Bitcoin (BTC) edging higher as nearly 100,000 coins are locked in DeFi
bitcoinschannel.com
Bitcoin (BTC) price is trading over 5% higher this week as the buyers attempt to secure a weekly close above $11,200. However, the rollout of Ren’s increasingly decentralized Virtual Machine and RenBTC along with grassroots tokenization protocols like PieDAO’s BTC++ in 2020 have helped Bitcoin significantly expand in the DeFi sector.
The tokenization protocols allow users to lock up their BTC and mint the matching ERC-20 token, enabling the value determined by a user’s Bitcoin holding to communicate with smart contracts on the Ethereum network. Wrapped Bitcoin is still the most popular tokenization protocol by total BTC locked after pulling in 56,800 Bitcoin (almost $605.5 million) since November 2018.
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