There Is Nearly $750 Million Bitcoin On The Ethereum Blockchain
Quick Read
- There is nearly $750 million in tokenized Bitcoin on the Ethereum blockchain.
- Wrapped Bitcoin (WBTC) accounts for $480 million of all the tokenized Bitcoin on Ethereum.
Bitcoin’s influence as the largest cryptocurrency by market cap extends throughout the entire crypto ecosystem, Ethereum not excluded. According to btconethereum.com, nearly $750 million of the cryptocurrency are tokenized on the Ethereum blockchain.
This figure was just over $100 million several months ago, as previously reported by The Crypto Associate.
Tokenizing Bitcoin on the Ethereum blockchain allows Bitcoin to be used within the Ethereum ecosystem. This offers numerous benefits including the ability of Bitcoin-based smart contracts.
Wrapped Bitcoin
Of the total Bitcoin tokenized on Ethereum, Wrapped Bitcoin (WBTC) accounts for $480 million, the largest portion of tokenized Bitcoin on Ethereum.
WBTC works in the form of an ERC20 token that operates on the Ethereum blockchain. One Bitcoin can be traded for one WBTC token and vice versa. Wrapped Bitcoin has seen a recent surge in value locked as the decentralized finance ecosystem as a whole soars in popularity.
Cover image by Christoffer Engström on Unsplash
Disclaimer: Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or represent any third-party links including advertisements. The Crypto Associate participates in affiliate marketing. Read the full disclaimer
