Wrapped BTC Now Claims and Moves up to Become the Sixth-largest Token

News • 2020/11/03 • by

WBTC now makes up 80% of the BTC supply held in Eethereum after hitting a market value of over 1.5 billion USD

Wrapped BTC (WBTC) has attained another unique feat and made it the sixth-largest Ethereum token. Everyone familiar with the BTC would know of wrapped BTC, and their official website today stated that 116,885 WBTC is currently held in the Ethereum.

Major update:

Over the last seven days, Wrapped BTC has shown positivity as it has surprised many other tokens.
It's currently the 18th largest cryptocurrency.
WBTC is functional in DEFI for huge farming, and it is beneficial for massive projects that have moderate yield.
over 164,000 BTC are locked up in DEFI protocols meaning that about 0.85% of the total BTC is held in DeFi

January 2019 was the first minting of wrapped BTC happened, and since then, we have never seen a trading volume of 1 million dollars and till during the pandemic in July 2020, when we experienced that. As at the time of writing this content, WBTC is now huge, and over 50 million dollar volume is traded.

Do you think wrapped BTC will retain this spot? Use the comment section to share your opinion.

Source: Cointelegraph.

Comments (7)

Guest

visiblemoney

6 years ago

With increasing Defi projects coming to the crypto space now and other programs like yield farming and lending, I can maintain that wrapped BTC will not only maintain its current position but that it will also surpass it as use cases increase.

omogbai

6 years ago

More coin now sow higher

exodusab

6 years ago

WBTC is the most popular version of Bitcoin tokenized for use on the Ethereum network. According to the official website, there currently is a record total of 116,885 WBTC, backed by an equal number of BTC held by custodians. The market cap of WBTC now tops $1.58 billion. This makes WBTC Ethereum’s sixth-largest token by market cap, after Crypto.com Coin (CRO), USD Coin (USDC), Chainlink (LINK), BNB (BNB), and at number one, Tether USD (USDT). WBTC moved up the rankings in the past week to surpass Compound Dai (cDAI), OKB (OKB) and Bitfinex’s LEO Token (LEO). WBTC is currently the 18th-largest cryptocurrency by market cap overall.