According to data recorded on December 28, there’s approximately 434,265.43 bitcoin-pegged or wrapped bitcoin tokens worth more than $21.3 billion across several blockchains. Today, there are 10 different Bitcoin-pegged Projects. Wrapped Bitcoin is the most popular and accounts for 59% of the total tokenized Bitcoin in circulation.
A little over half a million tokenized bitcoins circulate across several blockchains. Wrapped Bitcoin dominates by 59%
A number of projects started to launch bitcoin-pegged token protocol protocols towards the end 2018 when tokenization was really heating up. Bitcoin.com News announced the launch of Wrapped Bitcoin (WBTC), an Ethereum-based project.
WBTC had overtaken the Lightning Network in total value locked by July 2019. WBTC, which is a bitcoin-pegged token, currently holds 259,090 BTC.
According to statistics, there are seven BTC pegged projects on Ethereum. The seven projects together have 323,264 BTC total worth locked (TVL) according to Statistics. HBTC, which has 39.884 BTC tokenized on Ethereum, is the second largest BTC-tokenized protocol.
HBTC is closely followed by RENBTC (17.054) and SBTC (4.203), IMBTC (1.317)), PBTC (928), and TBTC (828). Accordingly, 74.43% is made up of all the BTC-pegged tokens today by the 323,264 BTCTVL held in Ethereum.
BTCB Dominates by 24%, Tokenized Bitcoin in Circulation Issued by Blockstream, RSK Represent 1.35% of Today’s Tokenized Bitcoin Total
There’s another tokenized BTC protocol that leverages the Binance Smart Chain (BSC) called BTCB that’s just below WBTC in terms of TVL. At the time of writing, there’s around 105,115.44 BTCB in circulation on December 28.
BTCB’s fully diluted market capitalization is approximately $5.52 trillion and global trade volume of $43.6 million. Hitbtc and Pancakeswap V2 Thorchain are the most popular exchanges that swap BTCB at present.
RSK and Blockstream are the other two tokenized BTC project operators. RSK today has 2.522 RBTC and 95 exahash/s of BTC havehpower.
Blockstream’s federated sidechain, Liquid, has around 3,363.99 LBTC in circulation at the time of writing. RSK has around $124 million in tokenized bitcoin in circulation while Liquid’s LBTC value is $165.4 million.
Liquid’s LBTC is only 0.77% of the aggregate tokenized BTC in circulation today across ten protocols. RBTC has a lower percentage of total assets, representing only 0.58%. Just based on current trends, roughly half a million tokenized BTC assets will be available to leverage on various other chains.
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Images Credits: Shutterstock, Pixabay, Wiki Commons, explorer.rsk.co, Dune Analytics, Liquid.net, Coinmarketcap.com,
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