Ethereum is still the most well-liked off-chain vacation spot for bitcoins as its provide of tokenized bitcoin (BTC) grew greater than 70% in July.
- Greater than 20,000 BTC — value roughly $225 million — are actually tokenized and utilized in Ethereum-based protocols.
- Wrapped Bitcoin (WBTC) represents over 76% of the whole tokenized bitcoin provide with over 15,500 BTC tokenized.
- The full provide grew by roughly $96 million in July, following June’s record growth.
- Tokenized bitcoins enable merchants and traders to denominate transactions in bitcoin whereas utilizing purposes constructed on different blockchains.
- “We skilled a dramatic WBTC development in July, led by our retail customers,” stated Matthieu Jobbé-Duval, head of economic merchandise at CoinList, a token launch and alternate platform that minted 7,079 WBTC in July.
- renBTC, the second largest provide of tokenized bitcoin, holds roughly 2,068 BTC.
- Tokenizing bitcoins on Ethereum is “the largest alternative for decentralized finance’s development immediately,” stated Andy Bromberg, president of CoinList in an electronic mail to CoinDesk.