Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin’s Main Sidechain

Years ago when the Bitcoin network started suffering from higher fees and congestion, a number of bitcoiners advocated the use of sidechains in order to relieve the main chain’s duties. However, none of these bitcoin enthusiasts expected to see the Ethereum network take over as BTC’s main sidechain.

“Over the last year, Ethereum has emerged as the first working Bitcoin sidechain, growing from ~0 to 91.8K BTC ($1B notional, 0.5% of circulating supply),” Balaji wrote on Twitter. The other contenders who started developing sidechain solutions years before the massive tokenized BTC migration to Ethereum; RSK and Blockstream have a long way to go to catch up to the network effect the ETH chain currently holds.

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