The total of Wrapped Bitcoin (wBTC) on Ethereum has crossed $1 billion, according to data from DeFi Pulse as of October 8. At the same time, another form of tokenized bitcoin, tBTC, has had 931 ETH liquidated due to a signer timeout issue.
- Wrapped Bitcoin value has crossed $1 billion, accounting for 73.3% of the market; wBTC is followed by renBTC (19.6%) and hbtc (3.74%)
- There is currently 128,814 BTC on Ethereum, the highest it’s ever been, at a total value of $1.36 billion
- Meanwhile, tBTC, another popular form of tokenized Bitcoin, has suffered a liquidation of 931 ETH in 12 days; the liquidated amount is roughly $320,000
- The liquidation occurred due to a signer timeout bug; this happens when even one signing node goes offline; tBTC liquidates every signer even if one is offline or malicious
- tBTC, designed by Keep Network, is being criticized for its lack of true decentralization by the community