
The ERC-20 token has seen a recent surge in popularity as total WBTC in circulation approaches 3,900 tokens. This is equivalent to over $35 million in Bitcoin circulating on the Ethereum blockchain. As the amount of WBTC in circulation continues to rise, Bitcoin’s influence continues to spread throughout the crypto space.
The Bitcoin Lightning Network has long been touted as the solution to Bitcoin’s scalability problems. By using a network of channels, users can exchange Bitcoin without having to utilize the Bitcoin blockchain’s relatively slow confirmations. In turn, the Lightning Network should be able to alleviate slow transaction times as well as high network fees.
Debates over development spiked in 2017 when Bitcoin network fees surpassed $35. The debate over the development of the Lightning Network is once again arising as network transaction fees surge. Currently, the average next block Bitcoin transaction fee is now well over $5.
Despite being in development for several years, the Lightning Network only holds 900 Bitcoin. While the Lightning Network is already live, it is yet to see mass adoption, a boon to altcoins focused on quick and cost-effective transactions.
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