Bitcoin Tokenized on Ethereum Near $1 Billion

Bitcoin Tokenized on Ethereum Near $1 Billion

The movement of bitcoins towards eth is growing somewhat parabolically, doubling in two weeks from around 40,000 to now more than 88,700 bitcoins.

That’s worth some $960 million dollars, an all time high, with numerous tokenized bitcoins now running on ethereum.

The most prominent one is of course wBTC, the first to tokenize bitcoin through a defi consortium with it currently holding close to 58,000 bitcoins worth $600 million.

Then there’s renBTC, which can be arbed through wBTC on the ren Curve pool with it holding nearly 22,000 bitcoins at $230 million.

An interesting third one is hBTC, with this being Huobi’s tokenized bitcoin, holding some $50 million worth at close to 5,000 BTC.

Huobi has now announced they plan to bring to eth in the same style other assets, including a potential competitor to ethereum, Polkadot.

In addition, LTC and BCH may be coming to eth according to a press release, with it unclear how much demand there would be for these assets.

For bitcoin of course as the first crypto and as the one with the most trusted fixed limit of 21 million coins, choosing to hold that while participating in defi clearly has significant appeal.

For a brand new and highly speculative asset like dot, however, or messy BCH, or no devs LTC, it’s not clear what the appeal would be.

Yet you never know until you try and since the formula is out there, trying might be an easy affair, hence why Huobi is seemingly thinking of doing so.

Meaning all cryptos might become available on eth as yet another token, with stocks then presumably to follow as well as bonds and maybe house indexes or even art indexes.

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