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Supply Of Tokenized Bitcoin On Ethereum Tops $1.1 Billion Worth As DeFi Grows
Summary: The supply of tokenized Bitcoin on Ethereum has surpassed $1.1 billion worth as DeFi enthusiasts are attracted to the value of Bitcoin combined with the programmability of the Ethereum blockchain. Last week, BitGo's wrapped Bitcoins (WBTC) surpassed 76,000 after hitting a new all-time record of 21,000 WBTC minted in one week, data from Dune Analytics ...
The supply of tokenized Bitcoin on Ethereum has surpassed $1.1 billion worth as DeFi enthusiasts are attracted to the value of Bitcoin combined with the programmability of the Ethereum blockchain.
Last week, BitGo's wrapped Bitcoins (WBTC) surpassed 76,000 after hitting a new all-time record of 21,000 WBTC minted in one week, data from Dune Analytics shows.
Tokenized Bitcoin is one of the largest assets in DeFi with $1.1 billion worth of WBTC minted from seven issuers. Tokenized Bitcoin is a popular way to provide liquidity to lending and DEX platforms like Uniswap, which can help depositors farm yields. As DeFi and yield farming gains popularity it is likely the community will see WBTC on Ethereum increasing proportionally.
By Emily Mason
Tags: Bitcoin,BTC,DeFi,Ethereum,WBTC,Wrapped-Bitcoin,Yield Farming
Link: Supply Of Tokenized Bitcoin On Ethereum Tops $1.1 Billion Worth As DeFi Grows [Copy]
