- The total Bitcoin tokenized on the Ethereum blockchain is over six times that of Bitcoin’s own Lightning Network.
- There are currently over 5,800 WBTC tokens on the Ethereum blockchain.
There is now over six times more Bitcoin on the Ethereum blockchain that its own Lightning Network. Wrapped Bitcoin (WBTC), is an ERC-20 token. Each token represents a tokenized Bitcoin on the Ethereum blockchain. Through Wrapped Bitcoin (WBTC), users can integrate the world’s largest cryptocurrency into Ethereum’s robust dApp ecosystem among many other use cases.
Wrapped Bitcoin has seen a recent surge in popularity as WBTC circulation surpasses 5,800 tokens. As WBTC tokens increase, Bitcoin’s influence continues to spread throughout the second-largest cryptocurrency by market cap.
The Bitcoin Lightning Network is one of the proposed solutions to Bitcoin’s scaling problem. The Bitcoin Lightning Network utilizes channels designed for micropayments which can reduce the transaction burden on the main Bitcoin blockchain. Furthermore, transactions via the Lightning Network are instant, alleviating the Bitcoin network transaction fee.
Discussions over development surged in 2017 when Bitcoin network fees surpassed $35 for a single transaction. Following the Bitcoin halving event, Bitcoin network fees soared past $5 for a single transaction. While fees have begun to normalize, Bitcoin’s scalability problem still lingers.
Despite extensive development over the last few years, the Bitcoin Lightning Network still lacks adoption. The Bitcoin Lightning Network currently holds just over 950 Bitcoin, valued at approximately $8.9 million.
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