123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

$500m In Btc Tokenized For Defi Is Only The Start

Profile Picture
By Author: crypto world
Total Articles: 16
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

According to Messari, projects bringing Bitcoin to DeFi will emerge as leaders of the crypto sector.

$500 million worth of Bitcoin (BTC) has been tokenized on the Ethereum network for decentralized finance (DeFi) protocols. This has been estimated by the crypto analytics firm Messari. However, the firm's latest report points out that this figure represents just 0.3% of Bitcoin's $216 billion market cap. This means there is ample opportunity for projects that facilitate the migration of Bitcoin onto Ethereum. It will help to capture significant value.

Bitcoin tokenization protocols RenVM and WrappedBTC (WBTC) are the ninth and 10th largest DeFi projects by locked funds. They are with $453 million and $232.4 million, respectively. Ren has seen high use over the past month. The value of funds locked in the protocol has gained nearly 470%. It has gone from $40.9 million at the start of August. Coinbase is also reviewing Ren to add to its platform. WBTC also absorbed $274 million in the capital last month, increasing the value of its locked funds by 157%. During August, the number of Bitcoins being tokenized ...
... via WBTC briefly exceeded the rate at which new BTC is mined. This signposted booming demand for Bitcoin in the DeFi space. Messari tweeted the report's findings. It tagged Keep Network (tBTC) alongside Ren (renBTC) as major project bringing BTC to Ethereum.

The inclusion of releaseKeep was noted as unexpected. A vulnerability in the code of Keep's trustless Bitcoin tokenization protocol tBTC was identified in May. This resulted in the project going offline just two days after launching Buter. The second version of tBTC will be released by TBTC. This will be done after an additional round of security audits and testing. It has been distributing its work token KEEP via a stake drop since June.

Many smaller projects have also entered the Bitcoin tokenization space over recent months. This includes PieDAO's BTC++ pool attracting 58 Bitcoin since launching in April.

Total Views: 86Word Count: 323See All articles From Author

Add Comment

Business Articles

1. Liquefied Natural Gas (lng) Market To Grow At A Cagr Of 5.00% By 2030 - Chemanalyst
Author: Kishan Singh

2. Maleic Anhydride Market Is Expected To Grow At A Cagr Of 4.5% By 2030 - Chemanalyst
Author: Kishan Singh

3. Toluene Market To Grow At A Cagr Of 4.80% By 2035 - Chemanalyst
Author: Kishan Singh

4. Algorithmic Trading Market Future Trends, Opportunities And Strong Growth In Future 2023
Author: MnM

5. App Analytics Market Research Depth Study With Opportunity Assessment For The Period Of 2020-2023
Author: MnM

6. Blockchain Technology: The Financial Future
Author: alicia adley

7. Tumor Ablation Market Is Anticipated To Grow At A Cagr Of 12%-14% From 2020 To 2025
Author: Lucintel LLC

8. Signs That Indicate Concrete Repair And Replacement
Author: David Alessi

9. Fitness And Hot Tubs Okc
Author: Bullfrog spas

10. Key Elements Of Successful Construction Project Management
Author: David Alessi

11. Opportunities For Publishers After The Pandemic
Author: Watson F

12. Everything You Need To Know About Blockchain Storage
Author: alicia adley

13. Global Bowl Cans Market Size, Study, By Product, Application And Forecasts 2021-2026
Author: james Grey

14. Bioplastics Market Increasing Demand, Growth Analysis And Strategic Outlook 2027
Author: Ruby Martinez

15. Bioplastics Market
Author: Ruby Martinez

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: