Synthetic Bitcoin (sBTC) continues to grow in Ethereum, with almost 70,000 tokens circulating in the said platform.
The synthetic Bitcoin was launched by Synthetix, a decentralized synthetic asset platform based in Australia. This sBTC token will allow users to trade Bitcoin-based currency pairs on the Synthetix exchange. It also provides access to the value of Bitcoin without owning a Bitcoin wallet.
Also, sBTC is a non-custodial asset. This means that Ethereum holders can experience sBTC without the need to trust an institution or protocol. sBTC is also a programmable ERC20 token, making it compatible to be used in all ETH-related transactions.
Kain Warwick, the Synthetix founder, further added:
It’s an example of the benefits of the flexibility of a distributed collateral pool of crypto assets, which will allow us to continue to offer new trading possibilities not offered anywhere else.
Today, there are more than $700 million worth of sBTC circulating in the Ethereum platform. It is said that among the seven projects in sBTC, the Wrapped Bitcoin (WBTC) protocol ranks on top of project minting, with over 63% of sBTC minted.
Meanwhile, Synthetix has raised a total value locked of $637.3 million, which places the platform in 6th place, as per DeFi Pulse. All these are made possible within the Ethereum blockchain, which is also one of the reasons why the platform is experiencing major congestion.
Regardless, the crypto industry is now booming. There are many other projects like DeFi that are rocketing high in the past few days. This performance is so phenomenal as it continues to outshine the centralized economy today.