Bitcoin

Tokenized Bitcoin on Ethereum Crosses 1 Billion Notional, WBTC Commands 76 % of Circulating Supply

Tokenized Bitcoin on Ethereum Crosses $11 Billion Notional, WBTC Commands 76% of Circulating Supply

According to data on August 7, there’s 253,510 bitcoin-pegged or wrapped tokens worth more than $11 billion in value on the Ethereum blockchain. Out of the seven different bitcoin-pegged projects, the Wrapped Bitcoin protocol has 194,023 bitcoin-pegged ERC20 tokens in circulation.

Over 250K Tokenized Bitcoin In Circulation Split Between 7 Ethereum Projects, Binance Smart Chain’s Bitcoin-Peg Reaches 73K Issued

Ethereum (ETH) jumped over the $3K zone in value on Saturday, as the protocol successfully upgraded on August 5. ETH‘s market valuation has gained a significant amount of dominance in terms of the $1. 78 trillion crypto-economy capturing 20% of that value on Saturday.

The crypto asset has also gained more than 700% against the U.S. dollar during the last 12 months. Much of this has been attributed to decentralized finance (defi), non-fungible tokens (NFTs), and a myriad of decentralized exchange (dex) platforms over the last year.

Tokenized Bitcoin on Ethereum Crosses $11 Billion Notional, WBTC Commands 76% of Circulating Supply — The number of tokenized bitcoin on Ethereum on August 7, 2021.

In addition, the Ethereum network houses the most bitcoin (BTC)-pegged tokens out of all the blockchain projects today. However, other blockchain projects are catching up fast as the BTC-pegged token (BTCB) issued on the Binance Smart Chain is around 73,111 BTCB (otherwise known as BEP2) in circulation today.

BTCB has more BTC-pegged tokens that the six other BTC-pegged Ethereum projects. Wrapped Bitcoin (WBTC) is a project backed by Bitgo and on Saturday, there’s 194,023 WBTC in circulation worth $8.4 billion, according to Dune Analytics statistics. That’s more than 76.3% of the entire BTC-pegged token supply housed on Ethereum.

HBTC Nears 54% of BTCB Issued — Lightning, Liquid and RSK Represent 2.8% of the Tokenized Bitcoin on Ethereum

Other BTC-pegged ERC20 token projects include HBTC (39,906), RENBTC (13,559), SBTC (3,039), PBTC (1,766), IMBTC (1,146), and TBTC (872). For comparison, HBTC is around 54% of the total amount of BTCB tokens issued on the BSC network.

While tokenized bitcoin on Ethereum crosses $11 billion notional during the first week of August, dex platforms are allowing users to gather yields from their BTC via liquidity pools. Many dex platforms enable users to offer liquidity and generate yield using tokens such as WBTC and SBTC. Some of the top dex applications allowing tokenized BTC utility like trading and liquidity pools include Uniswap, Sushiswap, Paraswap, and 0x API.

Tokenized bitcoin on Blockstream’s Liquid sidechain is around 2,939. 47 LBTC for the month of August. Data from the RSK sidechain shows approximately 2,020 RBTC at the time of writing. Meanwhile, there’s also 2,300 BTC in value transferring on the Lightning Network on August 7.

What do you think about the amount of bitcoin housed on the Ethereum chain today? Please comment below to let us know your thoughts on this topic.

This story contains tags

/r/btc, 194023 WBTC, Binance Smart Chain, Bitcoin, Bitcoin (BTC), Bitcoin Pegged Tokens, BSC, DeFi, DEX, Ethereum, Ethereum (ETH), HBTC, imbtc, LBTC, Liquid, Liquidity Pools, pBTC, Renbtc, RSK, SBTC, tbtc, Tokenized Bitcoin, Tokenized BTC, wrapped bitcoin, Yield

Image Credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics, Coinmarketcap.com,

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XCN defies Bitcoin and Ethereum slump with 97% spike

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure. The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier. Tariffs and other market conditions weigh on investor sentiment. Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins…

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
Tariffs and other market conditions weigh on investor sentiment.

Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.

In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.

The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.

XCN price performance

The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.

According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.

The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.

XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.

Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.

BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.

Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.

Overall market outlook

Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.

His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.

S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.

However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.

Dow was down more than 900 points.

On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.

After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.

This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.

While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.

Peter Schiff said via a post on X:

“I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”