1% of the circulating supply of bitcoins wrapped in Ethereum
The total number of wrapped (WBTC) blocks on the blockchain currently stands at over 187,610, which is over 1% of the circulating Bitcoin supply.
For the uninitiated, a wrapped token is a tokenized version of another digital asset. It is tied to the value of the underlying asset that it represents, that is, 1 BTC is equivalent to 1WBTC. The ingenuity of the wrapped token is that it allows an asset to live on a blockchain on which it was not originally issued. In this case, the wrapped bitcoin is hosted on the Ethereum blockchain.
WBTC was one of the first projects to issue an ERC-20 token pegged to bitcoin at a 1: 1 ratio. It was launched in January 2019 as part of a partnership between BitGo, Kyber and Ren.
Etherscan data shows that there are currently over 187,000 WBTC tokens on Ethereum worth over $ 6.5 billion at current market prices. With a current bitcoin turnover of 18,731,306, about 1% of the flagship cryptocurrency is hosted on Ethereum.
One of the reasons investors can convert their bitcoins to WBTC allows the asset to function as an ERC-20 token that can be used across multiple Ethereum-based DeFi protocols.
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