Equivalent $ 180 million bitcoins are locked on the Ethereum blockchain – mostly in WBTC, sBTC and renBTC tokens. Of these, about 1000 BTC are blocked on the Lightning Network.
According to Dune Analytics, some $ 180 million worth of BTC is currently locked on the Ethereum blockchain. Mainly in Wrapped Bitcoin (WBTC) tokens, sBTC Synthetix and renBTC Ren Project – stablecoins fully backed by Bitcoin.
As a reminder, 4,800 BTC were transferred to Ethereum in June. Moreover, the ERC-20 WBTC token accounted for about 75% of these operations.
“The industry has made significant efforts to connect BTC to the world of decentralized finance (DeFi), primarily through Ethereum,” said research firm Glassnode in its recent Q2 2020 report. “As of July 20, Ethereum has 15,800 BTC – 0.1% of all coins in circulation.”
Since then, the amount of Bitcoin blocked in Ethereum has grown to 18,600 BTC.
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Almost 80% of the BTC locked on the Ethereum blockchain comes from WBTC. The ERC-20 Wrapped Bitcoin (WBTC) token was launched last January on the Ethereum blockchain and is a stablecoin fully backed by bitcoin. The project was presented in October 2018 by Kyber Network, Republic Protocol and BitGo. Wrapped Bitcoin uses a trusted third party custodian system to block and distribute BTC on the Ethereum blockchain.
Since May, the number of BTC blocked in Ethereum via WBTC has increased more than 12 times. This is partly driven by the growth of the DeFi industry and the willingness of users to get involved with their bitcoins.
After WBTC, the second most popular BTC blocking scheme is sBTC Synthetix, which accounts for about 7.5% of BTC blocked in Ethereum. It is followed by renBTC with approximately 6% BTC. The rest of the bitcoins are locked in HBTC Huobi and imBTC imToken.
