1% of Bitcoin supply has been locked in the WBTC protocol

Currently, 1% of Bitcoin’s circulating supply is marked as Wrapped BTC (WBTC), which is equivalent to nearly 6.2 billion U.S. dollars worth of BTC.

Kia Mosayeri, product manager of cryptocurrency custody company BitGo, acknowledged this milestone and he posted the news on Twitter on June 7. BitGo is the custodian of the Wrapped Bitcoin protocol, which was launched in January 2019.

according to Ethernet scanner, There are currently 187,610 bitcoins wrapped in the agreement, which is equivalent to a fully diluted market value of US$6.18 billion. According to CoinGecko, the current circulating supply of BTC is close to 18.73 million, confirming the 1% milestone.

BTConEthereum estimate There are 240,620 Bitcoins that have been tokenized for use on Ethereum through various protocols, with a total market value of 7.91 billion US dollars. Parcel Bitcoin has a clear dominant position in this field, accounting for 78% of all Bitcoin tokenized by Ethereum.

Other leading Bitcoin tokenization protocols include the second-ranked Huobi BTC, which has 37,906 BTC, accounting for 15.7% of the Bitcoin supply, and the third-ranked RenBTC, which has 10,226 tokenized BTC. Synthetic BTC also holds 1,471 BTC, followed by imBTC holding 1,169 BTC, and TBTC holding 916 BTC.

Recently, the proliferation of income farms and the interest-bearing DeFi protocol based on Ethereum that supports tokenized BTC has been the main force driving the growth of the industry.

In late April, BadgerDAO, a BTC revenue agreement based on Ethereum Cooperation with RenVM Build a bridge between renBTC and its own production farm. DeFi Llama estimates that assets worth more than US$540 million are locked on the BadgerDAO platform.