Worth Over $1 Billion: Tokenized Bitcoins on Ethereum Approaching 100,000
bitcoinschannel.com
As per data from Dune Analytics, a free Ethereum analytics provider, the tokenized bitcoin number on the second-largest blockchain network is quickly approaching 100,000. Wrapped BTC (WBTC) and RenBTC rule the Bitcoin market on Ethereum with token circulations clocking almost 70,000 and 20,000, respectively.
Despite the presence of well-discussed layer two solutions for Bitcoin like the Lightning Network and Liquid Network, Ethereum is rising in prominence as the dominant off-chain transactional layer for BTC. Let’s say if a lot of bitcoins (read tokenized versions of BTC) are transacting on the public blockchain network, then that could increase the utility of Ethereum as a global network for value transfer.
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