<span style="font-weight: 400">As per reports, the wrapped Bitcoins (WBTC) on Ethereum’s blockchain are <a href="https://twitter.com/TheCryptoLark/status/1234405761993756673?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1234405761993756673&amp;ref_url=https%3A%2F%2Fbeincrypto.com%2Fwrapped-bitcoin-on-ethereum-close-to-overtaking-lightning-network-in-value%2F" target="_blank" rel="noopener">showing</a> tremendous growth, presently. The reports further mentioned that soon the amount of WBTC would surpass Lightning Network.</span>
<h2><b>More Cros-Chain Communication</b></h2>
<span style="font-weight: 400">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.</span>

<span style="font-weight: 400">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 $7.8 million.</span>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Wrapped <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> on <a href="https://twitter.com/hashtag/ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#ethereum</a> is about to overtake the <a href="https://twitter.com/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$btc</a> lightning network, no surprise there really! Bitcoin on Ethereum is way more useful, you can access a range of useful defi products that simply DO NOT exist on Bitcoin. <a href="https://t.co/ZPB0W2nZ8b">pic.twitter.com/ZPB0W2nZ8b</a></p>
— The Crypto Lark (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1234405761993756673?ref_src=twsrc%5Etfw">March 2, 2020</a></blockquote>
<span style="font-weight: 400">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 <a href="https://www.cryptoknowmics.com/crypto/bitgo-wakes-to-full-stack-digital-asset-services-acquires-harbor/" target="_blank" rel="noopener">BitGo</a>, and in this project, Kyber Network and Republic Protocol (REN) were its (BitGo’s) partner.</span>
<h2><b>DeFi Being Criticized</b></h2>
<span style="font-weight: 400">The report stated that the project was a part of Ethereum’s <a href="https://www.cryptoknowmics.com/crypto/funds-in-defi-approaches-1-billion-milestone/" target="_blank" rel="noopener">decentralized finance (DeFi)</a> 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.</span>

<span style="font-weight: 400">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 <a href="https://www.cryptoknowmics.com/crypto/defis-aim-for-absolute-decentralization-a-bit-daft-charlie-lee/" target="_blank" rel="noopener">Charlie Lee</a> also criticized DeFi but there were many people who considered it to be a cynical attack.</span>

WBTC On Ethereum To Surpass Lightning Network In Value

As per the report, the amount of wrapped Bitcoins (WBTC) on Ethereum’s blockchain would soon surpass amount of Bitcoin on Lightning Network.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

WBTC On Ethereum To Surpass Lightning Network In Value

Top Picks