Messari Estimates $500M Worth Bitcoin Tokenized on ETH Network
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Messari Estimates $500M Worth Bitcoin Tokenized on ETH Network

September 2, 2020      Vandana Malik

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.

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.

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#$500M Worth Bitcoin Tokenized #Bitcoin tokenization protocol #DeFi protocols #DeFi Pulse #ETH Network #Messari #RenVM #wBTC
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.