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USDT $1.00 (0.03%)
BCH $496.72 (-1.1%)
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LTC $147.40 (-2.7%)
BNB $341.24 (-1.5%)
ADA $2.13 (-3.5%)
DOGE $0.20 (-1.7%)

Bitcoin on DeFi: $500M Worth of Tokenized BTC on ETH Network

Bitcoin on DeFi: $500M Worth of Tokenized BTC on ETH Network

Crypto analytics firm Messari noted that $500 million worth of Bitcoin (BTC) has been tokenized on the Ethereum network under the decentralized finance (DeFi) framework.

According to them, Bitcoin’s presence in the DeFi scene is going to prove how it remains to be the leader in the whole crypto space. Messari pointed out that the amount of Bitcoin used is only 0.3% out of the total market cap of the asset. This shows that there are still huge opportunities for different projects to prosper.

As per DeFi Pulse, WrappedBTC (WBTC) and RenVM are the 9th and 10th largest DeFi projects today. WBTC and RenVM have $453 and $232.4 million as locked funds, respectively.

TVL of RenVM and WBTC (90d)
TVL of RenVM and WBTC (90d)

RenVM has seen a huge increase in the value of locked-in funds as it only had $40.9 million when the month of August started. By month end, it has increased by around 470% reaching $232.4 million.

On the other hand, WBTC has also seen a surge in the last month as the value of its locked funds has increased by 157%, clearly indicating a huge increase in demand for Bitcoin in the DeFi market.

All the findings of the report have been tweeted by Messari wherein it tagged both Keep Network (tBTC) and Ren (renBTC) as significant projects bringing BTC to Ethereum.

It was unfortunate that just two days after the launch of tBTC, the project went offline. Surprisingly, the platform was planning to release the second version of tBTC after the round of security audits and testing.

In the course of recent months, a great deal of projects have entered into DeFi, building up the foundation of Bitcoin tokenization in the emerging crypto space.

Read Also: 2020: DeFi Coins Market Trend | DeFi Market

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.