Messari Report Indicates $500M Worth of Bitcoin Has Been Tokenized on Ethereum YTD

2020-9-3 16:16

Coinspeaker
Messari Report Indicates $500M Worth of Bitcoin Has Been Tokenized on Ethereum YTD

Cryptocurrency analytics firm Messari has estimated that approximately $500 million worth of Bitcoin (BTC) has been tokenized on the Ethereum network for use in decentralized finance (DeFi) protocols year to date.

This reciprocates to around 0.3% of all circulating Bitcoins, hence leaving a huge gap of unexplored territory.

Messari on Bitcoin Tokenization

“$500M worth of #Bitcoin has been ported over to Ethereum in 2020. With only 0.3% of all bitcoin on Ethereum and DeFi booming, the opportunity for decentralized bridges between the two chains is hard to ignore,” Messari explained through a tweet.

The DeFi ecosystem has not only boomed in the past few months but also thrived to be the top industry’s project. According to DeFi pulse, a total of $9.47 billion has been locked in the DeFi ecosystem at the time of publication.

Bitcoin being tokenized on the Ethereum network will mean an increased activity in the Ether system, which has lately been clogged with high transaction fees.

With less than 1% already tokenized, whereby the current bitcoin market capitalization stands at around $214.10 billion, the DeFi protocol running on Ethereum to tokenize BTC is set to greatly benefit from it.

Bigger Picture

Data from Defi Pulse indicates that popular Bitcoin tokenization protocols, WrappedBTC (WBTC), and RenVM are the ninth and 10th largest DeFi projects by locked funds, with $456 million and $227 million respectively.

RenVM is dubbed as a product of Ren, whereby it was released in May 2020 to provide interoperability for decentralized finance (DeFi). As a result, it would allow anyone to seamlessly bridge digital assets to and from the DeFi ecosystem.

Basically, once you remmitt your bitcoin to RenVM, it holds them, and in turns, it mints the Bitcoin as an ERC20 (renBTC) on Ethereum with 1:1 ratio. This ensures the renBTC is always backed by the same amount of BTC.

On the other hand, WBTC is seen as an ERC20 token that is backed 1:1 by bitcoin. It was created to bring the huge liquidity of the Bitcoin network to the Ethereum network. To keep the system transparent, users can verify that WBTC is fully-backed via on-chain proof of reserves.

The DeFi ecosystem has flipped huge profits from many token holders in the past few months. However, some notable industrial players including Binance CEO thinks most DeFi projects are a mare bubble that is swelling by the day and perhaps likely to explode on the unsuspecting retailers.

Messari Report Indicates $500M Worth of Bitcoin Has Been Tokenized on Ethereum YTD

Similar to Notcoin - Blum - Airdrops In 2024

origin »

The Tokenized Bitcoin (imBTC) на Currencies.ru

$ 19686.79 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 3.96 %
Cегодня L: $19686.79 - H: $19686.79
Капитализация $0 Rank 99999
Цена в час новости $ 11609.82 (69.57%)

tokenized ethereum messari bitcoin report 500m indicates

Источник: coinspeaker.com

tokenized ethereum → Результатов: 113


Newly launched Bitcoin/XRP/Ethereum/Litecoin/Bitcoin Cash-trading exchange already has serious security vulnerabilities

DX.Exchange, a crypto-based asset trading platform has lately been making positive noise in the news cycle due to its January 7th launch. The exchange has been marketed as the platform that will bridge the gap between cryptocurrencies and real-world stocks, as investors can purchase tokenized versions of Apple, Facebook and Apple stocks, as well as […] The post Newly launched Bitcoin/XRP/Ethereum/Litecoin/Bitcoin Cash-trading exchange already has serious security vulnerabilities appeared first on CaptainAltcoin.

2019-1-11 08:21


Фото:

Nasdaq and Estonia’s DX Exchange To Launch Ethereum Tokenized Stocks

Nasdaq has partnered with an Estonian digital trading platform to launch the first Ethereum based tokenized stocks regulated under European Union laws on January 7. EU Regulated Stock Trading On Ethereum In a press release Thursday, DX Exchange confirmed it would offer users the option to trade big-name stocks using tokens on the Ethereum blockchain via smart contracts.

2019-1-3 19:00


Stellar [XLM] Could Soon Moon As ‘Smartlands’ Partners with multi-billion dollar Real Estate Company

The importance of tokenizing one of the most valuable sectors which has raised many billionaires aside the technology sector, the real estate sector is gaining ground. Few days ago, manhattan property a real estate established tokenized their real estate properties through a launch of $30 million fund raising in the ethereum blockchain.

2018-10-8 15:28


Фото:

Warhol’s 1980 Tokenized Painting Sold via Ethereum’s Blockchain Technology

Multi-million dollar tokenized artwork, 14 Small Electric Chairs painted by pop art giant, Andy Warhol in 1980, has been sold on the Ethereum blockchain to 100 participants in the cryptocurrency art auction organized by Maecenas DLT-powered art investment platform in collaboration with Dadiani Syndicate, a London-based fine art gallery on September 5, 2018.

2018-9-8 21:30


дальше еще 64 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Email Marketing Service MailChimp Shuts Down Crypto Customers

Crypto companies have usually been the victims of corporate crackdowns over the years. The same is now the case with one of the largest email marketing services in the world. Earlier this week, some notable crypto companies and service providers took to Twitter to air their grievances with Mailchimp.