News

1% of Bitcoin’s circulating supply wrapped on Ethereum

BTC Peers Reporter

Jun 10, 2021 — 1 min read

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.

Sharky Sets Sail - Largest NFT Lending Protocol on Solana Starts its Token Generation Event (TGE)

Sharky, the premier NFT lending protocol on the Solana blockchain, has announced the start of its Token Generation Event (TGE) today. Sharky is poised to chart new waters as it expands its services to Ordinals and RWA, signaling a pivotal moment in the evolution of NFT-backed lending. Unveiling the Sharky

Insuring with Bitcoin And Exploring the Potential of Cryptocurrencies in the Insurance Sector

Bitcoin and other cryptocurrencies have the potential to revolutionize various sectors, and the insurance industry is no exception. As the world becomes increasingly digitized, the integration of cryptocurrencies into insurance could offer numerous benefits, such as increased efficiency, transparency, and accessibility. In this article, we will explore the potential applications

stc Bahrain and Aleph Zero Partner to Advance Blockchain DePIN Across the Gulf Region

Manama, Bahrain, April 16th, 2024, Chainwire By joining forces with Aleph Zero, stc Bahrain aims to leverage cutting-edge solutions to enhance privacy, security, and decentralization in the digital realm. stc Bahrain, a world-class digital enabler, has announced its partnership with Aleph Zero, a privacy-enhancing Layer 1 blockchain, as part of

How Bull Run Affects Crypto Processing?

Excitement, energy, and a whole lot of activity — that's kind of what a crypto bull run feels like. It is a period of rapid price increases that can bring a surge of action to the crypto world. This, in turn, can affect how transactions are processed while understanding

Read more

Sharky Sets Sail - Largest NFT Lending Protocol on Solana Starts its Token Generation Event (TGE)

Insuring with Bitcoin And Exploring the Potential of Cryptocurrencies in the Insurance Sector

stc Bahrain and Aleph Zero Partner to Advance Blockchain DePIN Across the Gulf Region

How Bull Run Affects Crypto Processing?