Wrapped Bitcoin (WBTC) Now Translates to 1% of Bitcoin’s Total Supply

According to the latest reports, the team behind Wrapped Bitcoin (WBTC) has made a remarkable announcement for its users. The platform has announced that it has accumulated 1% of the total Bitcoin (BTC) supply in the form of Wrapped Bitcoin (BTC).

The recent announcement from the relevant firm means that 1% of the total Bitcoin (BTC) supply is now on the Ethereum blockchain. This means that as of now, around $6.2 billion worth of Bitcoin (BTC) is locked in the form of Wrapped Bitcoin (WBTC).

This announcement was made by Kia Mosayeri, the product manager of BitGo, a cryptocurrency custody firm. He shared the recent achievement through his Twitter profile on Monday, June 7, 2021. BitGo currently is currently responsible for Wrapped Bitcoin Protocol as it is the custodian of the protocol.

BitGo had reportedly launched the WBTC (ERC-20) token back in January 2019 on the Ethereum (ETH) blockchain. Since then, Wrapped Bitcoin (WBTC) has continued gaining value and more capitalization.

An on-chain data analyzing firm known as Etherscan has recently shared the total number of Bitcoins that are currently wrapped by the protocol. The firm has revealed that at the time of writing, 187,610 Bitcoins are locked in the WBTC protocol. This amount translates to a total of $6.18 billion in market capitalization at the time of writing.

On the other hand, there is currently 18.73 million Bitcoin (BTC) circulating throughout the networks. Therefore, it means that 187,610 Bitcoin (BTC) represent 1% of the total Bitcoin supply.

This information has been confirmed by several on-chain data analyzing firms such as CoinGecko and many more. At present, a total of 240,620 Bitcoins are currently circulating the Ethereum blockchain in the form of different tokenized protocols.

The total market capitalization of all the Bitcoin (BTC) currently flowing through the Ethereum blockchain is $7.91 billion. Among the rest of the protocols, Wrapped Bitcoin (WBTC) has clear victory and dominance. It currently represents 78% of the total market capitalization of Bitcoin (BTC) currently on the Ethereum blockchain network.

Apart from Wrapped Bitcoin (WBTC), there are several other protocols representing a portion of BTC on the ETH blockchain. After WBTC, the second protocol is Huobi BTC, which represents 15.70% of the total BTC supply on Ethereum. At present, Huobi BTC currently has 37,906 BTC under its governance.

Then there is RenBTC, which comes in third place with 10,226 tokenized Bitcoin (BTC) on the Ethereum network. In fourth place is Synthetic BTC with 1,471 BTC on the Ethereum blockchain. In the end, there are imBTC and TBTC that have 1,169 and 916 BTC respectively.

In the recent months of 2021, mass adoption in Bitcoin (BTC) even though the Ethereum network has resulted in the tremendous growth of the decentralized finance (DeFi) sector.