News

1% of Bitcoin’s circulating supply wrapped on Ethereum

John Williams

Jun 10, 2021 — 1 min read

This article is for informational purposes only and does not constitute investment advice. Always do your own research (DYOR) before making any financial decisions.

The total number of wrapped Bitcoin (WBTC) on the Ethereum blockchain is now more than 187,610, representing over 1% of Bitcoin’s circulating supply.

For the uninitiated, a wrapped token is a tokenized version of another digital asset. It is pegged to the value of the underlying asset it represents, i.e., 1 BTC is equivalent to 1WBTC. The ingenuity of a wrapped token is that it allows an asset to live on a blockchain that it wasn’t initially issued on. In this case, wrapped Bitcoin is being hosted on the Ethereum blockchain.

WBTC was one of the first projects to issue an ERC-20 token that is pegged to Bitcoin on a 1:1 ratio. It was launched in January 2019 as a partnership between BitGo, Kyber, and Ren.

Data on Etherscan reveals that there are now over 187,000 WBTC tokens on Ethereum, valued at over $6.5 billion at current market prices. With Bitcoin’s current circulating supply of 18,731,306, about 1% of the flagship crypto has been wrapped on Ethereum.

One why investors may be converting their Bitcoin to WBTC, doing so allows the asset to function as an ERC-20 token that can be used across several Ethereum-based DeFi protocols.

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