Data from analytics platform Dune Analytics shows that the rate of tokenization of Bitcoin (BTC) on the Ethereum (ETH) network has sharply been increasing. The asset, called Wrapped Bitcoin (WBTC), is also being used more in DeFi applications.
- The second week of August, from August 9 - 17, saw over 1000 wrapped BTC minted on ETH network
- A total of 40,393 BTC exist on the ETH network, 65.9% of which are Wrapped Bitcoin
- Wrapped Bitcoin caught the market’s attention in Q2 2020, dominating the synthetic bitcoin market with a total of 26,609 WBTC
- RENBTC follows with roughly 9,400 BTC tokenized
- DeFi also began to see a surge in BTC tokenization on ETH, and in DeFi applications, in Q2 2020
- Most wBTC is used on Aave (LEND), Balancer (BAL) and Compound (COMP)