According to data recorded on December 28, there are approximately 434,265.43 linked or wrapped bitcoin tokens worth over $ 21.3 billion across multiple blockchains. Ten different bitcoin-related projects exist today, and the Wrapped Bitcoin project dominates 59.66% of all tokenized bitcoin in circulation.
Nearly half a million tokenized bitcoins circulate across multiple blockchains, encapsulated bitcoin dominates at 59%
Towards the end of 2018, when tokenization really started to heat up in the crypto space, a number of different projects launched token protocols linked to bitcoin. On January 30, 2018, Bitcoin.com News reported on the launch of the Wrapped Bitcoin (WBTC) project on Ethereum.
In late July 2019, the WBTC eclipsed the Lightning Network (LN) in terms of total locked-in value. Today, WBTC is the largest Bitcoin Linked Token (BTC) project with 259,090 BTC in circulation on the Ethereum network.
Statistics show that there are seven BTC related projects on Ethereum and in total the seven projects command a total locked-in value of 323,264 BTC (TVL). The second largest tokenized BTC protocol on Ethereum is HBTC with 39,884 BTC.
HBTC is followed by RENBTC (17,054), SBTC (4,203), IMBTC (1,317), PBTC (888) and TBTC (828), respectively. As a result, the 323,264 BTC TVL held in Ethereum represents 74.43% of the total BTC aggregate tokens in circulation today.
BTCB Dominates 24%, Circulating Tokenized Bitcoin Issued By Blockstream, RSK Represents 1.35% Of Today’s Total Tokenized Bitcoin
There is another tokenized BTC protocol that operates the Binance Smart Chain (BSC) called BTCB which is just below WBTC in terms of TVL. As of this writing, there were approximately 105,115.44 BTCB in circulation on December 28.
BTCB has a fully diluted market cap of approximately $ 5.52 billion and $ 43.6 million in global trade volume. The most active BTCB exchange exchanges today include Hitbtc, Pancakeswap v2, Thorchain, and Pancakeswap v1.
There are also two other tokenized BTC projects operated by Blockstream and RSK. Today, RSK has 2,522 RBTCs in circulation, which are also backed by 95 exahash per second (EH / s) of BTC hash power.
Blockstream’s federated side chain, Liquid, has approximately 3,363.99 LBTC in circulation at the time of writing. RSK has around $ 124 million in tokenized bitcoin in circulation while Liquid’s LBTC value is $ 165.4 million.
Liquid’s LBTC represents just 0.77% of the aggregated tokenized BTC in circulation today across ten protocols. The RBTC is even weaker as its RBTC assets only represent 0.58% of the aggregate 434,265.43. At the current trajectory of all tokenized BTC projects today, there will soon be around half a million tokenized BTCs mined across multiple alternative chains.
What do you think of the 434K tokenized bitcoin in circulation today? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, explorer.rsk.co, Dune Analytics, Liquid.net, Coinmarketcap.com,
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