Skip to main content

$500M in BTC tokenized for DeFi is only the start

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.

Comments

Popular posts from this blog

What Is Digital Marketing?

 What Is Digital Marketing? Digital marketing is that the use of the social media, Internet, search engines, mobile devices, and other channels to succeed in consumers. Some consider digital marketing to be entirely new which needs a replacement way of understanding that how customers behave and new ways of approaching the purchasers compared to the normal marketing. Digital Marketing Channels 1. Website Marketing 2. Pay-Per-Click (PPC) Advertising 3.Content Marketing 4.Email Marketing 5.Social Media Marketing 6.Affiliate Marketing 7.Video Marketing 8.SMS Messaging Digital Marketing As A course and Career The Digital Marketing course will transform you into a complete digital marketer with expertise in the top eight digital marketing domains — search engine optimization, social media, pay-per-click, conversion optimization, digital analytics, content, mobile, and email marketing. Fast-track your career in digital marketing today with practical training you can appl
   5 Tips for Guiding Your Child Through an Escape Room   The most distinguishable characteristics of children are how immensely full of energy and curiosity they are! Compared to adults, they are far more willing to start thinking out of the box and be creative. These factors seemingly make them one of the best players to enjoy an escape room experience.    Taking your child to one of the escape rooms in Prescott this weekend can be a memorable experience for them. Visiting the escapades also undeniably offers you one of the best ways to spend quality time with your family. Furthermore, it also allows your child to test their creativity and problem-solving skills and even enhance their motor skills.    Now, while you take your kid to an escape room game anytime soon, here are 5 essential tips that you need to keep in your mind: 1.    Do your homework! It is always better to prepare yourself before entering the escape room game. So, instead of randomly choosing and

Why Science Labs are Important for Students in School?

Science is a subject which allows students to explore and discover new theories. From a small atom to large universe everything is conceptualize with help of science education. But only theoretical knowledge is not sufficient. Practical knowledge is important to increase engagement and knowledge. Science lab is a place for student which functions to magnify deep understanding of theoretical concepts taught in classrooms. By this effective teaching method, students can gain numerous benefits. Ideal Education Point (New Choudhary public school) believes that ‘Child learn in class but understand in laboratories. Laboratories provide a great experience and high degree of knowledge in developing necessary skills for study and research. Science is a little difficult subject than any other therefore it is must for any school to have a science lab. Know the importance of science labs - • Understand difficult aspects One cannot just read the hefty science books and understand all the meaning