Messari, a crypto analytics firm has recently estimated that Bitcoin worth $500 million are tokenized on the ETH network. These have been tokenized to be used in the Defi protocols. According to the firm, engaging Bitcoin in Defi protocol is going to prove as a leader in the whole crypto space.
The number of Bitcoins that have been used in this is only 0.3% of the total market capitalization of Bitcoin. Messari claims that there is enough opportunity in this space for different projects. Defi Pulse has claimed that WrappedBTC (WBTC) and RenVM are the 9th and 10th largest Defi projects currently. Both WBTC and RenVM have $453 and $232.4 million in locked funds.
$500M worth of #Bitcoin has been ported over to Ethereum in 2020
— Messari (@MessariCrypto) September 1, 2020
RenVM has seen a huge increase in the value of locked-in funds as it was only $40.9 million by the starting of August. This has now been increased by around 470% as it has reached $232.4 million. Not only this, but WBTC has also seen this surge in the past month as the value of its locked funds has increased by 157%. This is clearly indicating a huge increase in demand for Bitcoin in the Defi market. All the findings of the report have been tweeted by Messari in which it has tagged both Keep Network (tBTC) and Ren (renBTC). This is because some of the major projects are trying to bring BTC to ETH protocol.
tBTC planning to release its second version
Soon after the launch, tBTC, a trustless Bitcoin tokenization protocol by Keep has gone offline. This seems surprising because the platform was planning to release the second version of tBTC after the round of security audits and testing. Over the past few months, a lot of smaller projects have entered into this Bitcoin tokenization space.