According to onchain statistics, there is a massive amount of bitcoin, approximately 141,231 bitcoins or $ 3.3 billion at the time of publication, locked in Ethereum-based tokens. There are roughly seven different packaged or synthetic bitcoin tokens, but the Wrapped Bitcoin project holds the lion’s share of the coins at 115,411.

At the time of writing, there are a good number of them bitcoin (BTC) locked in the Ethereum (ETH) network for projects that are packaged or released synthetically BTC Coins. At the moment there is 141,231 BTC is used on Ethereum between seven different projects. Largest of all is the Wrapped Bitcoin project (WBTC), which is an ERC20 token, but the BTC is held in custody by Bitgo. At the time of going to press, the WBTC project has no fewer than 115,411 assignments BTC that’s worth $ 2.6 billion based on current exchange rates.

Side-chaining $ 3 Billion in Value: More than 141,000 tokenized bitcoins have been issued on Ethereum

The six projects below BTC collectively 28,151 BTC ($ 677.7 million) at time of publication, according to Dune Analytics data. This includes projects such as renbtc (17,122), hbtc (6,010), tbtc (1,906), sbtc (1,903), imbtc (1,035) and pbtc (175). Moving a wrapped or synthetic bitcoin would be much cheaper as the current median transfer fee on the Ethereum chain today is $ 0.54 per transaction. The next block fee for the BTC network is $ 7.68 per transaction and the current average fee for it BTC today is $ 3.71.

Side-chaining $ 3 Billion in Value: More than 141,000 tokenized bitcoins have been issued on Ethereum

Many packaged or synthetic bitcoin tokens on Ethereum are used on decentralized exchanges (dex) and loan platforms that yield high interest. For the past seven days, ETH based dex applications such as Uniswap and 0x have seen $ 5.5 billion in swaps and $ 579 million in transactions in the past 24 hours.

WBTC is the sixth largest token in terms of the share of loans for the top ten ERC20 assets. In terms of loans outstanding per asset, there is approximately $ 45 million of WBTC on loan today.

It didn’t take long for the Ethereum network to accumulate a lot more bitcoin since it was tokenized BTC assets held at ETH crossed $ 1 billion fictitious at the end of September. Of course the price of bitcoin (BTC) a 129% jump in the past three months added to the value it held.

Despite the detractors, Ethereum is clearly Bitcoin’s main side chain as the competitors are not even close to 141,231 BTC is used on the ETH chain.

For example, Blockstream’s Liquid network has only 2599 lbtc and the RSK side chain has one circulating supply from 541 rbtc. WBTC is the second largest decentralized financing project (defi) according to statistics. Because of BTCToday’s value, the WBTC market is also the 16th largest market capitalization today.

What do you think of the $ 3.4 billion worth of bitcoin held on the Ethereum network today? Let us know what you think about this topic in the comments below.

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