According to knowledge recorded on December 28, there’s roughly 434,265.43 bitcoin-pegged or wrapped bitcoin tokens value greater than $21.3 billion throughout a number of blockchains. Ten totally different bitcoin-pegged initiatives exist right now and the undertaking Wrapped Bitcoin dominates 59.66% of all of the tokenized bitcoin in circulation.
Close to a Half Million Tokenized Bitcoin Circulates on Several Blockchains, Wrapped Bitcoin Dominates by 59%
Toward the top of 2018, when tokenization actually began heating up in the crypto house, a variety of totally different initiatives launched bitcoin-pegged token protocols. On January 30, 2018, Bitcoin.com News reported on the Wrapped Bitcoin (WBTC) undertaking launching on Ethereum.
By the top of July 2019, WBTC eclipsed the Lightning Network (LN) in phrases of complete worth locked. Today, WBTC is the most important bitcoin (BTC)-pegged token undertaking with 259,090 BTC in circulation on the Ethereum community.
Statistics point out that there are seven BTC-pegged initiatives on Ethereum and altogether, the seven initiatives command 323,264 BTC complete worth locked (TVL). The second-largest tokenized BTC protocol on Ethereum is HBTC with 39,884 BTC.
HBTC is adopted by RENBTC (17,054), SBTC (4,203), IMBTC (1,317), PBTC (888), and TBTC (828), respectively. Accordingly, the 323,264 BTC TVL held in Ethereum is 74.43% of the combination BTC-pegged tokens in circulation right now.
BTCB Dominates by 24%, Tokenized Bitcoin in Circulation Issued by Blockstream, RSK Represent 1.35% of Today’s Tokenized Bitcoin Total
There’s one other tokenized BTC protocol that leverages the Binance Smart Chain (BSC) referred to as BTCB that’s slightly below WBTC in phrases of TVL. At the time of writing, there’s round 105,115.44 BTCB in circulation on December 28.
BTCB has a absolutely diluted market capitalization of round $5.52 billion and $43.6 million in international commerce quantity. The most lively exchanges swapping BTCB right now embrace Hitbtc, Pancakeswap v2, Thorchain, and Pancakeswap v1.
There are additionally two different tokenized BTC initiatives operated by Blockstream and RSK. Today, RSK has 2,522 RBTC in circulation, which can be backed by 95 exahash per second (EH/s) of BTC hashpower.
Blockstream’s federated sidechain, Liquid, has round 3,363.99 LBTC in circulation on the time of writing. RSK has round $124 million in tokenized bitcoin in circulation whereas Liquid’s LBTC worth is $165.4 million.
Liquid’s LBTC is barely 0.77% of the combination tokenized BTC in circulation right now throughout ten protocols. RBTC is even decrease as its RBTC belongings symbolize solely 0.58% of the 434,265.43 combination. At the present trajectory of all of the tokenized BTC initiatives right now, there’ll quickly be roughly half a million tokenized BTC leveraged on a number of various chains.
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