Fun

Moving $25 Billion in BTC via Alternate Chains — There’s Now Over 400,000 Tokenized Bitcoins in Existence

News Feed - 2021-11-06 12:11:45

Moving $25 Billion in BTC via Alternate Chains — There"s Now Over 400,000 Tokenized Bitcoins in Existence


As the end of the year approaches, the price of bitcoin has hovered above the $60K region and with 18.8 million bitcoin in circulation, bitcoin’s market valuation is over $1.16 trillion today. Meanwhile, the number of tokenized bitcoins in existence today has swelled significantly during the last three years, climbing to 408,210 bitcoin worth $25 billion today. More Than 400,000 Wrapped, Synthetic, or Tokenized Bitcoins in the Wild


Wrapped, synthetic, or tokenized bitcoin has become a growing trend during the last two years and nine months. Bitcoin.com News reported on one of the first projects on January 30, 2019, the day the Wrapped Bitcoin (WBTC) project first launched. Since then, there have been a whole lot more tokenized bitcoin projects and by July 2019, WBTC in circulation eclipsed the Lightning Network capacity.


Now there’s a slew of tokenized bitcoin projects such as BEP2, HBTC, RENBTC, SBTC, PBTC, OBTC, TBTC, Mstablebtc, RBTC, and LBTC. Out of all the aforementioned tokenized bitcoin protocols including WBTC, there are approximately 408,210 tokenized bitcoins in circulation worth $25 billion today.


WBTC holds the lion’s share of tokenized BTC with 231,659 tokens in circulation today. The coin BEP2, otherwise known as BTCB issued by Binance, has around 105,099 tokens circulating today. Meanwhile, the other tokenized bitcoin projects have much lower supplies, and the third-largest tokenized BTC project is backed by the trading platform Huobi.


There’s 39,884 HBTC (Huobi BTC) today and the valuation of the entire HBTC market is $2.4 billion. HBTC is followed by RENBTC (16,818), SBTC (4,775), LBTC (3,367), RBTC (2,528), PBTC (1,786), OBTC (1,254), TBTC (792), Mstablebtc (248), respectively. Ethereum, Binance Smart Chain Command Lion’s Share of Tokenized Bitcoin


Ethereum is the largest blockchain in terms of the amount of tokenized BTC leveraged on a network. Eight out of the 11 projects that issue wrapped, synthetic, or tokenized bitcoin products use the Ethereum chain. BEP2 (BTCB) stems from the Binance Smart Chain (BSC), RBTC is issued by the RSK network, and LBTC is issued by Blockstream’s Liquid network.


The two tokenized BTC projects that have seen exponential growth since launching are WBTC and BEP2. Both projects are the most dominant with an aggregate of 336,758 tokenized bitcoins or 82.49% of all the tokenized BTC in existence.


What do you think about the more than 400,000 tokenized bitcoins in circulation today? Let us know what you think about this subject in the comments section below. FBI Public Service Announcement Warns of "Increased" Crypto ATM, QR Code Fraud NEWS | 4 hours ago Sky Mavis Launches Katana, a Native Dex for Its Ronin Sidechain NEWS | 14 hours ago Tags in this story /r/btc, $25 Billion, 400K Wrapped BTC, BEP2, Binance Smart Chain, BTC, Ethereum, HBTC, LBTC, Liquid, Mstablebtc, OBTC, pBTC, Renbtc, RSK, SBTC, Synthetic Bitcoin, tbtc, Tokenized Bitcoin, Tokenized BTC, WBTC, wrapped bitcoin, Wrapped BTC


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin RSI Targets Daily Retest That Triggered 2024 Price Rally, What Happened Last Time
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Biggest Movers: LUNA Loses 50% of Its Value, While XMR and AXS Declines Continue
Biggest Movers: LUNA Loses 50% of Its Value, While XMR and AXS Declines Continue LUNA was down by over 50% in today’s session as markets continued to react toUST losing its
Curve CEO clears up UwU Lend hack, CRV burn misinformation
Josh O"Sullivan13 hours agoCurve CEO clears up UwU Lend hack, CRV burn misinformationThe Curve CEO clarifies misinformation about the UwU Lend hack and CRV token burn, outlining preventative measures and repayment of bad
ETH Continues to Leave Trading Platforms, Ethereum Balance on Exchanges Lowest in 3 Years
ETH Continues to Leave Trading Platforms, Ethereum Balance on Exchanges Lowest in 3 Years While the second-largest crypto asset by market cap has gained more than 15% in value agai
Restaking is ‘inevitable,’ but the risks are still uncertain — Ether.fi CEO
Alex O’Donnell4 hours agoRestaking is ‘inevitable,’ but the risks are still uncertain — Ether.fi CEORestaking yields are still mostly speculative, according to Mike Silagadze, who spoke at the Blockchain Futurist
US probes Jack Dorsey’s Block, Inc. over financial transactions: Report
Tom Mitchelhill6 hours agoUS probes Jack Dorsey’s Block, Inc. over financial transactions: ReportU.S. prosecutors are reportedly investigating the fintech firm after a whistleblower claimed it processed thousands of tr
Amaka Nwaokocha2 hours agoBittrex challenges SEC’s authority in crypto lawsuit, seeks dismissalBittrex has aligned its arguments closely with those made by Coinbase.1425 Total viewsListen to article 0:00NewsJoin us on
Marcel Pechman4 hours ago3 reasons why Ether price is still pinned below $1,900PayPal’s stablecoin announcement and a handful of Ether ETF applications are bulls’ biggest hopes for a price trend reversal.1729 Total v
Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $24,000, While ETH Nears $1,800
Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $24,000, While ETH Nears $1,800 Bitcoin rose for a third consecutive session on Friday, as prices rose above $24,000 to end t
This Company Sets Out to Prove Crypto Mining Has a Place in Your Home
This Company Sets Out to Prove Crypto Mining Has a Place in Your Home Hotmine, a company based in Ukraine which engineers home appliances for crypto enthusiasts, is not new to mi
Brayden Lindrea1 hour agoCrypto casino Stake reopens withdrawals just 5 hours after $41M hackThe online crypto casino reported unauthorized transactions from its hot wallets on Sept. 4 with blockchain security firms esti
Binance Sees Record Increase in Indian Users After Government Starts Imposing New Crypto Tax
Binance Sees Record Increase in Indian Users After Government Starts Imposing New Crypto Tax The number of Indian users on cryptocurrency exchange Binance has soared after the Indi