Over the last two years, decentralized funding (defi) applications on the Ethereum network have increased wildly. Now, a number of bitcoin's synthetic versions, leveraging the Ethereum chain, have outperformed offchain solutions like Liquid Blockstream and the Lightning Network.

Recently, the Synthetix platform has announced a collaboration with Bitgo and the Ren Project to build supported Bitcoin liquidity. Now with a large yield farming pool, the alternative offchain competitors could easily overtake tokens such as sBTC, renBTC and WBTC.

At the end of May, news.Bitcoin.com reported that despite a number of 'trust model' debates on Twitter, Ethereum is the largest sidechain of the Bitcoin (BTC) network, with TVL locked in long shot terms. Data from the Lightning Network (LN) reveal that the LN TVL is $8.9 million on June 26, 2020. Liquid.net data show that there are 2.160 BTC or $19.7 M for Liquid TVL of Blockstream.

The statistics from the Ethereum chain are now blown away, since over 28,000 BTC are locked in the Synthetic Chain. A minimum of $263 million is being put into the press at Synthetix. However, data from Curve.fi indicates that renBTC has since its inception achieved substantial trade value.

Bitgo-backed WBTC project has a high TVL of $66.9 million, with 7,600 BTC locked in the deal for the defi project. SBTC market statistics also show exponential growth over time. Then Taiyang Zhang's Ren Project declared a collaboration for yield farming pools on June 18, 2020.

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