1% of all circulating bitcoin supply has now been wrapped into $wBTC and brought onto the Ethereum ecosystem.
According to Etherscan data, there are now over 240, 500 bitcoins on Ethereum, which is equivalent to about $8 billion going by the current market price.
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Below is a breakdown of the leading bitcoin tokenization protocols:
- Wrapped Bitcoin (wBTC) – 187, 610 BTC (78%)
- Huobi BTC – 37, 906 BTC (15.7%)
- RenBTC – 10, 231 BTC
- sBTC – 1, 410 BTC
- imBTC – 1, 129 BTC
- TBTC – 916 BTC
- oBTC – 871 BTC
- pBTC – 407 BTC
- vBTC – 23 BTC
- anyBTC – $14, 000 in BTC
The drive towards tokenizing bitcoin on the Ethereum blockchain has been brought about by the poliferation of yield-farming protocols, one of which is BadgerDAO.
Badger is a decentralized autonomous organization (DAO) focused on building the products and infrastructure necessary to accelerate the growth of Bitcoin in Decentralized Finance (DeFi) across multiple blockchains.
It is estimated that the Ethereum-based yield protocol, BadgerDAO platform, alone holds more than $540 million in locked assets.
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RECOMMENDED READING: Bitcoin is the Fastest Asset in History to Reach $1 Trillion Market Cap
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