Bitcoin’s influx on Ethereum network now stands at over 11K
bitcoinschannel.com
Over the past couple of years, the market for Bitcoin on the Ethereum network has grown significantly, and currently, the latter has become one of the most popular off-chain destinations for Bitcoin. Interestingly, out of the total Bitcoin supply that currently existed on the Ethereum network, 73.3% of it was Wrapped Bitcoin wBTC which is backed 1:1 by Bitcoin.
Increasing Bitcoins on the Ethereum network was catalyzed by the increasing supply of RenBTC. The collaboration between Synthetix and Ren Protocol as well as BitGo to create incentivized Bitcoin liquidity is a significant catalyst in terms of solidifying Bitcoin’s position on the Ethereum network.
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