As per reports, the wrapped Bitcoins (WBTC) on Ethereum’s blockchain are showing tremendous growth, presently. The reports further mentioned that soon the amount of WBTC would surpass Lightning Network.
The positive development of WBTC on Ethereum’s network allows more cross-chain communication. The report mentioned that the development would help the Ethereum to combine its smart contract speciality with Bitcoin’s secured Blockchain database.
According to the Crypto Lark, presently, the worth of WBTC on Ethereum’s blockchain network is the same as the worth of BTC on Lightning Network, i.e., around $7.8 million.
The WBTC was launched in February 2019, on Ethereum’s network and it mostly behaved like a stablecoin. The sources stated that the WBTC project was started by BitGo, and in this project, Kyber Network and Republic Protocol (REN) were its (BitGo’s) partner.
The report stated that the project was a part of Ethereum’s decentralized finance (DeFi) movement. Currently, the Ethereum has locked more than $1 billion in DeFi-related contracts. It has been expected the value of WBTC would hit another 130 percent this year.
The report further stated that many crypto investors have criticised DeFi because they feel the hackers could easily steal the digital currency from the platform. The founder of Litecoin Charlie Lee also criticized DeFi but there were many people who considered it to be a cynical attack.