Almost $180 million worth of Bitcoin is now locked on the Ethereum blockchain.
WBTC, sBTC, and renBTC are leading the charge, each offering a slightly different take on the lockup trend.
Less than $10 million is currently locked in Bitcoin’s Lightning Network.
Bitcoin may be the original, but it’s living in an Ethereum world.
Nearly $180 million in Bitcoin is now locked on the Ethereum blockchain among formats like Wrapped Bitcoin (WBTC), Synthetix’s sBTC, and the Ren Project’s renBTC, according to data from Dune Analytics. The rapid growth since the end of June, when Ethereum-locked BTC was just crossing the $100 million threshold, reveals how dominant Ethereum is becoming in the world of decentralized finance, as DeFi use cases and yield farmers hunting for more liquidity to increase their gains drive demand. Read More...