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: 14
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: 49Word Count: 323See All articles From Author

Add Comment

Business Articles

1. Psychic Mediums: Can A Psychic Medium Forecast An Oil Spill?
Author: Danae Diederich

2. Seo Is The Key To Your Online Marketing Success!
Author: Harry Sazos

3. How To Choose The Right Paint Colour For My Kitchen?
Author: Sam An

4. Environmnetal Hazards And Work Clothes
Author: peter main

5. Environmental Hazards - Need For Proper Storage
Author: peter main

6. Environmental Hazards In Farming
Author: peter main

7. Do’s And Don’ts For An Effective Commercial Office Fitouts
Author: Dennis Youssef

8. Office Fitouts – Know The Importance
Author: Dennis Youssef

9. Why Sydney Retro Jukebox Hire Is Popular Today?
Author: Laurie Hekeik

10. Gardening Equipment Market Growth, Market Potential, End-user, Key Manufacturers, Competitive Analysis, Revenue Market And Forecast To 2027
Author: DBMR

11. Baby Oral Care Market Size, Share, Growth, Potential Revenue And Key Drivers Analysis Research Report By 2027
Author: DBMR

12. Middle East And Africa Water Dispensers Market Share, Industry Trends, Size, Revenue, Demand, Growth Analysis, Top Leaders: Honeywell International In
Author: DBMR

13. Countertops Market Growth At A Cagr Of 4.80% In The Forecast Period Of 2020 To 2027
Author: DBMR

14. Smart Water Pumps Market Facts, Figures And Analytical Insights During Forecast Period 2020 To 2027
Author: DBMR

15. Automotive Linear Positions Sensors Market Evolving Opportunities With Innovative Ideas By Key Players |2020-2027
Author: DBMR

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