About Half a Billion Worth of BTC is already Tokenized

News • 2020/09/02 • by Remitano

Messari, a crypto analytics company, believes project "turning bitcoin to decentralized finance" will eventually lead the digital asset sector with over $500 million worth of bitcoin already turned to tokens. However, recent reports by the company explain that this amount is only 0.3% of BTC $216 Billion market capitalization.

Based on Defi Pulse, WrappedBTC and RenVM are the 9th and tenth biggest Decentralized finance projects by fixed funds.

RenVM has experienced increase in usage by clients in the past few months leading to an increase in locked value by about 470%, from $40.9 million since the beginning of August.

WrappedBTC also gained over $250 million last month, raising the locked fund value by 157%. The amount of BTC turned into tokens using WBTC is slightly above the level at which Bitcoin is being mined.