Onchain data shows $ 449 million worth of Bitcoin over off-chain competitors of ETH eclipses

Analyzes on the chain show that the number of bitcoins (BTC) held on the Ethereum blockchain has been multiplying at an extremely rapid rate since the end of May. On Sunday August 16, there are around 38,021 BTC on Ethereum, which is roughly $ 449 million stored in synthetic bitcoin protocols like Wbtc, Renbtc, Sbtc, etc.

Over the past couple of months, news.Bitcoin.com has written a few comprehensive articles that explain how the Ethereum blockchain has become the Bitcoin (BTC) sidechain.

Despite years of effort by Blockstream Liquid supporters and Lightning Network (LN) enthusiasts, Ethereum stores and moves more BTC than the two networks combined. The amount of Bitcoin (BTC) held on Ethereum is 1448% greater than the current overall capacity of the LN and Liquid branches.

At the time of going to press, Liquid holds $ 29.4 million at current exchange rates or 2,490 L-btc. Blockstream’s Total Locked-In Liquid Value (TVL) is greater than the Lightning Network’s TVL, which is only $ 12 million as of August 16, 2020. These two networks combined have only $ 41 million of BTC locked in. systems.

The amount of BTC on Ethereum far eclipses Blockstream and the efforts of the Lightning Network and a number of ETH supporters are happy with this milestone.

“Bitcoin is now an integral part of [decentralized finance] challenge, with $ 420 million worth of BTC on Ethereum, in one form or another, ”Ren Protocol’s CTO Told his 2,778 followers on Twitter on Saturday. “In the past 24 hours, over $ 24 million has been transferred through the Ren protocol to be used for crop yield. Anyone who is not generating APY at the moment with their BTC is asleep. “

Statistics from Dune Analytics show that there are around 38,021 BTC ($ 449 million using current exchange rates) on Ethereum. There are over 5,700 crypto market caps today and the collage of synthetic bitcoins held on Ethereum has a market valuation above 5,665 market caps.

The Wrapped Bitcoin (Wbtc) project has the most BTC locked in the system with 26,161 coins ($ 310 million) in the framework.

Wbtc is by far the most popular synthetic bitcoin (BTC) on the market today. Next are Renbtc (7721), Sbtc (1793), Hbtc (1310), Imbtc (988), Pbtc (48) and Tbtc (0).

The Wbtc project seemed thrilled with the expansion as Wbtc holds the most synthetic BTC on Ethereum to date.

Saturday, the official Wbtc Twitter account tweeted that “More BTC was packed this week than BTC was mined.”

The project took advantage of data shared by analyst Zack Voell, which showed that 5,738 BTC were mined during the week. Meanwhile, 6785 BTC have been wrapped over the Wbtc protocol.

Protocol technical director Ren was also excited about the tendency to discuss a number of trades in his Twitter feed. “In a single transaction, someone transferred over US $ 5 million from BTC to Ethereum using the Ren protocol,” he said. said.

“And right before that, someone transferred over US $ 3 million. In the past 24 hours, Ren Protocol has processed and moved over US $ 1 million worth of bitcoin per hour. Over the past week, it has averaged over US $ 7 million per day. In the past month, more than 4 million US dollars per day, ”the technical director added.

Three Arrows Capital founder Su Zhu said he predicts Wbtc will continue to evolve this way.

“Hit our first packaged BTC (Wbtc) today with Bitgo. I predict that the WBTC will be a first class challenge asset, just like the USDC and USDT are now ”, Su Zhu tweeted.

What do you think of the total value of bitcoin (BTC) held on the Ethereum blockchain? Let us know what you think of this topic in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics, Liquid Explorer, Defi Pulse,