- 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.
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.
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